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Welcome to Crypto for Monkes!
In this post, we’re going to walk you though how to add networks to your MetaMask wallet. Specifically, we’ll be adding the Binance Smart Chain (BSC) Network to our wallets as it’s one of the most popular DeFi networks, hosting a ton of great projects.
This article assumes that you have already downloaded and installed MetaMask for your device. If you haven’t yet, head over there and do it now, I’ll wait….
So before we begin, a little background. MetaMask is essentially an Ethereum wallet, which means it can be used to purchase pretty much any coin on the Etherum DeFi network. This is great, but as Ethereum has grown in popularity, so too have the gas fees gone through the roof. At the time of writing, transferring even a few dollars worth of tokens on the Ethereum Main Net, will set you back over $100!
Enter tier-2 networks. These networks sit on top of the Ethereum Main Network, and allow you to move money around for a lot less. As these networks in turn grow in popularity, they also get higher gas fees. Sigh. But this is why we’re using Binance Smart Chain. Binance Smart Chain offers significantly lower low gas fees thank the Ethereum Mainnet and has a heap of great coins available for swapping and staking. If you’ve ever wanted to stake Wrapped Banano for example, you can do this on the BSC Network.
Now that you have MetaMask, one of the first things you will notice is at the top of the screen it says “Ethereum Main Network”. If you click on this, you will see several pre-configured networks that you will probably never use. Let’s set one up that you will use instead!
Click on the hamburger (3 lines) menu on the op left, and select Settings>Networks, then click Add Network. Here you will be greeted by several text boxes that will probably mean nothing to you just yet. Fill them in like this:
Network Name: Binance Smart Chain
RPC Url: https://bsc-dataseed.binance.org/
Chain ID: 56
Block Explorer URL: https://bscscan.com
You can copy/paste this then click Save, and you’re ready to go. For those of you who are wondering what these all mean, here’s some descriptions:
Network Name: You can pretty much use what you want here as it’s not tied to anything. It’s just how it will appear in the Networks menu on your device.
RPC Url: This is where the API for the network lives
Chain ID: A unique identifier for the network
Symbol: The currency used to pay gas fees on the network
Block Explorer URL: The address of the site used to keep track of all the transactions.
And that’s about it. Once you’ve added the network, it will appear in your list at the top of your wallet. You’ll need to select the appropriate network for the tokens you’re trading, but you’ll get to learn this pretty quickly.
Before you start transacting on the BSC network, make sure to grab yourself some Smart Chain BNB, which is the currency used to pay gas fees. Most exchanges carry BNB but some will only let you exchange Ethereum Main Net BNB, as opposed to Smart Chain BNB. Be sure to check before you buy.
To use these faucets, change to the Binance Smart Chain network in MetaMask, then use the built-in Browser (in the hamburger menu) to navigate to the faucet, connect, and receive your funds. Note that using your regular browser won’t work – you have to do it via MetaMask!
I hope that you found this article useful as it’s a base from which you can start your profitable career as a DeFi trader. Once added, you will be able to do lots of fun stuff on the Binance Smart Chain, such as swapping, staking, and farming. Watch this space!
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