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How to transfer tokens to Layer 2 platforms

If you want to transfer tokens to some of the Layer 2 platforms but don't know how to go about it, this article is for you. Today, Coin98 will show you how to transfer funds to the Layer 2 platforms.

trangtran.c98

2 min read

Published Apr 12 2022

Updated May 20 2024

Transfer ETH to Layer 2 platforms

In fact, each platform provides a variety of methods for transferring ETH between them. You can select the suitable platforms based on your specific requirements:

Optimism-compatible platforms: http://www.optimism.io/apps/bridges

Arbitrum-compatible platforms: http://portal.arbitrum.one

zkSync-compatible platforms: https://ecosystem.zksync.io

Starkware-compatible platforms: https://starkware.co

Users can use the above bridges to transfer their ETH to other platforms.

Transfer Stablecoin to Layer 2 platforms

Similarly, you can use some of the bridges mentioned above to find a platform that meets your specific requirements.

Transfer ETH to Layer 2 by Coin98 Wallet

First, you should download the Coin98 Super App. Here is a tutorial on how to download and create a wallet on Coin98 Super Wallet.

Coin98 Wallet currently supports bridging ETH between:

Ethereum <> Optimism.

Ethereum <> Arbitrum.

In this part, I’ll go into details about how to transfer ETH from Ethereum to Optimism.

Step 1: Click Swap in the main interface, then click SpaceGate to start transferring.

Step 2: Select the From chain and the To chain.

Step 3: Enter the trading amount, click “Convert" then click “Done" to complete the transaction.

Note:

Before clicking to confirm the transaction, double-check the details, including the transaction fee, the amount of ETH obtained after the conversion, and adjust the gas fee appropriately (or leave it as is).

The conversion process is quick; you'll just have to wait a few minutes for the transaction to finish.

The transaction cost will be charged in ETH and will be determined by the current Ethereum's network situation. To save money, you should switch at low-cost hours.

You can use the same procedure as mentioned above to convert assets from Layer 2 to Layer 1. However, because of Layer2's distinct functioning mechanism, such as Optimism, it takes at least 7 days to receive assets to the wallet. After that, you go to the transaction history and select Claim to receive the token.

Transfer Stablecoins to Layer 2 by cross-chain bridges

As those platforms have rapidly developed recently, it's easy for users to select a cross-chain bridge to transfer tokens. Some of the prominent bridges can be listed below:

Stargate: Optimism, Arbitrum.

transfer stablecoins to layer 2 — Stargate's interface

Orbiter: zkSync, Arbitrum, Optimism, StarkNet

transfer coin to layer 2 — Orbiter's interface

Multichain: Arbitrum, Optimism

transfer token to layer 2 — Multichain's interface

Zigzag: zkSync.

transfer coin to zigzag — Zigzag's interface

Synapse Bridge: Optimism, Arbitrum.

transfer coin to synapse — Synapse's interface

In this part, I'll show you how to deposit and withdraw Stablecoins to Optimism/ Arbitrum via Stargate Finance.

Step 1: Go to the Stargate Finance’s website, click Transfer then Connect your wallet.

Step 2: Select the From chain and the To chain.

Step 3: Enter the trading amount, click “Approve Token” then click “Confirm transfer" to complete the transaction.

It will take around 2-3 minutes to receive your tokens on Optimism after the transaction has been finished. You can transfer supported stablecoins between Ethereum, Optimism, and Arbitrum in the same way.

Conclusion

I've shown you how to transfer coins to the Layer 2 platforms in order to skin in the game.

Hopefully, after reading this article, you will have a better understanding of the DeFi market and find the best ways to maximize your profits.