Bridging Polygon (MATIC) ERC-20 tokens to Arbitrum is a process that allows users to move assets freely between the MATIC and the Arbitrum ecosystem.
There are several potential benefits to porting ERC-20 tokens from the MATIC blockchain to Arbitrum. These benefits include
1. Improved scalability: By porting tokens from Polygon to Arbitrum, users can benefit from increased scalability, allowing for more transactions to be processed in a shorter amount of time.
2. Lower fees: Porting tokens from Polygon to Arbitrum may result in lower transaction fees, as the Arbitrum network is more cost-efficient compared to Polygon.
3. Enhanced security: Arbitrum offers a robust layer of security, which is essential for the safe and secure transfer of tokens.
4. Improved interoperability: Arbitrum is designed to be interoperable with other blockchains, allowing users to move their tokens between different platforms easily. This increased interoperability provides users with more options when it comes to managing their tokens.
How to Bridge MATIC to Arbitrum in 4 steps
Step 1 - Connect Your Wallet
Head over to ChainPort’s bridge (https://app.chainport.io/) and connect your wallet. ChainPort supports all leading wallets, including Ledger, Trezor, Coinbase Wallet, Wallet Connect, and Metamask. Select the wallet containing the tokens you want to bridge and the recipient wallet.
Step 2 - Select the Chains & Token
Select the source chain and target blockchain from the drop-down menu. In our case, the source chain is Polygon (MATIC), and the target chain is Arbitrum. Next, select the token you’d like to bridge from the dropdown menu. If you want to port a token that is not on the list, you may paste its contract address. Please note that if a token is not listed, it may not have liquidity on the target blockchain.
Step 3 - Set Gas Fees
Select the amount of gas you’d like to use for bridging tokens. The amount of gas you use will affect the speed of the transaction and its costs. We recommend that you leave this setting on standard or high for the best bridging results.
Step 4 - Confirm Tx & Get Tokens
Before confirming the transaction, please review all the related information. Details include the sending and recipient wallet, gas fees, and the token. Once all details are confirmed, please approve the transaction and wait a few minutes for the transaction. Once complete, your tokens have been successfully bridged to Arbitrum.
How to Calculate MATIC to Arbitrum Bridge Gas Fees?
To calculate the gas fees for a transaction on the MATIC (Polygon) blockchain, you will need to know the gas price and the gas limit. The gas price is the amount of MATIC you are willing to pay for each unit of gas, and the gas limit is the maximum amount of gas you are willing to consume for the transaction.
To calculate the total gas fee for a transaction, you will need to multiply the gas price by the gas limit. It is important to note that the gas price can vary depending on the current demand for gas on the network. As such, adjust the gas price to ensure that your transaction is processed in a timely manner.
You can use tools like Blocknative’s gas estimator or Polygonscan to look up the current gas price and estimate the gas required for your transaction. Remember that the gas price can vary based on network demand, so it's a good idea to check the current price before sending a transaction.
What is the Cheapest Way to Bridge MATIC to Arbitrum?
The cheapest way to bridge MATIC to Arbitrum would depend on several factors, such as the current gas prices on the MATIC network. Here are a few tips that could help you reduce the cost of bridging MATIC to Arbitrum:
- Use a low-gas-price strategy: When you make a transaction on the MATIC network, you can specify the gas price you are willing to pay. If you set a low gas price, your transaction may take longer to be processed, but it will also be less expensive. You can use a tool like Polygonscan to find the current gas prices and choose a low-gas-price strategy that works for you.
- Compare the fees charged by different bridging services or platforms. Some may charge lower fees than others, so it's worth comparing prices to see which option is the most cost-effective.
- Remember that the cheapest option may not always be the best option. In addition to cost, you should also consider factors such as the reputation and track record of the bridging service. Users should also consider the level of security they offer and the speed and reliability of their bridging platform.
What is a Blockchain/Crypto Bridge?
A blockchain or crypto bridge is a tool or platform that enables users to move digital assets from one blockchain to another. Bridging tokens can be helpful when a particular asset is not native to the blockchain you're using. It can also help if you want to take advantage of the features and benefits of a different blockchain.
For example, let's say you have some MATIC-based (ERC-20) tokens and want to move them to Arbitrum’s network. In this case, you could use a blockchain bridge to transfer your ERC-20 tokens from the MATIC blockchain to the Arbitrum ecosystem. This would allow you to use your ERC-20 tokens on Arbitrum’s ecosystem and take advantage of its large community.
There are several types of blockchain bridges, each with its own features and capabilities. Some are designed for moving specific types of assets, while others are more general-purpose and can move a wide range of assets. Some blockchain bridges are decentralized, meaning they are operated and maintained by a network of users. Others are centralized and operated by a single entity.
Benefits of Using a Blockchain Bridge
There are several benefits to using a blockchain bridge, including the following:
- A blockchain bridge allows you to move assets from one blockchain to another. Bridging tokens can be helpful if you want to take advantage of the features and benefits of a different blockchain.
- A blockchain bridge can help you save money on transaction fees and other costs. For example, some blockchains may have lower fees than others, and a bridge can enable you to move your assets to a cheaper network.
- A blockchain bridge can also help you access a broader range of assets and services. For example, a bridge can enable you if you want to use a particular asset or service available on a different blockchain.
Conclusion
In conclusion, bridging tokens from MATIC to Arbitrum is a process that allows users to move assets freely between the MATIC and Arbitrum networks. The process is relatively straightforward and can be done in a few steps.
It has the potential to provide users access to a large new user base and enhanced security.
It is important to note that the cheapest option may not always be the best option. Users should consider factors such as the reputation and track record of the bridging service when selecting a bridging platform.
About Polygon (MATIC)
Polygon (also known as Matic Network) is a decentralized platform that is built on top of the Ethereum blockchain. It is designed to provide fast, cheap, and secure transactions for developers building on Ethereum.
One of the key features of Polygon is its use of layer 2 scalability solutions, which allow it to process transactions faster and at a lower cost than Ethereum. It achieves this through sidechains, which enable transactions to be processed off the main Ethereum chain. Sidechains help to reduce congestion on the main chain and make it easier for developers to build and deploy decentralized applications (dApps).
In addition to its scalability solutions, Polygon offers several other benefits for developers. It has a strong developer community and a growing ecosystem of dApps and decentralized finance (DeFi) projects.
About Arbitrum
Arbitrum is a decentralized L2 blockchain that aims to provide high performance and low transaction fees. One of Arbitrum’s key benefits is that transactions are settled in ETH, and no other cryptocurrency is needed. Arbitrum has the potential to offer significant benefits to developers and users of decentralized applications, particularly in terms of scalability and cost-effectiveness. Arbitrum’s scalability is due to its optimistic roll-up functionality.
Arbitrum is developed by Offchain Labs, a blockchain research and development company based in New York City. Overall, Arbitrum aims to provide a fast, secure, and scalable platform for executing smart contracts and running decentralized applications (dApps).
