Ethereum (ETH) on Arbitrum Explained and the importance for Opulous Finance
ETH serves as the native cryptocurrency of the Ethereum network. As Arbitrum operates as a Layer 2 solution of Ethereum, ETH is essential for covering transaction fees on the Arbitrum network.
For users of Opulous Finance products built on Arbitrum, holding ETH in your Arbitrum wallet is crucial. It enables you to engage with pools, unstake rewards, and manage your investments.
Depending on your starting point, there are multiple paths to adding ETH to your Arbitrum wallet.
Centralized Exchange (e.g., Binance, Coinbase, Kraken, KuCoin)
This method is the most straightforward and recommended for beginners or those seeking a simple experience.
Step 1) Purchase Ethereum
Initially, acquire ETH on the exchange via your chosen payment method.
Then, transfer any assets you wish to exchange for ETH from your on-chain wallet to your selected exchange and swap them for ETH.
Step 2) Withdraw via Arbitrum
Locate the withdrawal feature on your exchange platform.
Proceed to withdraw the ETH, choosing Arbitrum as your preferred network for the withdrawal to your wallet. An example below demonstrates how to use the withdrawal function on Kraken Mobile.
Algorand Native Users
If you are accustomed to using Algorand and don’t want to use a decentralized exchange, no straight swap method is currently available to get ETH on Arbitrum.
However, through a few simple trades and actions you can still get it done.
Step 1) Attain USDC
Trade any of your available crypto currencies on Algorand for USDC on your preferred Algorand DEX (Tinyman, PACT, Vestige).
Important: Be aware that to get the best deal on fees and slippage, and if you’re using any other ASA than ALGO, you may need to swap to ALGO first and then to USDC.
Step 2) Bridge your USDC To Arbitrum
Go to Messina One bridge, our trusted bridge partner, connect your Algorand and Arbitrum wallet respectively, and move your USDC from Algorand to Arbitrum.
Step 3) Trade your USDC for ETH on Arbitrum
With your USDC on Arbitrum, go to your preferred DEX on Arbitrum (Trader Joe, Camelot) and trade your USDC for ETH on Arbitrum.
For a full guide on how to use the Messina.one bridge to move assets to Arbitrum, check here.
Ethereum Native Users
You have ETH already in your EVM wallet (Metamask, Trust, Coinbase Wallet), but it is on the Ethereum network, and not on Arbitrum.
Arbitrum has its own native bridge to swap some important network assets, like ETH, directly between the Ethereum and the Arbitrum network.
Step 1) Use Arbitrum Bridge
Go to the native Arbitrum bridge and connect your EVM wallet of your choice.
Step 2) Check Gas Fees
Make sure to check and verify if you have enough ETH in your wallet to pay for the gas fee on the Ethereum side (in the below example, $15.58).
Step 3) Bridge To Arbitrum
Set the destination (To: field) to Arbitrum One, and move your funds to Arbitrum One.
There you have it!
You should now have some Ethereum on Arbitrum ready to cover as gas fees in Opulous Finance.
Do You Still Need Help?
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If you're still having any issues with any of the above steps, please contact us on a chat function here 👉 Opulous Chat. You can find the chat button in the bottom right. Make sure you share as much information about your issue as you can so the support team can help you quicker.
Alternatively, you can contact support by emailing support@opulous.org.