In just three days TVL on Arbitrum skyrocketed to 2 billion dollars. Now you must be wondering how this happened in such a short time and why are you still not involved?
As an Ethereum holder currently you have a huge opportunity. In this Article we will show you how you can Earn Yield using Arbitrum Bridge.
Why Arbitrum?
Arbitrum is a layer 2 scaling solution of Ethereum. It is fast, reliable and uses the ETH token. It also supports many ERC-20 and ERC-721 tokens. Do remember Arbirtrum doesn’t have its own native token. It gives Dapp developers a platform where they can create products which were realistically not possible on Ethereum Blockchain due to network speed.
How to Earn Yield On Arbitrum
Before you start earning yield on Arbitrum Network, you need to move your assets to the arbitrum network. You can do this very easily using the arbitrum bridge. If you are a metamask user, you also have to set it up for arbitrum.
Before you move assets to Arbitrum, do remember that it takes only 10 minutes to move assets to arbitrum but to move them back to ethereum it takes 7 days.
1. Set up Metamask for Arbitrum
If you are a first time user of Metamask, here is a guide to change your setting to arbitrum.
- Go to settings and choose custom RPC
- Now, in the dialogue opened add this:
- Network Name: Arbitrum One
- New RPC URL: https://arb1.arbitrum.io/rpc
- ChainID: 42161
- Symbol: AETH
- Block Explorer URL: https://arbiscan.io
You can read here How to create your own MetaMask wallet?.
2. Bridge Your Tokens using The Arbitrum Bridge
First off all, here is the official site Arbitrum bridge to bridge your token across.
3. Move your funds to Arbitrum
- Connect to the Ethereum mainnet network.
- Select the token you want to bridge in the token drop-down menu.
- Enter the amount of ETH/tokens you want to bridge over in the L1 field and then click Deposit, further follow the prompts on Metamask.
- Wait for your funds to arrive on Arbitrum within ~10 minutes to an hour.
- Switch your Metamask wallet to connect to the Arbitrum One network to view your bridged funds.
4. Earn Yield by Farming on ArbiNYAN
To Answer, why ArbiNYAN? It is simple. ArbiNYAN is giving 4800% ROI on ETH-NYAN staking. Moreover, it is providing 2500% on NYAN staking and 22% on ETH staking. Considering other options, ArbiNYAN is giving a lot more rewards on ETH Staking than other protocols.
- Currently, ArbiNYAN provides only three Staking pools, so first Select a pool of Your Choice
- Select Stack and enter the amount of token.
- Approve the Transaction on Metamask.
Do remember ArbiNYAN is an unaudited contract. Interact with the contract at your own risk. So, before you add liquidity to this Dapp do your own research.
5. Arbitrum Yield Farming on other Dapps
You can also use Sushiswap and balancer to Yield Farm on Arbitrum.
There are multiple yield farms live on Sushiswap, including 5 LP pairs WETH, USDC, WETH/USDT, WETH/LINK, WETH/SUSHI and WBTC/WETH pairs.
Balancer is also one of the first movers into Arbitrum. It incentivized 2 main pools — BAL/WETH and USDC/WETH/WBTC for liquidity providers with weekly $BAL rewards.
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