One of the significant developments in the crypto space is the rapid rise of the Binance Smart Chain. The blockchain network developed by the largest crypto exchange globally, Binance, has taken the crypto world by storm.
Boasting low transaction costs and cross-compatibility with the popular smart contract network Ethereum, several decentralized finance protocols have begun to deploy their BSC products. This increasing development has inflated Binance Coin’s value, which rose from $40 to more than $300 in the space of 20days.
Beyond that, most of the larger volume projects being built at BSC look a lot like Ethereum-based Defi projects.
How to connect MetaMask to the Binance Smart Chain
PancakeSwap is a clone of Unsiswap that allows users to provide liquidity and earn governance tokens. It is the most widely used smart contract in the BSC ecosystem and recently rivalled Uniswap in trading volume. Pancakeswap recently launched a token launch mechanism named Initial Farm Offering (IFO). IFO allows users to earn new tokens by wagering $CAKE and $BNB on an hour-long token sale.
Venus is the BSC’s version of a loan and credit protocol. The protocol’s Whitepaper claims that it forked and combined the best features of Compound (COMP) and MakerDAO. The protocol mints a stablecoin called VAI, backed by a basket of various BEP-20 tokens.
- Autofarm is a copycat of Yearn finance and has more features than the original. The defi project works both on BSC and Huobi’s ECO chain (HECO). Interestingly, just as Yearn has a limited supply, Autofarm also committed to a fixed supply of tokens and launched with no pre-farm or pre-sale of tokens.
These Defi projects’ payoff is when their supposedly worthless governance tokens go public on Binance exchange, where millions of retail buyers come into play. There have been reports of more than 4000% profit for investors that bought the tokens when they were worth a few pennies.
Metamask setup for Binance Smart Chain (BSC)
MetaMask has long been the passport to accessing the vast Ethereum landscape. But, with minimal effort, anyone can configure it to point to the Binance Smart Chain. This allows you to enjoy the years of development put into making MetaMask an indispensable tool for anyone interacting with decentralized applications.
MetaMask can be downloaded in Chrome and Firefox or iOS and Android if you are a mobile user. We will use the Chrome version for this tutorial, but the instructions will be more or less the same for each platform.
- Install the Metamask extension from the Chrome web store
- Visit the browser extension marketplace and download the MetaMask extension.
- Create a MetaMask portfolio or import one
- We suggest you create a new one if you haven’t already.
- Click import portfolio if you have an existing portfolio.
- Next, set up your recovery password and passphrase and put it in a safe place.
- Configure MetaMask to connect to the BSC Mainnet
- We must add the Binance Smart Chain network. To do this, change the connected blockchain by clicking on the tab that says Main Ethereum Network.
- Navigate down until you find “Custom RPC.”
- Next, enter the BSC’s primary network data as follows:
- Network Name: BSC Mainnet
- New RPC URL: https://bsc-dataseed1.binance.org/
- ChainID: 56
- Symbol: BNB
- Block Explorer URL: https://bscscan.com/
- Click Save.
- You have now connected to the BSC mainnet with your Metamask wallet.
Once you save the network and return to the main view, you will notice two things: the network has automatically adjusted to the one you just entered, and the units are no longer denominated in ETH but in BNB. (don’t let the Ethereum logo mislead you: we have accessed the BSC network).
Frequently Asked Questions and Anwer
Do you have questions about How to connect MetaMask to the Binance Smart Chain? In this section, you’ll find answers to common questions that we think are worthy of your attention.
How Does MetaMask Connect to Binance US?
The first thing you need is an account on the site that offers your preferred currency pair. If you’re looking for BTC/USDT, then sign up at either Coinbase or GDAX and buy some bitcoin there before transferring it over to your wallet via the “Send” tab in GDAX or by sending them from Coinbase directly. This step can be skipped if you already have bitcoin in your MetaMask wallet – just make sure they are confirmed transactions.
How Do I Import a Binance Chain Wallet Into MetaMask?
So you have your MetaMask installed and are ready to start trading on Binance, but how do you import a Binance chain wallet into MetaMask?
It’s actually pretty simple.
All you need is your Binance ETH address that can be found in the top right corner of the website when logged in. Then just follow these steps:
- Copy your address
- Open up MetaMask
- Click “TOKENS
- Paste your copied Ethereum Address
- Select “ETH
- Choose whether or not to generate a password
- Click “ADD TOKEN
- Verify if it displays “Successfully added token
- If successful click “EXIT
Can Metamask Hold Bitcoin?
With the bitcoin price skyrocketing, many people are wondering how to store their bitcoins. The question of whether or not it is safe to hold your bitcoins on exchanges has been raised, with some saying that one should never have their coins on an exchange. Metamask does not currently support bitcoin holding but they do have plans in place for supporting ETH transaction payments in the future.
How Does MetaMask Make Money?
MetaMask is a browser extension that allows you to store Ethereum and ERC-20 tokens on your computer. This means that you can access the funds without having to log into an exchange every time you want to use them. Of course, there are some security risks involved with using MetaMask, but it’s one of the most popular ways people invest in cryptocurrency today.
The extension also has many other features that make it much easier for beginners to start investing or trading. They make money by charging fees for transactions made through their service. All users pay the same fee whether they are depositing or withdrawing funds.
Can You Sell on MetaMask?
You might be thinking, “can you sell on MetaMask?” Well, the answer is a resounding yes! If you have an ERC20 token and want to list it for sale on a decentralized exchange, then all you need is your private key.
Can I Transfer from MetaMask to Coinbase?
You may be wondering how to transfer Ethereum from your MetaMask account into your Coinbase wallet. The process is actually pretty simple, and we’ll walk you through it below!
- First, open up the “Send” tab in your MetaMask account.
- Then click on the send button and select “Coinbase.” Enter the address for where you want to send Ethereum to (your Coinbase wallet) and then type in how much ETH you would like to send over.
- Remember that there are no transaction fees when transferring between wallets so feel free to enter any amount of ETH! When ready, hit submit- your ETH will now be transferred over.