Arbitrum is a layer 2 ecosystem which has enjoyed meteoric success since it launched last summer. It hosts a number of extremely popular apps, including crypto trading platforms UniSwap and SushiSwap.
We have just created an integration with Arbitrum, so users can move assets between the two projects without having to pay gas fees.
Here’s the full story…
Arbitrum hasn’t just gone to the moon these past few months. It’s planted its flag, played a round of golf and done donuts in its dune buggy, for all subsequent explorers to gaze at in awe.
In less than a year this decentralised ecosystem has amassed more than $3.3 billion in total locked value, more than any other project off the main Ethereum blockchain. At one stage late last year, it was growing at a rate of= 2,500%.
Now there’s a way for DeversiFi users to go straight to this booming ecosystem of platforms and decentralised applications, thanks to our brand-new bridge.
The bridge will allow digital assets to be moved cheaply and easily between Arbitrum and DiversiFi. Initially we’ll be supporting ETH, USDC, USDT and DAI, with potentially more to come.
How this works
For the newbies amongst you, a bridge is a connection that allows assets to be moved between two blockchain projects.
Every project is unique, but the bridge provides a kind of trading agreement between their respective structures. It creates a common ground between their smart contract features, so they can interact.
For users, this means that you can push your assets from one ecosystem to another. In the case of our bridges, you can move coins and tokens earned on our platform over to other ecosystems, and use them to invest, play games, access decentralised services and make further trades. You can also repeat the process in reverse.
And what’s really cool about our bridge to Arbitrum (and the other layer 2 bridges we’ve built, like Polygon) is that you can complete the entire process without paying gas fees.
Because both Arbitrum and DeversiFi are built on layer 2 — in other words, off the main Ethereum blockchain — the bridge doesn’t need to cross the main network. As we’ve discussed in previous blogs, the layer 1 Ethereum network is extremely congested and is forced to charge hefty fees for each transaction.
So you can move your assets around freely, without excessive charges eroding the benefits. Whereas a bridge that passes through layer 1 might require gas fees worth hundreds of dollars, you can move assets between DeversiFi and Arbitrum for less than a dollar.
On top of that, the process is far quicker than it would be on layer 1. Because DeversiFi and Arbitrum are built off the main Ethereum blockchain, we can execute transactions far more quickly. Your transaction time is reduced from minutes to seconds.
This is particularly good news for smaller and more frequent traders. With bridges that pass through layer 1, these guys can be squeezed out by the high gas fees and the relentless demand from bigger operators. But layer 2 provides an equal playing field for everyone.
How to use the bridge
The bridge is super-simple to use. All you need to do is follow a few simple steps.
We’re going to show you how to deposit funds to DeversiFi from Arbitrum here. But if you want to go the other way, and withdraw funds from our platform to theirs, the steps are exactly the same.
Step 1: If you haven’t done so already, go to app.rhino.fi and connect your wallet [you’ll have to sign a quick message if you haven’t connected before].
Step 2: Now you need to choose between the various transaction options. In this case, we’ll select ‘Deposit’.
Step 3: Once the ‘Deposit’ box has come up, click ‘Funds to Deposit’ and select the asset you want to move.
Step 4: Click the ‘Network’ button and you’ll get a list of the networks you can deposit from. Select ‘Arbitrum’.
Step 5: Enter the amount of funds you wish to deposit. Below the box you will see your balance, which can serve as a guide.
Step 6: Finally, click ‘Confirm’ and you’re done.
Ok, so now you’ve seen how it works, try out our bridge and get swapping!