Understanding MetaMask: What is it and How Does it Work?
MetaMask is a crypto wallet attracting more than ten million active monthly users. It enables users to hold and swap crypto assets, supporting the Ethereum virtual machine (EVM) ecosystem. MetaMask allows users to host DeFi apps, facilitate play-to-earn games, and access NFT marketplaces.
Introduction to Binance Smart Chain: A Brief Overview
Binance Smart Chain (BSC) is the second-biggest smart contract blockchain network after Ethereum. BSC has gained market share as an alternative to Ethereum, mainly due to its high settlement speeds and low gas fees. It also has a smart contract and EVM compatibility to support DeFi and NFT use cases.
How to Add Binance Smart Chain to MetaMask?
Your MetaMask wallet has to be connected to the Binance Smart Chain to receive its benefits. There are four easy steps to connect your MetaMask wallet to BSC: MetaMask installation and crypto wallet creation, wallet configuration, the Binance Smart Chain network, and finally funding your crypto wallet.
MetaMask installation and Crypto Wallet Creation
The first step is to download and install an extension for MetaMask. After installation, you will be asked to import a wallet or create a wallet. Users can create a new crypto wallet if they are using MetaMask for the first time.
Configuring the Network Settings in MetaMask
MetaMask is usually used to interact with Ethereum dApps, it can also connect to BSC dApps. Settings need to be changed so that the wallet is on the nodes of the BSC network. You can select the network on the settings page to add the BSC network manually. You can add two networks, namely, the mainnet and the testnet. You fill in the details mentioned below to configure your wallet successfully.
Network name: Smart Chain
RPC URL: https://bsc-dataseed.binance.org/
Block Explorer URL: https://bscscan.com
Network name: Smart Chain — Testnet
Block Explorer URL: https://testnet.bscscan.com
Your denominations will change to BNB after saving network settings.
Binance Smart Chain Network
You will notice a BNB icon next to your BNB balance. There is a Smart chain drop-down menu in the upper-right corner. Select BSC to connect your MetaMask wallet to the BSC network. You can select the Ethereum mainnet on the Smart chain drop-down menu to switch to the Ethereum network.
BSC is a blockchain network built on Smart contract technology. Binance Smart Chain runs in parallel with the Binance Chain (BC), enabling users to enjoy the benefits of both worlds: smart contract functionality and high transaction capacity.
Funding your wallet
Now that you have added the BSC network to MetaMask, it is time to make transactions. First, copy the contact address of the crypto token. You will automatically be redirected to the BSC Scan page, where you can copy the contact address. Next, open MetaMask and select “Add Tokens”. Paste the copied contact address and select “Next”. Finally, select “Add a Token” to complete the process.
Read more: How To Choose A Crypto Wallet
Connecting MetaMask to Binance Smart Chain
Using MetaMask to interact with Binance Smart Chain dApps
MetaMask is utilized not only to create crypto wallets but also to control user interaction with dApps. It is executed through a secure means of communication using strong cryptography. MetaMask can also create asymmetric keys and manage their access.
Users can use their crypto tokens in games, and social media, or even trade them by connecting MetaMask to the BSC network to interact with its dApps. MetaMask is also an entry point to access the emerging world of DeFi applications.
MetaMask has been used as an easy access point for the growing DeFi space. Number of users on MetaMask reached 30 million last year. MetaMask wallets are trustworthy and stable enough to interact with BSC dApps. Users can set up MetaMask wallets to connect with the Binance Smart Chain network easily. Users can store BEP20 and BNB tokens once the BSC network is configured on MetaMask. Users can also trade BEP20 tokens on crypto exchanges such as Pancake Swap. You can also deploy BSC tokens directly to your Metamask wallet, access Binance Smart Chain dApps, purchase NFTs on BSC, and more.
You can buy BNB and 100+ cryptos on ZebPay Australia. Visit ZebPay blogs to stay up to date about the latest crypto news.