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Four steps teach you how to use Arbitrum One layer network

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Pay attention to potential risks when experiencing layer 2 network of Arbitrum One

Arbitrum second layer network operation Diagram

Source: Arbitrum

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In the early morning of September 1, Beijing time, Ethereum L2 solution Arbitrum officially launched the main network Arbitrum One, at the same time announced the completion of a round of $120 million B round of financing.

That as a potential user who is interested in it, how do we use Arbitrum One layer network?

To follow this tutorial, you need to have a Web3 wallet like MetaMask installed, and you already have ETH or a token in your Ethereum main wallet.

Step 1: Add the Arbitrum One network

The first way: through thehereAccess the Arbitrum asset bridge and click the "Add/Switch to Arbitrum Network" link in the middle of the page to automatically add it.

The second way: or, you can add it manually in Metamask by clicking "Metamask Extensions" >; 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

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

Step 2: Transfer ethereum main network assets to Arbitrum One Layer 2 network through the bridge

To use Arbitrum One (L2), you will need to first their assets from the etheric provids transferred to Arbitrum One by bridge, bridge the assets can be accessed via http://bridge.arbitrum.io/.

1. Make sure you're connected to the Ethereum main network

2. Select the token to transfer from the Token drop-down menu.

3. Enter the number of ETH/ tokens you want to transfer in the "L1" field, then click "Deposit" and follow the instructions on Metamask.

4. After you submit the transaction through Metamask, after waiting about 10 minutes to 1 hour (depending on the congestion), your assets will arrive at Arbitrum One layer 2 network.

At this point you should make sure that your MetaMask wallet has switched to Arbitrum One network, so that you can see your money.

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

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

http://portal.arbitrum.one/

Step 4: Extract funds from Arbitrum One layer 2 network to ethereum main network

Note: Since Arbitrum One uses a 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 you can receive your funds on the Ethereum main network (this is the same situation as Optimism)!

1. Make sure that you have connected to Arbitrum One network

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

3. Enter the ETH/ token quantity to be extracted in the "L2" field, then click "withdraw" and follow the instructions on Metamask.

Once you have withdrawn your money through the Asset Bridge, you will have to wait at least 7 days for a challenge period before you can access your withdrawn assets on the main network.

4. After the proof of fraud challenge period ends, you need to click on the "Claim" button before the assets you withdraw will appear in your Ethereum main wallet.

Potential risks to be aware of

1. Smart contract risks

Any smart contract is likely to have vulnerabilities that could cause users to lose money.

2. Price volatility risk

Moving assets (ETH or any token) from L1 to L2, or from L2 to L1, will change their prices depending on market fluctuations (especially from L2 to L1, which takes at least 7 days to wait).

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Due to the obstacles in user experience (mainly the challenging waiting period of 7 days for withdrawal), Arbitrum One may persuade some users in the early stage, but the diversity or legitimacy of its ecological application may be uncomparable to other L2 networks or competing L1 networks. In addition, Steven Goldfelder, co-founder of Offchain Labs, mentioned that although Arbitrum will not issue tokens in the short term, DAO may decide to tokenize in the future.

I'm sure you all understand what that means.