The free Aptos token airdrop made people between $10,000 and $50,000. Since Arbitrum is a more ambitious layer-2 project, we could be on the cusp of the year’s biggest airdrop.
In this piece, we’ll explain what Arbitrum is and outline the steps you can take to partake in its airdrop.
What is Arbitrum
Arbitrum is a Layer-2 scaling solution for Ethereum that offers a unique mix of benefits, like scalability, lower gas fees, and high throughput in a secure and trustless Ethereum blockchain.
By leveraging a different variant of Ethereum’s well-known scaling solution, Optimistic rollup, the Arbitrum network offloads tons of transactions and data from the main chain to a separate sidechain on Arbitrum (a secondary chain linked to the main chain) for validation.
And after the validation, the transactions are processed and relayed back to the main chain. With the Rollup protocol, Arbitrum can lower the amount of data utilized on-chain and allow arbitrary Ethereum Virtual Machine (EVM) smart contracts using standard Ethereum tooling. According to the whitepaper, it was released by Off-Chain Labs in August 2021 to a lot of excitement.
Almost immediately, some of the biggest names in the DeFi space, like Curve, and Balancer, jumped on the use cases. Arbitrum depends on the Ethereum blockchain’s top-notch security and adoption. As Ethereum continues to struggle with speed, scalability, and cost efficiency, even after implementing the Merge upgrade in September, Arbitrum has prioritized these issues to attract investors.
Thus, crypto aficionados worldwide eagerly anticipate the potential Arbitrum airdrop. Although there has been no official confirmation, an Arbitrum airdrop would make perfect sense. The permissionlessness of Arbitrum’s validation system makes it a good fit for a token that could boost the allure of the platform’s incentives.
How it Works
Arbitrum, an Ethereum scaling solution, leverages the Solidity programming language to develop its dApps. So Arbitrum dApps are compatible with any token built on the Ethereum platform.
DApps on Arbitrum are coded in Solidity and compiled using the free, open-source Arbitrum compiler to produce the final dApp. Upon initialization and during asset transfers, dApps built on Arbitrum’s platform only interact with the main chain. Thus, transactions are processed quickly and reliably due to the high volume of off-chain interactions.
Additionally, the Arbitrum dApps retain high levels of privacy, as the cryptographic hashes of the current state of the dApps are displayed on-chain. This ensures that the code and data of a dApp are only accessible to the participants that verify the dApp’s operation.
In addition, developers have complete control over the validators and the data made available to end users. As a result, Arbitrum dApps can be easily tailored to meet the needs of a diverse set of users and scenarios.
source: ethereum.org
How to add Arbitrum to Metamask
To gain access to the Arbitrum blockchain, users must configure a suitable wallet, such as Metamask, as it provides access to the Ethereum mainnet, DApps,, and the storage of Ether. Let’s dive in on how to integrate Arbitrum into MetaMask.
To add the Arbitrum network to the Metamask wallet, users will take the following steps;
- On MetaMask, click on the dropdown option
- A pop-up menu will appear; click on “Add Network.”
- The next page that will appear will need you to need to add the Arbitrum network data thus:
source: Metamask
- Network Name: Arbitrum
- Add a chain ID:42161
- A custom remote procedure call (RPC) URL: https://arb1.arbitrum.io/rpc
- Currency Symbol: ETH
- Block Explorer URL: https://arbiscan.io/
In this guide, we assume that a user has installed a Metamask wallet by using either the desktop version or the mobile version. Since Metamask does not enable default settings, users must add them manually.
If this is your first time using a Metamask wallet, you should keep a copy of your recovery phrase in a safe place. Also, you’ll need to create a password to launch the MetaMask app, which is separate from your recovery phrase.
Note: If you forget your password, you can retrieve it by email. However, recovery phrases cannot be recovered, so be careful to save them securely.
After going through the aforementioned steps, click on ‘save’ Congratulations! You have added Arbitrum network to Metamask.
Next is to add Token
To see the added Arbitrum token, go to Coingecko, search for the relevant contract addresses, and import them. Open your MetaMask wallet after you have copied the relevant contract address. Then, paste it into the “Import Tokens” section. Most of the time, MetaMask will automatically fill in the rest of the fields and send the correct token.
If it doesn’t work, you can always use the “Custom Token” option to enter the token manually. You may add a custom token by selecting “Next,” and then “Add Custom Token,” once you’ve input the necessary information. Tokens should now be visible in your MetaMask wallet.
Arbitrum Block Explorer
The older Arbitrum block explorer had a simple but complete interface. It showed transaction type, amount of layer-1 and layer-2 gas spent, date/time, and other standard fields found in a block explorer. But since then, Arbiscan, an Etherscan-based block explorer for Arbitrum, has come out. It has a similar interface.
How to Use Arbitrum
Arbitrum as a layer-2 solution helps Ethereum scale by processing transactions off-chain and then sending them all at once to the main network. Follow these steps to use Arbitrum to move assets, use Web3 dApps, save gas fees on transactions, and pay less for Ethereum gas fees:
- Connect to MetaMask
- Go to visit https://bridge.arbitrum.io
- On the One Arbitrum Bridge, Enter the amount of ETH you like to deposit to your Arbitrum account, then click “Deposit.”
- Confirm the transaction if you are satisfied with the amount, click “Confirm.”
- On the following page, the transaction will display as “pending”
Now you can start making transactions on Arbitrum.
Does Arbitrum have a Token?
TIn terms of Arbitrum token, there is no Arbitrum token or Arbitrum coin yet. However, the Off-chainLabs have just updated their github repository, even as there is no official announcement of the Arbitrum token.
Rumors say snapshots are already taken or soon to be taken, and that Arbitrum will launch its token in Q4 2022 or Q1 2023, with the ticker expected to be either $ARBI or $ARB.
However, traders and investors who wish to profit financially from Arbitrum are better off purchasing ETH, as the more effectively Arbitrum scales Ethereum, the higher the price of ETH will rise.
Source: Github
How to Invest in a Arbitrum Network
Arbitrum is the largest layer-2 ecosystem on Ethereum to date. Moreover, its growth pace shows no indications of decreasing. There is a lot of liquidity available, the infrastructure is growing, and the number of daily active users is going up.
The Arbitrum network is vast, and investment and trading opportunities abound. Traders and investors can use the Arbitrum dApps to generate income ranging from a decentralized perpetual futures exchange, a decentralized options exchange market, and stablecoin issuers to a novel derivative product protocol and non-emissions-based yield products like UMAMI Finnace on which to base their investments.
