Welcome to Arbitrum! Coinlive is exciting to bring you the latest guide for Arbitrum Odyssey event. We are now in Week 2, check out Week 1 guide if you haven’t: https://www.blocktwits.com/news/detail/?id=7585
Even though Week 1 has officially ended, you can still learn how to use bridge protocol to transfer crypto from one chain to another chain, eg. Ethereum Mainnet to Arbitrum One.
For Week 2, there will be 2 claimable NFTs, and the theme is ‘Yield Protocol and GMX’. In this guide, I will show you the way to complete the yield task. For your information, Yield Protocol is an open-source platform allowing anybody to create and execute yield farming & trading strategies on the Ethereum (ETH), Binance Smart Chain (BSC) and Polygon (MATIC) Defi ecosystem.
I got to say Week 1 is easy-peasy, but not quite the case for week 2, especially users new to blockchain. Bear in mind, to complete this task, you need to have more than $5 ETH for gas fee, and $50 USDC for yield deposit in your Metamask wallet. The $50 USDC is claimable after the event ends a week later, need not to wait for maturity. Seems complicated? Don’t you worry as BlockTwits got your back. I will guide you through with the simplest instructions and cleanest screenshots.
1. First of all, visit the event page at https://galaxy.eco/arbitrum/campaign/GCaigUt9HD
2. Make sure your Metamask is in Arbitrum network.
3. If you do not have enough ETH or USDC in your wallet. You may transfer ETH from any of the crypto exchange that offers Arbitrum network transfer. You may transfer only ETH and swap to USDC later, which I am going to teach you how next step. For your reference, I am using FTX for the transfer of ETH.
If you are not using any crypto centralised exchange, you may refer to Week 1 guide on how to transfer your ETH from Ethereum Mainnet to Arbitrum, by using Hop bridge.
4. After securing enough ETH fund, it’s time to swap our ETH to USDC. To optimize transaction fee, visit https://app.sushi.com/ . Connect your wallet on the right upper conner.
5. Input the ETH amount to swap, between 0.05 - 0.06 ETH will be sufficient. Confirm the transaction.
6. After successfully swapped, the website will prompt you to ‘Add USDC to Metamask’. Simply click it and you can view your USDC in Metamask wallet.
7. Right now we have more than $50 USDC in our wallet, it’s time to start the Yield mission. Visit https://app.yieldprotocol.com/lend and connect your wallet.
8. Click on the wallet icon.
9. Select ‘Use Approval by Transactions’.
10. Fill the amount and confirm transaction.
11. Metamask notification will pop up, click on ‘Edit’.
12. Change only gas limit to ‘21000’ and save. Scroll down to confirm transactions.
13. Wait for a moment to let the transaction go through. A box will appear on the left side if deposit successfully.
14. You may withdraw your fund after claiming the event NFT, but not now.
15. Back to the event page on 1st step, you will notice the link didn’t light up as immediately as Week 1 did. It is because the project has not been ‘snapshot’ yet. As long as we completed the task within 28 June 2022, 1.00AM (GMT+8) to 05 July 2022, 12.59AM (GMT+8), it should be fine.
Stay tuned with Coinlive for the next guide of ‘GMX’!
Newest update as of 30 June 2022: Arbitrum has decided to pause the Odyssey event as of now, and to be resumed after Nitro is released.
Written by: [Coinlive] Nell