Instructions to Convert ETH From Ethereum to Optimism

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2021-10-13 06:51:14

Have you ever experienced a situation where you have to pay transaction fees that are more expensive than the token value to be swapped on Ethereum DEXs? This is only a small part of the problem of Ethereum’s transaction network congestion and expensive costs.

To limit this situation, expansion solutions were born and have their own development directions. Optimism, one of the outstanding Layer2 in the market that you need to pay attention to in the near future. But how to skin-in-the-game on Optimism?

This article will answer your questions and guide you in detail how to convert ETH from Ethereum to Optimism to own a standard token on Optimism.

Why convert between ETH tokens from Ethereum to Optimism?

The race on Layer2 is no less cooling than Layer1 when it comes to running together Optimism to be Arbitrum and Boba Network. Overall, at the time of writing, Optimism is larger than Arbitrum and has a TVL of around $174 million. Compared to Layer1 platforms, this is not a large number, however, it proves that money is gradually flowing to Layer2 and the community is really paying attention to the ecosystems developed on Optimism.

However, interacting with products on layer2 is not easy for many people, especially those who are just starting to enter the market. If you want to experience the old game on the new air, the only way at present can only be to use a bridge, a bridge to convert the value from L1 to L2.

It is the complicated operations from finding which bridge, which wallet to use, the process of verifying the reliability of the cross-chain platform, etc., which is an obstacle that makes you shy in using it. and it also consumes a lot of your time and effort.

Where to convert ETH from Ethereum to Optimism?

Understanding the problems you face and also want to create more favorable conditions for you to skin-in-the-game into an ecosystem early, CHK Wallet has updated many important bridges from Layer1 to Layer2, allows you to convert assets easily and quickly without having to spend time searching, especially shortening complex and zigzag operations.

You can use the CHK Wallet mobile application to convert assets very simply, even newcomers to DeFi can do it themselves.

Currently, CHK Wallet supports cross-chain bridges on the following prominent blockchains:

  • Ethereum (ETH & ERC20) <> Solana (SOL & SPL).
  • Binance Smart Chain (BEP20) <> Ethereum (ETH & ERC20) <> Tron (TRC20).
  • Solana , Avalanche (C-chain) <> Avalanche (X-chain).
  • Ethereum <> Arbitrum.
  • Ethereum <> Optimism.
  • Ethereum <> Boba Network.

You can view and save the user manual Cross-chain Bridge on CHK Wallet on other bridges for reference when needed!

Let’s start converting!

What preparation is required to convert ETH from Ethereum to Optimism and vice versa?

Download and install CHK Mobile Wallet

Read instructions Install CHK Wallet Details or watch the video tutorial below:

Create a wallet

Of course, to use the cross-chain bridge feature, you must own an Ethereum wallet, an Optimism wallet and store ready ETH in the wallet.

I encourage you guys create multi-chain wallet, because not only can you manage your Ethereum wallet, Optimism wallet, but you also have more wallets on other blockchain platforms with just a single passphrase.

In case you already have a multi-chain wallet, you just need to click the button Refresh in the management area of ​​all wallets so that the system automatically updates the newly integrated blockchain wallets for you.

Instructions to create a new wallet or restore a wallet on other wallet application platforms, you can refer here.

Instructions to convert ETH from Ethereum to Optimism and vice versa

Step 1: Choose Swap (Swap) on the main screen → Click Cross-Chain Bridge to start the conversion.

Step 2: Select the chain you want to convert in the region

as shown in the illustration. Step 3:

Select the wallet containing the ETH you want to convert at Ethereum and the Optimism wallet receive the ETH after the conversion. Step 4: Drag and select the amount of ETH you want to convert or enter the amount and press Convert (Switch) → Press Done

to confirm the transaction is done.

  • Note:
  • You need to check the information including the transaction fee, the amount of ETH received after the conversion and adjust the gas fee reasonably (or leave it as default) before clicking to confirm the transaction.
  • The conversion time from L1 to L2 Optimism is quite fast, you only need to wait for a few minutes for the transaction to complete.

Transaction fees will be charged in ETH and are subject to Ethereum’s network status. You should watch the times when the fee is cheap to convert to save costs.

For the asset conversion operation from L2 to L1, you can do the same as above. However, the time to receive the assets to the wallet is at least 7 days because of the different working mechanism of Layer2 like Optimism. After 7 days from the date of the transaction, go to the transaction history and select Claim

to receive tokens to the wallet.

summary

Cross-chain bridge is a bridge to help you convert tokens back and forth between completely decentralized chains without having to go through the middle of an exchange. Besides the Ethereum <> Arbitrum bridge, CHK Wallet also provides bridges between Ethereums to EVM blockchains as well as with other layer2 such as Arbitrum, Boba Network,… you can experience more when you want skin- in-game and find Retroactive opportunities for yourself.

What do you think about the upcoming Optimism ecosystem? Will Optimism create a boom in the future? If you have any questions, you can comment below this article or join CHK Wallet team

for the admin team to answer in detail for you.

See you in the next posts!

convert eth from ethereum to optimism

#Instructions #Convert #ETH #Ethereum #Optimism

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