If you are an Ethereum user, you might have experienced the frustration of high gas fees and slow transactions. Fortunately, there are solutions that can help you scale your Ethereum DApps without compromising on security or decentralization. One of these solutions is Arbitrum, a layer 2 scaling platform that uses optimistic rollups to boost the performance and efficiency of smart contracts.
But what is Arbitrum, and how can you use it? In this article, we will explain what Arbitrum is, how it works, and how you can add it to your MetaMask wallet.
Can I add Arbitrum to MetaMask?
Yes, you can add Arbitrum to MetaMask. Adding Arbitrum to MetaMask is possible because MetaMask has a feature that allows you to connect to any network that is compatible with Ethereum. MetaMask supports custom RPC networks, which means you can connect to any Ethereum-compatible network by providing some basic information. To do this, MetaMask must have a unique RPC (Remote Procedure Call) URL added for the Arbitrum network.
An RPC endpoint is a way for your wallet to communicate with a network and access its features. To connect to a custom RPC network, you need to provide some basic information about the network, such as its name, URL, chain ID, symbol, and block explorer.
By providing the information about the Arbitrum network to MetaMask, you can add it as a custom RPC network and switch to it whenever you want. This way, you can use your MetaMask wallet to access the DApps that run on Arbitrum and enjoy the benefits of its layer 2 scaling solution.
How to add Arbitrum to MetaMask
To add Arbitrum to MetaMask, you need to follow these steps:
1. Install MetaMask and open the wallet. In the top right corner, select the network option.
2. Select “Custom RPC” from the list of networks.
3. Enter the details of the Arbitrum network in the fields provided.
4. Click on “Save” to confirm the addition of the network.
5. You should see Arbitrum One as an option in the network dropdown menu. Select it to switch to the Arbitrum network.
To add Arbitrum to MetaMask, you need to know the following details:
Network Name: Arbitrum One
New RPC URL: https://arb1.arbitrum.io/rpc
Chain ID: 42161
Symbol: ETH
Block Explorer URL: https://explorer.arbitrum.io/
You can find these details on the official Arbitrum website. Once you have them, you can follow the above-mentioned steps to add Arbitrum to MetaMask. Once you add the network, you can access your wallet address and send or receive funds on the network.
What is Arbitrum One?
The mainnet of the Arbitrum cryptocurrency ecosystem is called Arbitrum One. It is a layer 2 scaling solution that uses optimistic rollups to improve the performance and efficiency of smart contracts on Ethereum. Arbitrum One was launched on August 31st, 2021 by Offchain Labs, a company founded by researchers from Princeton University.
Offchain Labs, the company that created Arbitrum, is an Ethereum startup founded in New York in 2018. It raised $120 million in a Series B round to expand its growth. Some of the prominent investors in the round were Alameda Research, Pantera Capital, and Lightspeed Venture Partners.
Arbitrum One allows developers to deploy any Ethereum-compatible DApp on its network, without requiring any code changes. Users can access these DApps using their existing Ethereum wallets, such as MetaMask, and enjoy faster and cheaper transactions. Arbitrum One also supports interoperability with other layer 2 networks, such as Arbitrum Nova, which is focused on web3 social and gaming applications.
Arbitrum One aims to provide a secure and scalable environment for Ethereum DApps while preserving the decentralization and security of the Ethereum layer 1 network. Arbitrum One uses a technique called optimistic rollups, which means that transactions are assumed to be valid unless proven otherwise. which means that smart contracts are run off-chain, but their results are verified on-chain.
This way, less data is stored on the Ethereum mainchain, which reduces the congestion and cost of the network. The off-chain computation can also be done more quickly and cheaply than on-chain computation. This reduces the amount of data that needs to be posted on the Ethereum layer 1 network and hence lowers the gas fees and congestion.
Arbitrum has a special way of doing Rollups. It uses a virtual machine, called the “Arbitrum Virtual Machine” (AVM), and a “Rollup chain” to run smart contracts. The AVM is the environment where smart contracts are executed off-chain. The Rollup chain is the layer where the results of the AVM are checked and confirmed on-chain.
Arbitrum One has attracted a lot of attention and adoption from the crypto community, especially in the decentralized finance sector. Arbitrum One has over $3.29 billion of total value locked, making it one of the largest layer 2 networks in terms of TVL. Some popular DApps that have launched or integrated with Arbitrum One include Aave, Uniswap, SushiSwap, Curve, Balancer, MakerDAO, and more.
Bottom Line
Arbitrum is a layer 2 scaling solution that uses optimistic rollups to enhance the performance and efficiency of smart contracts on Ethereum. By adding Arbitrum to MetaMask, you can access a variety of DApps that run on the Arbitrum network and enjoy faster and cheaper transactions.
Arbitrum is compatible with Ethereum and supports any Ethereum DApp without requiring any code changes. Arbitrum also offers security and decentralization, as it relies on the Ethereum layer 1 network for verification and dispute resolution.
If you are looking for a way to scale your Ethereum DApps without compromising on security or decentralization, Arbitrum might be the solution for you.
