L2 networks allow you to process easier and cheaper transactions while taking advantage of Ethereum’s security. This also applies to bridging, notably one of the most expensive and technically complex interactions you can have with blockchains.
Today, we'll be learning how you can bridge funds from Ethereum Mainnet to the Optimism Network in a budget friendly way with Hop Protocol.
In this guide, you’ll learn:
What is an L2?
What is Hop Protocol?
How to Add the OP Network to your wallet.
How to Bridge some funds to OP using Hop.
In order to complete this task, you’ll need the following:
An Ethereum wallet, such as MetaMask.
The Optimism Network added to your wallet (We’ll go over how to do this in a moment)
Some ETH in your wallet to send to the Optimism Network, and gas fees.
Hop is a key player in enabling the L2 ecosystem to scale. If you’d like to understand how liquidity pools work, which will bring you some clarity on how Hop works; as well as the value Layer 2 networks bring to the ETH ecosystem, you’ll love our dedicated articles at the RabbitHole Learn Hub!
What is an L2 Network? Ethereum Layer 2 Networks are a way to submit Ethereum transactions in bulk through a sub-network of sorts. Hence the “Layer 2” moniker. This approach significantly reduces transaction costs down to pennies for the most part.
By using L2s, you can still participate in web3, have Ethereum’s security and decentralization perks, while keeping the bank safe by not spending exorbitant fees whenever the network is congested.
What is Hop Protocol? Most bridges before Hop were a convoluted mess that involved sending your funds to a centralized party in order for them to submit the same amount into another chain. Hop simplifies this process by using Liquidity Pool mechanics to streamline the process to help ensure your funds won’t be lost in the process.
You can use Hop to bridge the most commonly used tokens (like stablecoins and ETH) across the entire ETH L2 roster, which includes networks like Optimism, Arbitrum and Polygon; for a fraction of the fees.
Before bridging your ETH to Optimism, it’s advisable to have the network added to your wallet first. You can do so quickly and simply by going to chainlist.org, searching for “Optimism”, and connecting your wallet to the network.
You can also add it by clicking the “Add Network” button in the Metamask drop-down menu and add the following inputs into the required fields:
Network Name: Optimism
New RPC URL: https://mainnet.optimism.io
Block Explorer URL: https://optimistic.etherscan.io
Once you’ve added the Optimism Network to your wallet, you’ll be able to switch to it whenever you want to use OP apps.
With the OP Network added to your wallet, you can now head over to app.hop.exchange and send some ETH over to Optimism. Just click the “Use Hop” button in the homepage and connect your wallet to the app.
As we mentioned, you can use Hop to send all kinds of tokens to L2. For today’s task, we’ll be sending ETH from Ethereum Mainnet to the Optimism Network.
Just select ETH and pick these two networks on the drop-down menu for each input field, type in the amount of ETH you want to send, and click the “Send” button. If this is your first time using Hop, you’ll also have to approve this token pair for bridging.
Make sure the gas fees, as well as the exchange rate look good before submitting the transaction. Once you’ve double checked these amounts, just approve the transaction from your wallet, and your request to send funds will be submitted to Hop.
It will usually take a few moments before the funds show up in your Optimism wallet, so just sit back and relax while they’re reflected in your balances.
You’re now playing with L2 Networks! After your ETH appears on your OP wallet, you’ll now be able to transact in the network and try out all sorts of innovative apps in the L2 ecosystem.