Arbitrum Layer 2 network lowers the cost of transactions on the Uniswap V3
Uniswap v3 is now deployed on the Arbitrum network - a Layer 2 scaling solution that enables near-instant transaction finality and low transaction fees while preserving the security guarantees of Layer 1 Ethereum.
At launch, transactions on Arbitrum are executed by a single sequencer operated by Offchain Labs, which periodically posts transactions and the state root (the aggregate update to all account balances, contract code, etc) on the L1 Ethereum blockchain.
The sequencer is kept honest by a network of verifiers, who will monitor transactions and state roots posted to L1.
If a verifier discovers malicious behavior they can contest the invalid state root by submitting a fraud proof, which cancels any incorrect transactions and forces the sequencer to forfeit its deposit.
Although Arbitrum has undergone significant security review, please treat this as a risky, early beta product.
It is a complex Layer 2 scaling solution still in need of rigorous battletesting, as Offchain Labs noted in their launch announcement.
At launch, Offchain Labs will have full upgrade rights over the bridge contract, allowing them to address any bugs that may arise, but there remains a risk of total loss of funds. Learn more here.
If you’re excited to pioneer this new network, then continue reading to learn how to deposit tokens to Arbitrum from your Layer 1 wallet.