Arbitrum Layer 2 network operation diagram

Beijing on September 1 morning, Ethernet Square, L2 solutions Arbitrum the official launch of the main network Arbitrum One, at the same time announced the completion of a $ 120 million B round of financing.

As a potential user who is interested in it, how should we use the Arbitrum One Layer 2 network?

Before learning this tutorial, you need to install a web3 wallet like MetaMask , and you already have ETH or a token in your Ethereum mainnet wallet .

Step 1: add Arbitrum One network

The first way: by visiting Arbitrum’s asset bridge here, and clicking the “Add/Switch to Arbitrum Network” link in the middle of the page to automatically add it.

The second way: Or, you can manually add it in metamask, click “metamask extension”> click “Ethereum main network”> click “Custom RPC” at the end of the menu, and enter the following information:

Network Name: Arb1
RPC: https://arb1.arbitrum.io/rpc
Chain ID: 42161
Currency Symbol: ETH

Block Explorer URL: https://arbiscan.io

Arbitrum Layer 2 network operation diagram

If you are a developer, you can also use Alchemy or Infura as an alternative way to connect to Arbitrum One.

Step 2: Transfer the assets of the Ethereum main network to the second layer network of Arbitrum One through the bridge

To use Arbitrum One (L2), you need to first transfer your assets from the Ethereum main network to Arbitrum One through the bridge. You can access this asset bridge through http://bridge.arbitrum.io/.

1. Make sure you are connected to the Ethereum mainnet

Arbitrum Layer 2 network operation diagram

2. Select the token to be transferred in the token drop-down menu.

Arbitrum Layer 2 network operation diagram

3. Enter the amount of ETH/tokens you want to transfer in the “L1” field, then click “deposit” to deposit, and then follow the prompts on Metamask.

Arbitrum Layer 2 network operation diagram

4. After you submit the transaction through Metamask, wait about 10 minutes to 1 hour (depending on the congestion situation), and your assets will reach the Arbitrum One Layer 2 network.

Arbitrum Layer 2 network operation diagram

At this point you need to make sure that your MetaMask wallet has been switched to the Arbitrum One network so that you can see your funds.

Step 3: Select the dapp application you want to use and perform related operations

The Arbitrum ecosystem is full of various dapps, wallets and tools. You can browse the complete list through Arbitrum One Portal.

http://portal.arbitrum.one/

Arbitrum Layer 2 network operation diagram

Step 4: Withdraw funds from the Arbitrum One Layer 2 network to the Ethereum main network

Note: Since Arbitrum One uses the Optimism Rollup scheme, there is a fraud proof challenge period. Once you withdraw your funds through the asset bridge, you need to wait at least 7 days before receiving your funds on the Ethereum main network ( This is the same with Optimism)!

1. Make sure you are connected to the Arbitrum One network

Arbitrum Layer 2 network operation diagram

2. Select the token you want to withdraw in the token drop-down menu;

Arbitrum Layer 2 network operation diagram

3. Enter the amount of ETH/tokens to be withdrawn in the “L2” field, then click “withdraw” to withdraw, and follow the prompts on Metamask.

Arbitrum Layer 2 network operation diagram

Once you withdraw funds through the asset bridge, you will wait at least 7 days after the challenge period before you can get the assets you withdraw on the mainnet.

4. After the fraud proof challenge period is over, you need to click the “claim” button, and then the assets you withdraw will appear in your Ethereum mainnet wallet.

Potential risks to be aware of

1. Smart contract risks

There may be vulnerabilities in any smart contract that may cause the loss of user funds.

2, price lattice wave action risk

In the process of transferring assets (ETH or any token) from L1 to L2, or from L2 to L1, their prices will change due to market fluctuations (especially in the process of transferring from L2 to L1, at least 7 Days).

hint

Due to obstacles in the user experience (mainly the 7-day challenge waiting period for withdrawals), Arbitrum One may persuade some users in the initial stage, but the diversity or legitimacy of its ecological application may be due to other L2 networks or competition L1 network is incomparable. In addition, Offchain Labs co-founder Steven Goldfelder mentioned that although Arbitrum will not issue tokens in the short term, DAO may decide to tokenize in the future.

I believe everyone understands what this means.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/arbitrum-layer-2-network-operation-diagram/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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