How Get ETH on Optimisim
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Overview
Optimism is a fast, low-cost EVM-compatible Layer 2 (L2) blockchain. It is used to mitigate the high gas fees and network congestion of Ethereum's Layer 1 (L1) Mainnet.
Both as a developer writing and deploying smart contracts and/or as a crypto investor, Optimism is a great way to do lots of transactions and save substantial ETH in gas fees. For a general overview of Optimism head on over to their website and check them out!
To use Optimism, you will need to fund your address with ETH on the Optimism L2 Layer. Optimism uses ETH to pay for gas fees just as Ethereum's Mainnet does. After funding your Optimism address with ETH, you can later you can withdraw your funds from the L2 back to Ethereum's L1 Mainnet Layer. This process of moving funds back and forth between L1 and L2 layers is known as bridging.
Optimism has a rich ecosystem of L1 to L2 bridges. You can have a look at the different bridges on Optimism's bridges page.
Once you've successfully bridged your funds into Optimism you'll want to access and use your L2 funds. One of the most common ways to do this is by using MetaMask.
MetaMask
To use Optimism with MetaMask, you'll need to setup a new network on MetaMask. To add a new network, open up MetaMask and click through the settings to add a new network.
Settings --> Networks --> Add Network
This will open up a new browser window where you configure the settings for the Optimism network. The screenshot below shows the network settings you will need to use for Optimism.
The 2 most critical settings here are the New RPC URL which must be set to https://mainnet.optimism.io and the Chain ID which must be set to 10. For the Block Explorer URL you can use https://explorer.optimism.io.
Depositing ETH from Mainnet to Optimism
Set MetaMask's network to Ethereum Mainnet, then head over to Optimism's Gateway and deposit your funds from Mainnet to Optimism from here. The deposit screen is straigtforward and looks like:
Simply enter the amount of ETH you want to bridge to Optimism and click the Deposit button. A MetaMask dialog will open up asking you to confirm the transaction. Proceed with MetaMask as you would when doing any other transaction on Ethereum's Mainnet.
Deposits from Ethereum Mainnet to Optimism will take the same amount of time as any other Mainnet transaction and will depend on network congestion and base gas fees and tips you specify in MetaMask.
Withdrawing ETH from Optimism to Mainnet
Set MetaMask's network to Optimism Mainnet, then head over to Optimism's Gateway. Withdrawing via the Gateway is a 3 step process:
Initiate a withdrawal from Optimism's L2
Wait for a withdrawal period of 1 week (the challenge verification period). Depending on the bridge you use, faster withdraw periods can be be achieved.
Claim the withdrawal on the Ethereum L1 Mainnet.
On Optimism's Gateway page when you initiate a withdraw transaction in step 1 above you will be presented with a form that looks like the following:
Note in the lower right corner of the withdraw screenshot there is a dropdown to select your preferred withdrawal bridge. It defaults to Hop Exchange, which is a bridge that allows fast and cheap bridging of ETH between several other L2 layers in addition to the L1 Mainnet. In addition to Hop Exchange you can select the Optimism Gateway as the L1 withdrawal bridge as well.
Depending on the bridge you use for your withdrawal, withdraws from Optimism to Ethereum Mainnet can be as fast as normal Mainnet transactions (given the network conditions and gas prices at withdrawal time) or they can take up to 7 days to complete.
For detailed instructions on withdrawing ETH from Optimism and the withdrawal period check out the Optimism Withdrawal Documentation.
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