⚡Bridging crypto to Arbitrum
How to Load Crypto on a Fresh Arbitrum Wallet Using TheStandard DEX Widget
Welcome to the exciting world of decentralized finance (DeFi)! If you're new to the space, one of the first steps you'll need to take is setting up a wallet on the Arbitrum network. Arbitrum is a Layer 2 network on top of Ethereum. This means it's far cheaper to do things, but it keeps the security of Ethereum.
This article will guide you through loading cryptocurrency onto a fresh Arbitrum wallet, emphasizing the importance of having ETH for gas fees and interacting with smart contracts like TheStandard. We'll also introduce you to TheStandard DEX widget, powered by LI.FI, for seamless cross-chain swapping.
Step 1: Set Up Your Arbitrum Wallet
Before you can load crypto onto your Arbitrum wallet, you need to have one set up. If you haven't already, create a wallet using a reputable service like MetaMask. Once your wallet is set up, make sure to add the Arbitrum network to it. You can find the network details on the official Arbitrum website or through your wallet provider.
Step 2: Transfer ETH to Your Arbitrum Wallet
ETH is the native currency of the Ethereum network, and it's also required for gas fees on the Arbitrum network. Before transferring any other cryptocurrencies, sending some ETH to your Arbitrum wallet is crucial. This will ensure you have the necessary funds to pay transaction fees and interact with smart contracts like TheStandard.
You can use a centralized exchange (CEX) or a decentralized exchange (DEX) that supports the Arbitrum network to transfer ETH. Withdraw ETH from the exchange to your Arbitrum wallet address. Make sure to double-check the address before confirming the transaction. We recommend using a decentralized exchange. The good news is that we have one directly on https://app.TheStandard.io/dex that enables you to trade coins and any coin on any network across to any other coin on another! Welcome to the FUTURE!!!!
Step 3: Use TheStandard DEX Widget for Cross-Chain Swapping
Head over to TheStandard DEX for cross-chain swapping. This allows you to seamlessly swap assets between different chains without leaving the comfort of TheStandard's web app. Here's how to use it:
Access the Widget: Navigate to TheStandard's web app and locate TheStandard DEX widget.
Select Origin Chain: Choose the blockchain network where your assets are currently held. This is the chain you'll be sending assets from.
Select Asset to Send: Pick the cryptocurrency you want to bridge from the origin chain. This is the asset you'll be swapping or sending to another chain.
Select Destination Chain: Choose the chain you want to send your assets to. In this case, select Arbitrum.
Choose Destination Asset: If you don't already have ETH in your Arbitrum wallet, selecting ETH as your destination asset is recommended. This ensures you have the necessary gas fees for future transactions on Arbitrum.
Review and Confirm: Check the details of your transaction, including the assets, amounts, and estimated fees. Confirm the transaction if everything looks correct.
Approve and Complete: Your wallet (e.g., MetaMask) may prompt you to switch chains to the origin chain and sign a transaction. It might then ask you to switch back to Arbitrum to sign another transaction. This depends on whether the DEX performs the swap on the originating or destination chain.
Congratulations, you're done! You've successfully bridged assets to your Arbitrum wallet. Now, you can send collateral to your smart vault and borrow at 0% interest against it. Always ensure you have a small amount of ETH in your wallet for gas fees, and double-check your transactions for accuracy. Happy swapping and borrowing!
Important Tips:
Always Have Some ETH: Ensure you have a small amount of ETH in your Arbitrum wallet to cover gas fees for future transactions.
Trading into Other Collateral Types: After locking up ETH in TheStandard, you can trade it into other collateral types using TheStandard DEX widget.
Bridging Other Cryptos: If you want to bridge other cryptocurrencies to Arbitrum, transfer a little ETH first to cover the gas fees for those transactions.
Beware of Gas Fees: Keep an eye on the gas fees, as they fluctuate. Make sure you have enough ETH to cover the fees at the time of your transaction.
Following these steps, you can easily load crypto onto your fresh Arbitrum wallet and explore the DeFi world on TheStandard. Remember to always double-check your transactions and keep your wallet secure. Happy swapping!
Last updated