Metamask: the gateway to Defi  

Metamask: the gateway to Defi  


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MetaMask is an Ethereum wallet allowing you to manage Ether (ETH) as well as all tokens (ERC-20) running on the Ethereum blockchain.

 

You can use Metamask for several reasons. The first is to have a non-custodian wallet. Indeed you have the key to your wallet. There are 10aines other type wallet of this. For me, the main advantage of Metamask is possible allows you to easily access decentralized finance and the different applications available. In fact, most of these applications allow you to connect with a Metamask wallet (which is far from being the case with other wallets).

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Metamask currently works as an extension on Chrome, Firefox and Brave browsers . A mobile version should soon arrive.

 

What I particularly like, and which I would advise everyone to do, and connect their Ledger or Trezor key, to their Metamask wallet. So you have access to dApps, but you still get a layer of protection because you must have physical access to your Ledger key to validate transactions. Even if you have the keys (Seed) for your wallet, this wallet remains accessible from an internet browser and the most worried will never be reassured (your computer can be hacked…)

 

With this double protection and the need to physically press the keys on your Ledger key to validate a transaction, the risks are reduced. If you do not yet have a Ledger key to protect your cryptos, find out about its usefulness, it is an investment (in my opinion) essential. In addition, it is much simpler than using the Ledger Live application. In particular, you can very easily cancel a transaction or increase the amount of gas once the transaction is validated to speed it up if it remains stucked.

In the post we will first see how to install Metamask. And then how to link your Ledger key.

 

Installation

 

1 / To instal Metamask on your browser. You will first need to install the extension. You can install it on Chrome, Firefox and Brave. I personally have a big preference for the latter and I recommend it for different reasons (article here). Click on this link and download the extension.

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2 / Once the extension is installed you will see a small fox head appear at the top right (red square on the screenshot below). Click on this head to create an account the first time you use it, and then each time you want to interact with your wallet.

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3 / During your first use, you will need to create a password and generate a seed sentence. And keep it preciously !!!! this is what allows you to access your wallet if you lose your password.

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4 / If you want to use the wallet alone then you have nothing more to do. If you want to protect your wallet a little more, you can connect your Hardware Wallet (Ledger or Trezor). For that click on the colored circle and then select “CONNECT HARDWARE WALLET”

 

 

Ledger key connection

 

5 / As indicated at the beginning of the article, I advise you to link your Ledger or Trezor key for more security. To do this click on the fox head, then on the colored circle. Then choose ”Connect Hardware Wallet”

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6 / Then select Ledger or Trezor, depending on the wallet you have. If you are using a Ledger wallet, you will need to go to the ETHEREUM application on your Key before connecting.

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7 / You will then see the list of all the ETH addresses present on your Ledger (you may have only one). Select the address you want to connect to Metamask, to unlock it.

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8 / Now click on the colored circle as in step 5, and you will see your Ledger key and the account you previously selected (Hardware) appear. If you have multiple accounts on your key, you can repeat these steps by selecting other addresses.

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You are now ready to explore the world of DeFI in particular and use the dApps. If you have linked your Ledger to your Metamask wallet, you will use the funds present on your Ledger key. But at each operation you will have to validate by physically pressing the buttons on your key. Metamask thus serves as a gateway but you keep control of your transactions

 

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Les cryptos pour les nuls
Les cryptos pour les nuls

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