The Arbitrum Network Is Now Available in Giddy! 🚀
Howdy Giddy Friends!
We’re happy to share another major update, right on the heels of our recent announcement about Ethereum Mainnet: Arbitrum is now supported in Giddy!
When it comes to cryptocurrency, security is at the top of the list for veterans and newcomers alike. So we couldn’t be more excited to say our state-of-the-art private key tech is now fully available to Arbitrum users.
Let’s dive into what Arbitrum is and what the chain has to offer, why we picked it for this release, and how it fits into the Giddy ecosystem.
Giddy Private Key Tech on Arbitrum
The Giddy wallet first launched on the Polygon network because of its low fees and fast transaction times, but our vision for a seamless multi-network experience has always been the plan. Then, in August 2023, we rolled out support for Ethereum Mainnet, bringing our best-in-class wallet features and state-of-the-art private key management solution to hundreds of thousands of new users.
Crypto users have always faced the risky and difficult task of securing their own assets. Giddy’s private key technology revolutionizes this by moving away from cumbersome seed phrase systems, which have led to enormous amounts of lost or stolen funds. Instead, our technology enables users to adopt a multi-factor authentication system that not only enhances security but also ensures recoverability.
Our technology works by splitting your private key into three or more pieces and requires two or more to access your wallet. These pieces are represented by things you own and you control, like your Apple or Gmail account, a password only you know, your device’s biometrics, and an Authenticator app, with more types of backup factors to come.
Only you can create and access these factors, ensuring that your private key is never shared with Giddy. In fact, your private key isn’t permanently stored on your device, and it never even crosses the internet. This approach allows for wallet recovery even if a device or password is lost, while also eliminating security risks in creating and storing your crypto account.
With the addition of Arbitrum support to the Giddy app, Arbitrum users can now join Ethereum and Polygon users in enjoying this added layer of security for their crypto assets.
What is Arbitrum?
Arbitrum’s primary purpose is scaling the Ethereum Network, which is commonly referred to as a Layer 2 Network for the Ethereum blockchain. Layer 2 networks are blockchains that are designed for speed and cost efficiency. They operate as an additional blockchain, separate from Ethereum, and send transaction history to Ethereum in batches for data backup and security.
In this way Layer 2 networks like Arbitrum help users access the scale and security of Ethereum while avoiding the cost and congestion of the network.
Arbitrum helps enable faster and cheaper transactions while using the Ethereum’s network for data backup. This approach significantly improves the overall user experience within the Ethereum ecosystem.
Arbitrum offers more than just fast, cheap transactions and the security features of Ethereum. It also provides a robust platform for developers to build powerful decentralized applications (dApps) and side chains using its tech stack. We’ll delve into the specifics of these advantages in a future blog post.
So, Why Arbitrum?
Now that we have a grasp of what Arbitrum is all about, let’s explore why we think adding the network will be a noteworthy addition for our users:
- Scalability: Arbitrum has a proven history as one of the leading Ethereum scaling solutions in the marketplace that can handle a high volume of transactions, with a strong history of continued development.
- DeFi Activity: Arbitrum is one of the most popular chains for DeFi, with double the TVL (total value locked) of Polygon, supported by many of the most popular DEXs, bridges, and earning protocols – not to mention some interesting developments with perpetuals trading.
- Developer Support: Many dozens of decentralized applications are built on Arbitrum, like GMX, Gains Network, and more. And with backing by tier-1 investors such as Lightspeed and Pantera, it continues to attract interest from the developer community.
- Compatibility: We’ve laid the groundwork for adding EVM (Ethereum Virtual Machine) chains, which made integrating Arbitrum significantly easier than other chains
- Enhanced User Experience: Fast transactions, confirmation times, and lower fees fit in nicely with the user experience tens of thousands have already come to enjoy with Giddy.
What’s Available at Launch?
With today’s launch of Arbitrum in Giddy, you’ll immediately be getting tons of killer features:
- Fiat Buys & Sells: Buy your favorite Arbitrum tokens with a bank transfer, debit card, credit card, and Apple Pay or Google Pay. When you’re ready to cash out, sell right back to your Bank account.
- Send and Receive: Send crypto to other Arbitrum wallets, and receive all your favorite supported Arbitrum tokens.
- Token Trading: Trade between your favorite Arbitrum tokens like $GMX, $WBTC, $LINK, and more using decentralized protocols.
- Portfolio tracking: Track historical token prices and your portfolio gains or losses alongside any positions you have in Ethereum and Polygon
- Giddy Quest: Your Arbitrum holdings count toward gaining and losing Giddy Quest XP as long as you’ve enrolled
- Giddy Pro: Enjoy zero-fee trading with Giddy Pro on Arbitrum* (terms apply)
Not yet included in this release is our Autogas feature, which allows you to pay for network fees with USDC and Giddy token, or support for Giddy Pro’s no gas fees. But stay tuned for more updates!
Building Toward a Chain-Agnostic Future
By adding support for the Arbitrum network, we’re one step closer toward our vision of a chain-agnostic wallet experience. We’re building toward a future where you are able to manage your crypto assets and DeFi positions easily, safely, and inexpensively – all with decentralized protocols and while being in control of your keys.
Welcome to the future of crypto, Arbitrum users!
The Giddy team 🤎