Arbitrum soft launch Monday!
Ideamarket is finally migrating to Arbitrum!
We plan to go live at 9am Pacific US time on Monday, October 4.
We will be migrating the smart contracts beforehand, so the site may be in maintenance mode for a few hours Sunday night and early Monday morning Pacific US Time.
What does ‘Arbitrum Launch’ mean, exactly?
Gas fees will be at least 80-90% lower, and this should improve as the Arbitrum network matures. We’re hoping for $10 per transaction, not $100 like it’s been.
For the first few weeks, only DAI may be spent, as we’re not integrated with Uniswap yet on Arbitrum. We’re working on this now.
Before spending ETH, you need to bridge it to L2 using the Arbitrum Bridge.
Once Arbitrum is live, Ideamarket’s Layer 1 implementation will not work anymore. If you own Ideamarket tokens, you’ll need to bridge them from Layer 1 to Layer 2 using Ideamarket’s native Arbitrum bridge. Don’t worry — this takes one click, and you don’t have to do it until you want to sell.
Since Compound.finance is not on Arbitrum, deposits will not be generating interest just yet. For now, the "1YR income” column will display ~3% APR until
People who had verified on L1 have to re-verify on Arbitrum, but it's free
We’re making written & video tutorials to make sure everything makes sense. Check out the pre-Arbitrum version here: https://docs.ideamarket.io/user-guide/tutorial
If you need help with any part, join our discord and post in the #need-help channel, or email Sam Barton, our Customer Experience pro, at sam@ideamarket.io
Given the Arbitrum integration is in its early stages, the next few weeks are likely to be Ideamarket’s all-time low point in terms of UX. Ideamarket will be difficult to use for everyone except crypto natives and the very patient, which is why we’re taking it slow with a “soft launch.”
However, things will only get better from here, UX-wise.
We’ll be taking our time to work out all the kinks, streamline things as much as possible, perfect the tutorials, and integrate with Uniswap so everyone can easily spend ETH or any ERC20 for Ideamarket tokens.
Other announcements
We’ve started having team meetings in public, on discord every Tuesday at 2pm PT/5pm ET. Everyone is welcome to join, hear the absolute latest on happenings, and help us brainstorm on the latest product ideas.
We’re searching for an Interim CTO for Ideamarket. If you know anyone who might be a good fit, here’s the job description: https://angel.co/company/ideamarket_io/jobs/1674361-cto
(Note — the new CTO does not need to be a smart contract wizard like Bobface, who just won his THIRD historic bug bounty, and a $1 million prize — the largest in DeFi history. Here’s our post on his new path forward.)
Cheers,
—Mike