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How to Use DeGate L1-L2 Arbitrum Bridge (With Stats & Overview)

There are plenty of yield opportunities on Arbitrum right now, using DeGate bridge get in and out with no wait time.

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Oct 18, 2021

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DeFi Slate Fam:

It's been a month since the DeGate Bridge launched allowing users to easily transfer their assets in and out of the Arbitrum ecosystem. To date, the DeGate Bridge has helped facilitate over $1.2M in bridge transactions. Not only is it one of the cheapest but it’s also one of the fastest ways for users to access Layer 2 without the lengthy 7-day locks as seen in Polygon and Arbitrum.

As more projects pivot towards Layer 2 ecosystems, it is without a doubt that these bridges will be essential in onboarding the next wave of multichain users.

Enjoy!

- Wassie

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How to Use DeGate L1-L2 Arbitrum Bridge (With Stats & Overview)

For those who haven’t been keeping up, it’s been an eventful couple of weeks for DeGate. This article is a summary of all the developments that have occurred over the past few weeks. One of the biggest news for Ethereum in recent weeks was the launch of Arbitrum One on Layer 2. There were over 400 teams on Arbitrum and it quickly reached a total TVL(Total Locked Value) of over $2 billion dollars in a couple of weeks! DeGate is one of the exciting projects on Arbitrum and we wasted no time in launching our bridge.

DeGate Bridge

We launched our DeGate Bridge back on September 17, 2021 (Read the announcement HERE). DeGate Bridge uses cold/warm/hot wallets mechanism to lower the risk of asset management. On top of that, there is no 7-day wait to get back to L1 and the fees are ZERO — yes, you heard that right! We are thankful for the support the community has shown us and there were also many instances of positive arbitrage opportunities from using the bridge.

On September 24, fuelled by good demand and feedback from the community; DeGate DAO has doubled the liquidity of ETH on DeGate L1- L2 Bridge 🚀 — which brought about positive arbitrage opportunities when you bridge ETH over too!

Bridge Statistics

So far, till the end of September, we are proud to announce that DeGate Bridge has amassed some pretty decent numbers:

Over USD 1,230,440 bridged!
1024 successful transactions were recorded
15 ETH was the single biggest transfer made

Best tips on using the DeGate Bridge

1) Optimal transaction size

In order to maximize the transfer over to L2, the optimal amount of ETH is between 6–9 ETH. You will get the best slippage and arbitrage rates within that range. For example, if you need to bridge 24–27 ETH over to Arbitrum, it's better to use the DeGate Bridge in 3 separate transactions with each transaction ranging between 6–9 ETH.

2) Maximize the gas price

Gas prices are definitely the main consideration factor. Like all things in life, timings are very important — you would want to perform transactions when the gas fees are low. Do always refer to gas prices at websites such https://ethgasstation.info/ for the best gas-related information. Based on historical data, the cheapest gas fees usually occur between 2300–0200 and 0800–1100 UTC

3) 15 ETH transferred in a single transaction

In other fun stats, one of the biggest transactions that happened on the DeGate Bridge was a whopping 15 ETH!

The transaction hash on Ethereum can be found here (https://etherscan.io/tx/0x2e715d3c1191c18305a6566a8d73773a6755f7db8ddb0cd24f803382fcf21b59);

the transaction hash on Arbitrum can be found here (https://arbiscan.io/tx/0x4ade3eca4570b3ba11f805814746c50fa5306516e7ed90fad518e13aab020a1c)

It has been a whirlwind for us for the past couple of weeks. Arbitrum is now live. DeGate zero-fee Bridge is now live and here to stay- prepare for the Layer 2 boom in the next couple of months!

Note: We are still currently in the beta phase. The Bridge is open to project owners to list their assets, do contact DeGate for more information. For more technical information about the inner workings of the Bridge, kindly refer to the article “Cross-rollup liquidity solution based on low slippage AMM algorithm” (link out to article). BUG bounty is also open to the public, do send to bounty@degate.com

🙌 Together with:

Degate,a Decentralized Layer 2 Exchange based on optimistic rollups. DeGate will offer secure order-book trading that is faster and cheaper than mainnet. Degate also offers a fast and efficient L1 - L2 Bridge, testnet is operating now. Try it HERE!

🔥 Partner Project Updates

PolygonHermez is an open-source ZK-Rollup optimised for secure, low-cost and usable token transfers on the wings of Ethereum. Check it out here!

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Zerion is an investing app that enables any smartphone holder, anywhere in the world, to build and manage their decentralized finance (DeFi) portfolio. Check it out here!

⚠️ DISCLAIMER: Investing into cryptocurrency and DeFi platforms comes with inherent risk including technical risk, human error, platform failure and more. At certain points throughout this post, we might get commission for promoting certain projects, if this is the case we will always make sure it is clear. We are strictly an educational content platform, nothing we offer is financial advice. We are not professionals or licensed advisors.

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