What is Arbitrum?
Arbitrum is an Ethereum Layer 2 scaling solution that utilizes optimistic rollups to boost speed, scalability, and cost-efficiency while preserving Ethereum's security and compatibility. By offloading most computation and storage off-chain, Arbitrum significantly reduces transaction fees and increases throughput. Arbitrum’s native governance token, ARB, empowers holders with governance rights within the Arbitrum DAO, allowing them to vote on protocol upgrades and key decisions, ensuring a community-driven evolution of the platform.
Does Arbitrum Use ETH for Gas?
Yes, transactions on Arbitrum are settled in ETH. Although Arbitrum has introduced its own governance token called ARB, this token is used exclusively for participating in the blockchain’s governance decisions, not for transaction fees or settlements. ETH remains the native currency for paying gas fees on the Arbitrum network.
How to Pay Gas on Arbitrum?
When transacting on Arbitrum’s blockchain, you will be asked to set a gas fee. Once you set the desired amount and confirm the transaction, the gas fee is automatically deducted from your balance. The transaction will then proceed based on the gas fee you’ve set.
How to Get ETH on Arbitrum?
To obtain ETH on Arbitrum, you'll need to bridge it from a network that you already have funds on. For instance, you can bridge ETH from Ethereum via Relay here. You can do this with wallets that have onboarded Arbitrum such as MetaMask/Rabby (non-exhaustive list) This ensures a secure and seamless transfer of ETH from Ethereum to Arbitrum.
Alternatively, if you do not have ETH on Arbitrum, you could make use of our Unified Liquidity which allows you to purchase NFTs on Magic Eden via funds from other chains such as Ethereum, Base, or Polygon. Click on this article to find out more.
How to switch to Arbitrum Network on Metamask
After you created a wallet on Metamask, go to Add Network
On Networks>Settings, you will be able to find Arbitrum One. Click Add. You will be good to go.
If this does not work, click Add a network manually, enter the fields provided by Chainlist here -
Network name: Arbitrum One
Network URL: https://arbitrum.llamarpc.com
Chain ID: 42161
Currency symbol: ETH
Block explorer URL: https://arbiscan.io
Once that is done, click approve and you will be good to go!
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Ready to jump in?
You can now explore the world of Arbitrum on our platform.
You can now collect Arbitrum NFTs on our platform, by simply navigating to https://magiceden.io/arbitrum. (Please note that US users will be redirected to https://magiceden.us/arbitrum)
If you have additional questions or require further assistance, please reach out to our dedicated support team. We're here to help every step of the way.