- Explore the understanding of bridges.
- Know how you can bridge Arbitrum.
Arbitrum was launched in August 2021. It was one of the first in Ethereum layers-2s to use rollups and increase the number of transactions secured within the Ethereum network. This platform works on separate chains and collects, executes, and sells the batches before putting them on the main Ethereum blockchain. This allows users to complete their transactions on an Ethereum-like network with the same security assurance and low fees.
What Are Bridges?
In simple terms, bridges are a way for users to move assets from one blockchain to another without any centralized intermediary. Before the introduction of bridges, this wasn’t possible for users, and they had to maintain the balance between different blockchains separately.
Bridges have different forms and functions. Some popular bridges allow users to access a large number of assets on multiple blockchains. Many bridges charge a small fee for their service, which can range from 0.001% to 0.005% of the bridge amount. Many bridges are also free and charge no fees.
Structure of Arbitrum
The Arbitrum system involves many parts, but among them are four important ones. Their functions are:
The verifier checks the validity of the transactions and controls the spread of approved transactions.
This component is the protocol member that can handle money and start transactions.
This component in Arbitrum is a virtual participant that holds the necessary codes and data to specify the actions of the virtual machines.
The manager is the person who is responsible for managing the virtual machine and keeping a check on its developments. The manager also ensures that the VM is functioning properly.
Popular Arbitrum Bridges
There are many bridges to Arbitrum. Let’s see and understand some of their functions.
This is the official Arbitrum bridge that works on most of the Web 3.0 wallets and supports transfers between Ethereum, Arbitrum One, and Nova.
Portal Bridge is a famous Arbitrum bridge that supports 23 blockchains and some of the most important Arbitrum native assets.
How To Bridge Arbitrum
Let’s explore some steps involved in bridging the Arbitrum. For this, we will look at the example of Arbitrum bridge to bridge Arbitrum one.
- Connect your wallet to the bridge. The wallet must be the one containing the assets you want to bridge.
- Go to the bridge, click the option that says “Connect You Wallet” and select the available wallet from the options.
- After selecting the wallet you need to select the assets. Once your wallet is connected, you will see an interface with options of assets.
- After selecting the assets, the bridge will show you a breakdown of the expected fees.
- Now you need to submit your transactions; for that, click the “Move funds to Arbitrum One” option.
- This will load the transaction into your wallet. Now click “confirm” to submit the transactions.
- The final step is to confirm the receipt. The Arbitrum bridge will show an interface displaying the status of your transaction, but you need to manually confirm when your assets have been transferred.
- You can do this by switching your network from the connected wallet to Arbitrum.