What is Arbitrum Wallet? How to use Arbitrum Wallet
Arbitrum is the Layer 2 Optimistic Rollup built to empower Ethereum with scalability, increasing the performance of the previous blockchain platform generation. Arbitrum is one of the most expected L2 solutions to bridge the gap between Ethereum and scalability.
To be able to skin in this blockchain, of course, you will need an Arbitrum Wallet. In today's article, I will show you the details on how to create an Arbitrum Wallet.
What is Arbitrum Wallet?
The Arbitrum wallet is where ETH and ERC20, ERC721 standard tokens are stored on the Arbitrum blockchain. You can send and receive ETH tokens as well as interact with applications on the Arbitrum platform.
In particular, this wallet is owned by you, so no one has the right to influence or use the wallet other than you.
What is included in an Arbitrum Wallet address?
An Arbitrum Wallet has 3 extremely important pieces of information you must take note:
- Wallet address: A sequence of numbers and characters used to send assets to the Arbitrum wallet. Others can transfer coins to you through the wallet address you provide. An Arbitrum (ETH) wallet address will have the following format: 0x4184CED912A14E6AD2Ad4F4Cb3026aC866153c4d.
- Passphrase: A security key that can be understood as a password consisting of any 12 English keywords. If you want to perform the wallet recovery operation, you must go through the Passphrase login step. Format of a Passphrase: time erase cat yell rubber tomato minimum one daughter dynamic trial female.
- Private Key: A string of letters and numbers to connect to the account, quite similar to the password of a bank account. Format of a Private Key: 0x6128e76b3690edfefc94c47a0542b7cd6ff9fcac956fa5b12bdc1a10dc76ab55.
To visualize, you can imagine that the Arbitrum wallet is a bank account, the wallet address is the account number and the passphrase is the password.
The difference here is that with a bank account, other people will know your personal information. As for the Arbitrum wallet, the user becomes anonymous, no one knows who owns the wallet, and transactions only occur through the address encoded into a sequence of numbers and characters.
Arbitrum Wallet Review
There are many wallets on the market that support the Arbitrum blockchain. Let's take a look at some outstanding Arbitrum wallets in the crypto world.
Coin98 Super App
Coin98 Super App is a well-known super app containing crypto services, and it is the gateway of DeFi & Web3. After installing the Coin98 Super App, you can experience many of its features such as Dapp Browser, Terminal toolkit, Coin98 Staking,...
Because it is a decentralized wallet platform, users are in complete control of their assets, no one has access to their wallets, including the developers. You can rest assured when storing ETH tokens here.
Learn more: What is Coin98 Super App?
MetaMask
MetaMask is a decentralized wallet based on the Ethereum ecosystem, as well as an add-on plugin that allows users to run DApps right on its browser. Metamask allows you to store ETH and interact with Arbitrum dApps. Despite the disadvantages such as not being able to log in to many wallet addresses, as well as manually updating assets, MetaMask is still a trusted destination for many people around the world.
Learn more: How to use Metamask Wallet
Coinbase Wallet
Coinbase Wallet is a centralized wallet that supports more than 4,000 assets. Coinbase Wallet allows you to enable Arbitrum in the wallet app, which would be able to perform transactions and access dapps on the Arbitrum network. Besides cryptocurrency, Coinbase Wallet also supports users in storing their NFTs right in the wallet.
Create the Coinbase wallet here: coinbase.com
How to create Arbitrum Wallet on Mobile
This tutorial will guide you on how to create a new Arbitrum wallet on both the mobile and desktop interfaces, so you can also install both to flexibly switch use.
Download and access the Coin98 Super App
Arbitrum wallet is now available on the Coin98 Super App for both iOS and Android users.
After downloading the app, open the Coin98 Super App application and select the language you want to use before directly accessing the wallet interface.
At this interface, you can create a new wallet or restore an existing wallet from other wallet applications to the Coin98 Super App.
Create the Arbitrum wallet
Step 1: Open the application, at the homepage click the Wallet icon → Manage.
Step 2: Click Add Wallet and click on the Arbitrum (ETH ERC20 ERC721) icon to create a Arbitrum Wallet, or you can choose to create a Multi-chain wallet to own more wallets with just one passphrase (recommended) → Create.
Step 3: Create a name for the wallet (name it something that you can remember or is convenient for later use). Click Next.
Step 4: Back up the Passphrase in a safe place.
Note: These are CRUCIAL information that directly affects control over your assets.
- Copy and paste the Passphrase into the Confirmation box.
- Tick the Backup your recovery key box and click on the copy icon to confirm that you have saved your Passphrase/Private key. You must save the security key in a safe place and do not disclose it to anyone. Otherwise, your account is at risk of being stolen if someone knows these sequences of characters.
- Tick the two remaining boxes to confirm that you understand the risks if you lose your Passphrase.
Click Create Wallet.
Once done, you can also go to Manage → Manage All Wallets to check the newly created Arbitrum wallet.
How to create Arbitrum Wallet on Desktop
Install Coin98 Extension Wallet
You can access chrome.coin98.com to install the Coin98 Extension Wallet.
For instructions on installing and using Coin98 Extension Wallet, you can refer to this guide here.
Create the Arbitrum wallet
Step 1: Open the Coin98 Extension Wallet and insert your password. At the main interface, click Manage. Click Add Wallet.
Step 2: Select the Arbitrum icon → Create Wallet.
Step 3: Create a name for the wallet (name it something that you can remember or is convenient for later use). Click Next.
Step 4: Backup the Passphrase/Private key in a safe place.
Select Create Wallet.
How to use the Arbitrum Wallet
Add tokens
Option 1
This process is similar on both the mobile version and the extension, so you can follow these steps for both.
Step 1: Click the Arbitrum wallet on the main screen.
Step 2: Click Receive.
Step 3: Copy the wallet address or use the QR code address and send your assets to this address.
Option 2
Step 1: Click the search icon on the main screen.
Step 2: Enter ETH, ERC20 token in the search bar.
Step 3: Click the icon to copy the wallet address or get the QR address and send your assets to this address.
You can send ETH, ERC20 tokens to the address copied in step 3.
Send tokens
This operation works the same on both the Coin98 Super App and the Coin98 Extension Wallet. I will give an example of how to send ETH (ARB) stored in the mobile wallet.
Step 1: Click the Arbitrum wallet
Step 2: Choose Send.
Step 3: Select the token, insert the number of tokens you want to send & the wallet address to send to. Adjust the Gas fee slider to suit your needs → Slide the Send bar to confirm.
In addition, you can also go to the Send section in the main interface, select the Arbitrum wallet you want to send from.
Note:
- The gas fee for each transaction is paid with ETH, approximately 0.00021 ETH (ARB).
- The default gas fee on the Coin98 Super App has been set at the standard rate that offers the most optimized speed at a reasonable cost.
Convert with Space Gate
Currently, you can connect directly to the created Optimism wallet on Coin98 Super App, then convert ETH (ARB) to ETH (Ethereum) and vice versa.
Step 1: On the main interface, choose Swap.
Step 2: Select Space Gate to start trading. After that select the blockchain you want to convert.
Then you need to choose some information below:
- Select the wallet that holds the converting tokens and the receiving wallet on the corresponding blockchain.
- Select the token you want to convert. We will take ETH for this example.
Step 3: Choose the converting amount by sliding the bar. Before swapping, please kindly check the information in the Review Order section.
Kindly check the information before confirming this transaction. Choose Convert to confirm and click Done.
Use the Arbitrum Wallet Explorer to check the transaction history
Arbitrum Wallet Explorer is the Arbitrum ecosystem explorer, allowing access to information such as wallet addresses, cryptocurrency transactions, smart contracts, etc. Complex data is easier to grasp now than ever before.
Arbitrum Explorers that are commonly used by many users:
Some notes when using the Arbitrum wallet
Is it safe to store ETH (ARB) tokens in the Arbitrum wallet?
Coin98 is a non-custodial wallet, that is, full control of assets belongs to you, no one has access unless you disclose the key to others. Therefore, it is perfectly safe for your assets.
Is there a fee to transfer ETH (ARB) tokens?
Sending ETH (ARB) tokens from an Arbitrum Wallet will cost the blockchain platform fee in ETH.
Is it possible to create multiple Arbitrum wallets?
Yes! You can create as many Arbitrum wallets as you want. Each wallet will have a different address and passphrase, so remember to save each of them. Each wallet should be named so that you can easily manage them if you create multiple Arbitrum wallets.
Can Arbitrum wallets store other coins?
Arbitrum wallets can store ETH (ARB) tokens supported by the Arbitrum blockchain platform. Otherwise, do not transfer any coins on other blockchain platforms to Arbitrum wallet if you do not want to lose your assets.
What is the best Arbitrum wallet app?
For those who mainly interact with Arbitrum, EVM blockchain wallets such as MetaMask will be one of the options worth considering.
For those who use a lot of blockchain platforms and Solana is among them, the Coin98 Super App is a great choice for you.
Summary
With the fast development of the crypto market, you will see a series of potential DeFi projects appearing on Arbitrum. We hope the tutorial can help you to easily create and use the Arbitrum (ETH ERC20 ERC721) Wallet on Coin98.
If you have any questions regarding this tutorial, don't hesitate to leave a comment below! The Coin98 team will answer your questions as soon as possible!
See you in our future posts!
Learn more: What is Cronos Wallet? How to use A Cronos Wallet