Arbitrum is a L2 built on Ethereum network which provides nearly the same security as ETH network but less fees and faster transactions. With ETH fees getting insanely high sometimes, the protocols like stakes.social is unusable. Bridging to Arbitrum is aiming to solve this.
Now lets take a look at the steps
(First of all this guide is mostly for Metamask wallet)
First of all Arbitrum should be added to Metamask wallet as a custom RPC.
Step by Step Arbitrum RPC should be added to Metamask.
After the RPC addet. Next step is to move to the arbitrum bridge.
Bridge.arbitrum.io => Website of Arbitrum bridge.
The process is really easy here. After clicking to website, you need to connect your Metamask wallet to website. It will show your balances on wallet. (It will only show whitelisted tokens on Arbitrum). $DEV will be whitelisted so it will also pop up there.
Bridge some ETH to the Arbitrum. Because in order to make transactions on L2, you will need to have ETH to pay gas fees like normal ETH network. It will take around 10 minutes for asset to get bridged to L2. Try to do this when gas is low, because bridging is a transaction on L1 and it takes gas fees. It will take around 40$ when gas is low. After bridged the ETH will be AETH like wrapped Ethereum but on Arbitrum.
Bridge the $DEV tokens. This will be the same transaction like we did on $ETH. It will cost some gas to bridge. When the asset is bridged, it will be ADEV on L2.
(Click deposit, confirm transaction and in 10-15 minutes asset will bridged)
- After the both $DEV and $ETH is on L2, now you can use the applications on L2.
Portal.arbitrum.one => This is the website that shows whitelisted projects on Arbitrum network. You can click to applications there and use any of them on L2.
Stakes.social will also be available there to used.
Its simply the same stakes.social but with way less gas fees and faster transactions.
On L2 there are most used defi applications like 1inch or Uniswap. Anyone can buy $DEV tokens or add $DEV tokens to liquidity pool.
For example when you are using uniswap. You should change the network from Ethereum to Arbitrum from right upper corner. It will show a blue version of Uniswap that is proof of Arbitrum.
I believe there will be incentives for both liquidity providers and stakers to move to L2. So users and protocol will be usable on Arbitrum. L2 will show real usecase of Dev Protocol with low fees.
Some small notes
Withdrawal from Arbitrum to Ethereum takes around 1 week. So for people who want to switch their assets faster, there are some crosschain bridges.
For example hop.exchange
You can move from arbitrum to eth or matic network in few minutes. They support few assets like ETH or USDC rn, but it will help users who need liquidity on L1.
Even though Arbitrum is L2, gas fees can sometimes still be higher than expected when gas is too high on Eth network.
For example when a uniswap transaction cost 200$ on L1, it can cost upto 25$ on Arbitrum. But with future updates on Arbitrum, gas fees are expected to reduced as low as 1$.
These are only notes from my experience. Team will probably provide a more detailed version. I hope it will still be benefical!
DEV on L2 is future of #CreatorEconomy!