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In August 2021, Offchain Labs launched Arbitrum as a Layer 2 (L2) solution for Ethereum’s congested network. Arbitrum enables Ethereum DApps to transact faster for less money. Some of the biggest players of the DeFi space, like Uniswap, Curve and SushiSwap, immediately jumped on the Arbitrum bandwagon to capitalize on its benefits, coupled with Ethereum’s security.
If you’re curious about this scaling solution for Ethereum, read on to learn how you can bridge and/or withdraw ETH tokens using the Arbitrum Bridge.
The exponential growth of the Ethereum blockchain eventually resulted in network congestion and steep fees to settle transactions through smart contracts. The Arbitrum Bridge was launched as a scaling solution to streamline transactions on Ethereum’s Layer 1 (L1) blockchain.
Arbitrum uses the concept of optimistic rollups to offer lower gas fees for secure transactions. Optimistic rollups are smart contracts that “roll up” off-chain transactions into bundles. This effectively spreads the costs of the bundled transactions, resulting in lower gas fees and reduced network congestion, all the while maintaining high security standards.