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L1/L2 Cross Chain Bridges
Coin98 Super App has released the SpaceGate Cross-Chain Bridge, allowing users to interact more with Layer 2 Scaling Solution by bringing the new bridges between Layer 1 and Layer 2. SpaceGate Cross-Chain Bridge currently supports popular blockchains as follows: Ethereum (ETH & ERC20); Solana (SOL & SPL); and Avalanche (C-Chain & X-Chain).
Arbitrum, Optimism, and Boba Network are the three newest members to join the SpaceGate of Coin98 Super App from version 10.3.0.

The overview of the relationship between Layer 1 and Layer 2

The increasing number of applications and users on Ethereum is responsible for increasing the load on the network while the capacity of the Ethereum network is limited. As a result, the cost of using the network increases prominently with more and more users competing with each other for adding transactions to the Ethereum network. Therefore, Ethereum Layer 2 scaling solutions are opening a new century to fix the problems with network performance. As of now, Layer 2 has fixed the following issues based on Layer 1: problems of scalability, high transaction fees, and delays in transaction settlement.

What is Optimism?

Optimism is a notable Ethereum layer scaling solution offering improvements in the affordable transaction fees. Plus, they also ensure prolific developments in transaction speed for Ethereum users.

What is Arbitrum?

Arbitrum is a remarkable Ethereum layer scaling solution by Off-chain Labs. There are three primary components of Arbitrum including validators, compiler, and the EthBridge. EthBridge is a decentralized application, which is deployed on the Ethereum mainnet and serves as a connection between Ethereum mainnet and Arbitrum.

What is Boba Network?

Boba Network is the newest Ethereum layer scaling solution by the OMG Foundation and Enya teams offering improvements in fast delivery, cheaper transaction fees, and a more seamless experience for Ethereum users.

How I can convert assets between Ethereum L1 and Ethereum L2

By using Coin98 SpaceGate, users can make use of the following bridges:
  1. 1.
    Ethereum on mainnet to Ethereum on Arbitrum, vice versa
  2. 2.
    Ethereum on mainnet to Ethereum on Optimism, vice versa
  3. 3.
    Ethereum on mainnet to Ethereum on Boba Network, vice versa

How I can use those bridges

Below is the guide to convert Ethereum between Ethereum mainnet to Boba Network as an example. The same steps can be applied to the other L1/L2 bridges.
Step 1: Open Coin98 → Select the Swap tab → Choose SpaceGate (Ethereum <> Boba Network)
Step 2: Input (or scroll) the amount you want to convert. Then, click Convert → Click Done if you want to confirm the conversion
Please give yourself wait around 20-30 minutes to complete the order from Layer 1 to Layer 2
Step 3: Check your wallet (Boba Network)
If you wanna check your Convert History, select the clock icon at the top right corner of the SpaceGate main interface.
  • Fees on Boba Network, for the most part, are significantly lower than on the Ethereum mainnet.
  • Every transaction on Boba Network contains two costs: Your L2 (execution) fee and your L1 (security) fee. At a high level, the L2 fee is the cost to execute your transaction in L2 and the L1 fee is the estimated cost to submit your transaction to L1 (in a rollup batch).
  • Fees will be paid by Ethereum.
  • L1/L2 bridges only allow transfers to the same wallet address. Make sure you have a multi-chain wallet and select the same address on both chains of the bridge.