Before you can take a look into the Arbitrum landscape, you need to know how to bridge your funds on to the Arbitrum blockchain. We’ll take a look at the most trusted bridges that bridge to Arbitrum.
What is Arbitrum?
Arbitrum is an Optimistic Rollup that is a Ethereum scaling solution but with exponentially lower transaction costs and the secureness of layer 1.
Launched on 29 May 2021, Arbitrum quickly attracted the interest of DeFi users. Current TVL on the blockchain is $1.05b and a daily volume of $227.62m (November 2022)
What is bridging cryptocurrency?
A cross-chain bridge enables an exchange of cryptocurrency or NFTs from one blockchain to another. It is necessary if you want to use a different blockchain, in this case the Arbitrum blockchain. This can be done with several cross-chain bridges. We’ll take a look at the 3 best for Arbitrum.
What are the best bridges for Arbitrum?
The token bridging can vary from ten minutes to 1 hour, depending on the network traffic. Arbitrum bridge is the most used bridge for bridging cryptocurrencies to Arbitrum and has a daily volume of $10.95m.
Then there is Celer Bridge. An inter-blockchain and cross-layer communication platform with a daily volume of $5m.
Where bridging only takes 5-20 minutes to complete. Users who want to bridge to other blockchains, can do this easily.
With 25+ supported networks that you can bridge to or from. This is a fast and cheap way to bridge the following assets; Ethereum, wrapped Ether – WETH, USDC and USDT.
Lastly we have Hop Exchange, which is a trusted protocol for sending tokens across rollups and their shared layer-1 network. Hop has a daily volume of $2.5m.
Users can bridge directly from Ethereum Mainnet, Polygon, Gnosis and Optimism to Arbitrum. But realize that not all assets can be sent over. It is only possible with USDC, USDT, MATIC, DAI, HOP and SNX.
Use a centralized exchange to withdraw to Arbitrum
The easiest way to get funds on the Arbitrum network is to use a centralized exchange that is integrated with Arbitrum. This can be done with ByBit.
Create an account and withdraw to the Arbitrum Network. Be sure to only sent ETH, USDT or USDC. Depositing any other crypto may result in loss of funds.
You need ETH to make transactions on the Arbitrum network. Be sure to send over some Ethereum - ETH.