On the 8th of December, the xToken team has announced the launch of xToken on Arbitrum. To celebrate the Layer2 launch, they decided to reward the community with the latest trending product within the crypto ecosystem, NFTS (Non-Fungible Tokens). Beyond that, the xToken serves a mission to provide decentralized leveraged exposure to crypto’s major themes; $ETH and $BTC.
In this post, you’ll learn
- how to add Arbitrum on Metamask
- how to bridge ETH from mainnet to Arbitrum L2 (and theoretically all ERC20 tokens)
- how to mint 3x BTC Leveraged Token
1. Connecting to Arbitrum on Metamask
As a previous Metamask user, many crypto holders preferred to use Metamask to store their assets. On default, Metamask offers you only the Ethereum mainnet but shows you the option to add other networks.
Open your Metamask extension & click the button saying ‘’Add Network’’.
Then you will face such a screen asking the details about the network you want to add, specifically Arbitrum. Now please fill the blanks in the correct order:
- Network Name: Arbitrum One
- New RPC URL: https://arb1.arbitrum.io/rpc
- Chain ID: 42161
- Symbol: AETH
- Block Explorer URL: https://arbiscan.io
After all, click ‘’Save’’ and you’ll see Arbitrum One is added to Metamask wallet. We just finished step 1. Now it’s time to fund the wallet with some $ETH.
2. Bridging ETH From Mainnet to Arbitrum One
Please head over to https://bridge.arbitrum.io/ and select the amount ETH to be transferred. I decided to send 0.05 ETH as you can see below.
After approving the transaction on Metamask, it takes about 5 to 8 minutes before assets get ready for use. When the transaction is confirmed, you can start exploring the Arbitrum ecosystem.
The pictures above are for $ETH bridging. The only fee I paid was nearly about 0.015 ETH on the mainnet to sign the Metamask transaction. For other supported ERC20 tokens, you can use the same route. One tip for all: Try to select the daytime when the gwei count is less. So you pay less fee for bridging.
Now, our second step is also completed. Before diving into the last step, let’s talk about the xToken products.
The Mission & Purpose of xToken Leveraged Products
DeFi or Decentralized Finance exists for more than 13 years, collectively with Bitcoin. The main goal of decentralized apps and products is to serve an intermediary smart contract between users & funds from all over the world with no obstacles. The core use cases of DeFi applications include lending&borrowing, AMM&DEXes, yield farming, derivative products, and many more.
xToken market on Arbitrum One is one example of many DeFi applications. xToken serves an intermediary role between the users who want to capitulate their money on a lending platform & the borrowers who are active traders and count every trade for positive PnL. On the other hand, xToken products are not limited to some LP tokens, only. They launched 3x leveraged tokens; namely xBTc3x and xETH3x.
If you are a fan of not only ETH/BTC but also the whole cryptosphere, those are the main assets you should carry on your portfolio. They provide passive and leveraged exposure to the underlying assets. Please read the explanations from the xToken team & continue with the last step.
xBTC3x is an ERC20 token that approximates a 3x long BTC position. xBTC3x is a set-and-forget token, requiring no active participation from users. Leverage ratio is maintained at a target of 3x. Holders can redeem for ETH or WBTC at any point, assuming redemption liquidity is available. Fees are 0.75% on mint and burn. For our guarded launch, there is a cap of 10k tokens per address and 250k tokens overall.
3. Minting 3x Bitcoin Leveraged Token (xBTC3x)
Now, we are at the last step of minting xToken products. If you agree with me and did your own research, here is the guide. Please head over to https://xtoken.market/app/invest/leverage/xBTC3x/overview and connect with Metamask (Arbitrum network). Then select the amount of ETH you want to swap into xBTC3x, and click the REVIEW TRADE button. I selected 0.045 ETH.
You’ll be asked to accept all 5 terms before minting. Please read every term carefully, make your mind clear, and go on. After submitting the terms, a Metamask pop-up will appear. Then approve this, too. That’s all! Now you’re a holder of xBTC3x.
If you want to redeem what you get & have your ETH back, please go for the ‘’BURN’’ section on the same page you minted leveraged assets.
If you have questions, please join their Discord.
*This article is created to spread the awareness of xToken and its features by utilizing my own experiences. None of the words above contain any kind of investment advice! Please DYOR (Do Your Research) before investing.
**If you are interested in writing articles about ANYTHING on Publish0x, you can follow this link.