After successful audits by Quantstamp, Code4rena, and Pessimistic, months of testnet feedback, and thousands of collective coding hours, the first tradable vaults in DeFi and the most flexible stablecoin ever are now live on Arbitrum. 

Today marks yet another significant step in the evolution of decentralized finance, as users now have more freedom and flexibility than ever before to leverage their digital assets. To celebrate this achievement with all those joining us for launch, we’ve prepared a few surprises for our day 1 users!

Unlock Your Tokens 

LST enthusiasts can now borrow against and leverage their rETH and wstETH tokens at some of the industry’s lowest rates, 1.75% and 1.85% respectively, while keeping 100% of their yield. We’ve also recently added support for ARB token as a collateral type at launch. Additional collateral types will be progressively added by the DAO.

All vaults opened on Open Dollar are NFVs, DeFi’s first NFT-controlled CDPs, giving users the unique flexibility to transfer or sell their vaults at any time on any NFT marketplace. NFVs are a new primitive in Web3, making loans tradable for the first time and enabling the creation of the first secondary loan marketplace, one of the next milestones on our Roadmap.

Open Dollar’s stablecoin, OD, is now available to mint against your deposited collateral. The most flexible overcollateralized stablecoin in DeFi, OD can be used for payments, swapped for other tokens, redeemed for your deposited tokens, or used to unlock the collateral of other users when NFVs are acquired on the open market. This decentralized stablecoin is designed to compete with its centralized counterparts, featuring full reserve transparency, protocol-driven stability, and on-demand redemption for the digital assets backing it.
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Using the App

Both existing and new users will have no problem navigating the primary features of the mainnet app:

• Create Non-Fungible Vaults
• Deposit collateral: rETH, wstETH, and ARB
• Borrow OD
• Auctions
• Stats

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The biggest difference our users will note is the improved UI, designed to match our website and new branding with a clean, modern look and feel. Our testnet will remain accessible and now serve as a platform to demo and test our newest features before they’re progressively deployed to mainnet. 

If you’re new to Open Dollar, we recommend starting with our Docs and Blog, where you’ll learn all about our key innovations, OD and NFVs, as well as a handy guide to walk you through creating your first vault. If you have any questions, jump into our official Discord, where our questions bot or community will be happy to help.

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Commemorative Launch Day NFT

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To celebrate this special occasion, we’ve designed a commemorative Genesis NFT to mint exclusively for our early users. We’ve limited the minting period to 48 hours, after which no more of these NFTs will be produced. These NFTs are hosted on the Arbitrum network and all proceeds from the mint will be deposited in the DAO Treasury. Holders of these NFTs will be able to claim a special role in our Discord and may have access to special perks in the future.
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Mint yours today! https://opendollar.nfts2.me/ 
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Genesis Vaults

Vaults that mint 1000 OD or more within 48 hours of launch will be specially designated as Genesis Vaults. These vaults will feature a “Genesis” NFT trait, special artwork, and may be selected for additional perks by the DAO.

Implementation of the Genesis traits and artwork will follow shortly in the coming weeks after launch and will retroactively appear on all qualifying vaults.
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What’s next

While this incredible milestone for Open Dollar is certainly worth celebrating, our story has just begun, and so much more is on the way. One can peer into the future with our DAO-guided roadmap for a glimpse at some of our upcoming features, and subscribers to our monthly newsletter receive exclusive previews of the month ahead.

Users of Open Dollar can look forward to a number of exciting campaigns, new features, partnerships, and incentive programs in addition to the recently received grant from the Arbitrum Foundation and our partners at Tally.

Our team at Open Dollar wish to thank all of you for your wonderful support and constructive feedback through our testnet period and we are thrilled to build a fairer, more accessible future for DeFi together.

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Try the Open Dollar App today!

The Arbitrum network is rapidly gaining traction in the blockchain arena, offering lightning-fast transactions and cost-efficiency that Ethereum’s L1 simply can’t compete with.

In this guide we’ll provide a bit of background on Arbitrum and show you how to bridge your ETH or other assets to the Arbitrum L2 so you can take full advantage of these benefits.

Why choose Arbitrum?

Since launching in 2021 Arbitrum has quickly become the #1 L2 for DeFi users, attracting $5.71b in Total Value Locked (TVL), which is 3 times greater than its closest L2 competitor Optimism and 4 times that of the next eight combined.

Image credit: TheBlock

Arbitrum’s low transaction fees, fast processing speeds, and easy migration of existing Ethereum applications have resulted in a rich and diverse ecosystem.

This, combined with its commitment to decentralization and a strong community focus, makes Arbitrum an attractive platform for DeFi developers and users, leading to its widespread adoption and popularity in the space.

Why Bridge?

Bridging to Arbitrum offers several advantages for users:

Cost-Effective Transactions: Switching to Arbitrum's Layer 2 can lead to significant savings in gas costs, especially for those engaging in frequent and complex transactions.

Increased Speed and Efficiency: Thanks to its Optimistic Rollup technology, Arbitrum ensures faster transaction processing, which is crucial in fast-paced trading environments.

High Throughput: Arbitrum can handle more transactions than Ethereum's mainnet, reducing congestion and delays, making it ideal for DeFi protocols and high-volume applications.

Security of Ethereum: Users benefit from the same level of security as Ethereum’s Layer 1, ensuring their assets are protected while enjoying enhanced transaction capabilities.

Growing Ecosystem and Adoption: Arbitrum's increasing Total Value Locked (TVL) reflects its growing trust and adoption in the community, offering users more opportunities and functionalities.

Access to Diverse DeFi Protocols: Users get access to a broad range of dApps and financial protocols, some exclusive to Arbitrum or performing better than on other networks.

Bridge Walkthrough

Step 1: Choose a Bridge

The Arbitrum network is supported by a growing selection of bridges. Some of the more popular include:

• Stargate
• Across
• Synapse
• Rhino
• Celer cBridge
• Hop

These facilitate token transfers from Ethereum and multiple other chains to Arbitrum. The Arbitrum Official Bridge and Stargate stand out as two of the most used bridges, which we’ll be covering in this blog post.

If speed is not your concern, Arbitrum official bridge is the optimal choice for those seeking the highest level of security in transferring funds, particularly suitable for high-value transactions requiring an official channel.

However, if you’re in a hurry, Stargate’s average time for bridging to Arbitrum is around 10 minutes according to their official website, provided you’re comfortable with utilizing a third-party bridge.

Arbitrum Official Bridge

The Arbitrum Canonical Bridge is the official bridge route inside of the Arbitrum smart contract connecting it to Ethereum. The official bridge is the most secure method of moving your funds to the L2.

The only downside is that the process will typically take roughly one week. This is because Arbitrum allows 7 days for proofs to be submitted about its transactions to make sure they are all valid.

Stargate

Stargate Finance has achieved the position of having the second most bridge volume on Arbitrum, following only the official Arbitrum bridge, with a bridge time of around 10 to 20 minutes depending on Ethereum network congestion.

Stargate Finance supports multiple tokens such as ETH, USDC, USDT, DAI, and BUSD, and allows for bridging across various networks including Ethereum, Arbitrum, BNB Chain, Optimism, and more​​. This versatility and wide support make it a popular choice for users looking to interact across different blockchain ecosystems.

In terms of security, Stargate Finance has undergone audits from three major entities: Quantstamp, Zelliz, and Zokyo. Moreover, the platform launched a significant bug bounty program, offering rewards up to $15M, which illustrates its commitment to security and reliability.

Step 2: Setting Up the Arbitrum Network

To access the Arbitrum network, you'll need to configure your wallet accordingly. In this guide we’ll be selecting the most popular wallet provider, Metamask, due to its wide support and popularity.

Steps may differ depending on your choice of wallet. If you wish to install MetaMask, visit MetaMask for installation.

Steps to Add Arbitrum Network to MetaMask:

1. Open MetaMask and sign in to your Ethereum wallet.
2. Click on the network name (typically "Ethereum Mainnet") in the top right to access the network selection menu.
3. Choose "Custom RPC."
4. Fill in the Arbitrum network details:
5. Network Name: Arbitrum One
6. New RPC URL: https://arb1.arbitrum.io/rpc
7. ChainID: 42161
8. Symbol: ETH
9. Block Explorer URL: https://arbiscan.io/
10. Click 'Save' to add the network.

After these steps, your MetaMask wallet will be connected to Arbitrum One, ready for transactions!

Step 3: Using the Bridge

Arbitrum Official Bridge Walkthrough

Go to the Arbitrum Bridge website: https://bridge.arbitrum.io.

1. To connect your wallet, click the "Connect Wallet" button and choose MetaMask.
2. Select the asset (ETH or any supported token) you wish to transfer from Ethereum to Arbitrum.
3. Input the amount for the bridge transaction.
4. Carefully review the transaction details.
5. Click "Bridge" to start the transfer process.
6. In MetaMask, confirm the transaction and cover the necessary gas fees.
7. Once the transaction has confirmed your funds will arrive within 8 days.

This completes your bridge operation to Arbitrum using the Official Bridge! If you need more help or would like to do your own research, you can reference Arbitrum’s Docs on the process.

Stargate Finance Bridge Walkthrough

While transaction durations may fluctuate due to network congestion and similar factors, Stargate consistently outperforms official bridges in terms of speed. Remarkably, Stargate completes bridge transactions in as little as 10 minutes, much faster than the 7-day timeframe required by the official Arbitrum bridge. This efficiency makes Stargate an attractive choice for users seeking quick and reliable asset transfers between these networks.

Here's a step-by-step guide:

1. Start by navigating to the Stargate.Finance website.
2. Click on the option to connect your wallet, typically MetaMask or any other compatible Web3 wallet.
3. Select Ethereum as your source network and Arbitrum as your destination network.
4. Choose the specific asset (like ETH, USDC, USDT) that you want to transfer.
5. Input the amount of the asset you wish to bridge.
6. Carefully check the transaction details, including any fees and the estimated transaction time.
7. Click the button to start the bridging process.
8. Approve the transaction in your connected wallet, agreeing to any necessary gas fees.
9. Wait for the transaction to process. The average transaction time on Stargate.Finance is typically faster than traditional bridges, but it can still vary.

Once the transaction is confirmed, your assets will be available on Arbitrum! For more information on using Stargate’s bridge or to do further research, you can reference their Docs.

Conclusion

After your assets have successfully transferred to Arbitrum, you're ready to experience the benefits of enhanced speeds and significantly lower transaction costs.

Arbitrum's ecosystem allows you to seamlessly engage with a wide array of decentralized applications (dApps) and DeFi protocols, making your assets readily accessible and versatile for various uses.

We hope you found this guide useful! If you have any questions or suggestions for improvements, you can let us know in our Official Discord.

You can also learn more about the Arbitrum Ecosystem on our blog here.

Open Dollar is a DeFi lending protocol built on Arbitrum for borrowing against liquid staking tokens while earning staking rewards and providing CDP liquidity with Non-Fungible Vaults (NFVs).

Try the Open Dollar App today and follow us on our socials.

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