BoostBeyond Hype: Understanding the Impact of Airdrops on NFT Marketplace Performance
IntroductionThe NFT marketplace is evolving. Over the past year, OpenSea has seen increasing pressure from new competitors eating away at its market share. LooksRare, X2Y2, Sudoswap, and Blur have decreased OpenSea's NFT Volume market share from 99% to 50-30% depending on the week.Market Share for NFT Marketplaces by WeekWhile OpenSea may have been one of the darling companies of the web3 era, there is one thing that it's lacking that all of its competitors have: a token. This left ...
BoostAirdrop Design | Past, Present, & Future
When considering the future of airdrops, it's easy to feel optimistic about their potential for aligning users of crypto networks. It’s just as valid to express skepticism based on the current state of the instrument. While it's clear that more experimentation is necessary in order to properly harness their power, the required overhead and lack of tooling to execute airdrops are prohibitive. But what are they, anyway?What is an Airdrop?Simply put, airdrops distribute tokens to past,...
BoostIntroducing Quest Protocol Rewards
Deploy, refer, and complete quests for cryptoParticipation lies at the heart of the crypto ecosystem. It’s the collective effort of countless participants worldwide that ensures the functionality, security, and growth of decentralized protocols. But beyond it being a mechanism for sustaining networks, participation embodies the very ethos of crypto and why it exists - to increase economic opportunities for every individual. Earlier this year we launched Quest Protocol, making it easy for anyo...
The onchain distribution network of Boost Protocol. Target, acquire and engage users with token incentives to drive growth.
BoostBeyond Hype: Understanding the Impact of Airdrops on NFT Marketplace Performance
IntroductionThe NFT marketplace is evolving. Over the past year, OpenSea has seen increasing pressure from new competitors eating away at its market share. LooksRare, X2Y2, Sudoswap, and Blur have decreased OpenSea's NFT Volume market share from 99% to 50-30% depending on the week.Market Share for NFT Marketplaces by WeekWhile OpenSea may have been one of the darling companies of the web3 era, there is one thing that it's lacking that all of its competitors have: a token. This left ...
BoostAirdrop Design | Past, Present, & Future
When considering the future of airdrops, it's easy to feel optimistic about their potential for aligning users of crypto networks. It’s just as valid to express skepticism based on the current state of the instrument. While it's clear that more experimentation is necessary in order to properly harness their power, the required overhead and lack of tooling to execute airdrops are prohibitive. But what are they, anyway?What is an Airdrop?Simply put, airdrops distribute tokens to past,...
BoostIntroducing Quest Protocol Rewards
Deploy, refer, and complete quests for cryptoParticipation lies at the heart of the crypto ecosystem. It’s the collective effort of countless participants worldwide that ensures the functionality, security, and growth of decentralized protocols. But beyond it being a mechanism for sustaining networks, participation embodies the very ethos of crypto and why it exists - to increase economic opportunities for every individual. Earlier this year we launched Quest Protocol, making it easy for anyo...
The onchain distribution network of Boost Protocol. Target, acquire and engage users with token incentives to drive growth.
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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 ETH to the Optimism Network in a budget friendly way on Hop.
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 to cover 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 by packaging thousands of them together before sending them over to the main Ethereum Network. This approach significantly reduces transaction costs of your everyday crypto transactions like swapping tokens and sending them to your friends’ wallets down to mere pennies for the most part.
By using L2s, you can participate in web3 with all of the security and decentralization perks of Ethereum, while saving bank on exorbitant gas fees caused by congestion on Ethereum’s L1 chain.
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 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, add the Optimism network to your wallet. iYou can do this quickly 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
ChainID: 10
Symbol: ETH
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 to the Optimism Network.
Just select ETH as the currency you want to bridge and pick Ethereum (or your preferred EVM chain like Polygon or Arbitrum) as the source on the drop-down menu input field, type in the amount of ETH you want to send, add Optimism as the receiving chain, 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’ll 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.
If you’re interested in learning more about the apps at your disposal in the OP network, you might be interested in reading our “How to Mint an NFT in Quix” and “How to Swap ETH to OP on Uniswap” guides.
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 ETH to the Optimism Network in a budget friendly way on Hop.
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 to cover 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 by packaging thousands of them together before sending them over to the main Ethereum Network. This approach significantly reduces transaction costs of your everyday crypto transactions like swapping tokens and sending them to your friends’ wallets down to mere pennies for the most part.
By using L2s, you can participate in web3 with all of the security and decentralization perks of Ethereum, while saving bank on exorbitant gas fees caused by congestion on Ethereum’s L1 chain.
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 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, add the Optimism network to your wallet. iYou can do this quickly 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
ChainID: 10
Symbol: ETH
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 to the Optimism Network.
Just select ETH as the currency you want to bridge and pick Ethereum (or your preferred EVM chain like Polygon or Arbitrum) as the source on the drop-down menu input field, type in the amount of ETH you want to send, add Optimism as the receiving chain, 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’ll 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.
If you’re interested in learning more about the apps at your disposal in the OP network, you might be interested in reading our “How to Mint an NFT in Quix” and “How to Swap ETH to OP on Uniswap” guides.
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