Introduction to Arbitrum
Arbitrum is the largest Layer 2 scaling solution for Ethereum, with a total value locked (TVL) of nearly $16 billion as of May 2024 and a lion’s share of over 4!% of the Ethereum Layer-2 market. It aims to improve Ethereum's speed and reduce its transaction costs. Arbitrum achieves this by processing transactions off-chain and then recording them on the Ethereum mainnet, offering speeds of up to 40,000 TPS against Ethereum’s 20-40 TPS.
Arbitrum’s TVL | Source: L2Beat
Arbitrum's technology uses optimistic rollups. This method allows transactions to be processed faster and cheaper compared to the Ethereum mainnet. The Arbitrum ecosystem is growing rapidly, with numerous decentralized applications (dApps) and increasing on-chain activity.
The Arbitrum network hosts nearly 250 dApps, including DeFi platforms, NFT marketplaces, and gaming applications. It boasts a large number of users and significant on-chain activity. This makes it a popular choice for developers and users seeking efficient and cost-effective blockchain solutions.
MetaMask is one of the most popular web3 wallets used to access Ethereum and EVM-compatible blockchains, including Arbitrum. With over 100 million users, MetaMask offers one of the most convenient ways to engage with the Arbitrum ecosystem.
How to Add Arbitrum Network to MetaMask
If you use MetaMask and want to interact with the Arbitrum network, follow these simple steps to add Arbitrum to your MetaMask wallet.
Step 1: Install MetaMask
If you haven't already, install MetaMask on your browser. You can download it from the MetaMask website. Follow the installation instructions and set up your crypto wallet. You can install MetaMask as a browser extension on your computer or as a mobile app on your Android or iOS devices.
Learn how to create a new MetaMask wallet.
Step 2: Open MetaMask and Access Settings
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Open MetaMask.
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Click on the account icon in the top right corner.
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Select "Settings" from the dropdown menu.
Step 3: Add a New Network
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In the Settings menu, click on "Networks."
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Click the "Add Network" button.
Step 4: Enter Arbitrum Network Details
Enter the following details to add the Arbitrum network:
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Network Name: Arbitrum One
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New RPC URL: https://arb1.arbitrum.io/rpc
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Chain ID: 42161
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Currency Symbol: ETH
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Block Explorer URL: https://arbiscan.io
After entering these details, click "Save."
Step 5: Switch to Arbitrum Network
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Close the Settings menu.
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Click on the network dropdown at the top of MetaMask.
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Select "Arbitrum One" from the list.
Using Arbitrum on MetaMask
Now that you have added the Arbitrum network to MetaMask, you can start using it. You can interact with dApps on the Arbitrum network, transfer tokens, and more.
Sending and Receiving Tokens
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To send tokens, click "Send" in MetaMask.
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Enter the recipient's address and the amount you want to send.
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Ensure you have sufficient ETH funds to cover the transaction fees.
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Click "Next" and then "Confirm."
To receive tokens, share your wallet address with the sender. You can find your address by clicking on your account name at the top of MetaMask.
Conclusion
Adding the Arbitrum network to MetaMask is simple and enhances your DeFi and dApp experience. Arbitrum offers faster and cheaper transactions compared to Ethereum, making it an attractive option for many users. By following these steps, you can easily integrate Arbitrum with your MetaMask wallet and start exploring the growing Arbitrum ecosystem.
Further Reading