MetaMask is one of the most popular digital wallets in the world of cryptocurrencies, and if you are a fan of this platform, you might be interested to know that you can use it not only with Ethereum, but also with other Ethereum forks, including the famous Binance Smart Chain (BSC) with its native token, BNB.
In this guide, we will explore how to configure MetaMask to use Binance Smart Chain, opening the door to a range of opportunities in the world of decentralized finance.
What is Binance Smart Chain (BSC)?
Binance Smart Chain (BSC) is a blockchain developed by Binance, one of the largest cryptocurrency exchange platforms in the world.
Launched in September 2020, Binance Smart Chain was designed to provide an alternative platform to Ethereum, with the aim of offering faster transactions and lower costs for users and developers.
Here are some key features of Binance Smart Chain:
Compatibility with Ethereum: Binance Smart Chain is compatible with the same development model as Ethereum, allowing developers to use the same tools and programming languages, such as Solidity. This simplifies the migration of projects from Ethereum to BSC.
Dual Chain Architecture: BSC operates in tandem with Binance’s main chain (Binance Chain). This duality allows users to transfer funds between Binance Chain and Binance Smart Chain easily and quickly.
Proof of Staked Authority (PoSA): BSC uses a consensus mechanism called Proof of Staked Authority, which involves a limited number of validators authorized to validate blocks. This helps reduce block times and transaction costs.
Binance Coin (BNB): The native token of Binance Smart Chain is BNB. In addition to being used to pay transaction fees, BNB plays a crucial role in the blockchain’s governance activities and project funding.
Interoperability and Connection to Binance Chain: BSC offers interoperability with Binance Chain, allowing users to seamlessly utilize resources from both chains. This connection facilitates the quick exchange of assets between the two chains.
DApps and Smart Contracts: Binance Smart Chain supports decentralized applications (DApps) and smart contracts, offering developers the ability to create a wide range of decentralized applications, including games, financial services, and much more.
Setting up MetaMask for Binance Smart Chain
To access Binance Smart Chain through MetaMask, you need to customize the settings by following some key steps.
Access your MetaMask wallet and click on the network selection button in the top right corner. By default, you should see “Ethereum Mainnet”.
Select the “Custom RPC” option and enter the following network parameters:
- Network Name: Binance Smart Chain
- New RPC URL: https://bsc-dataseed.binance.org/
- ChainID: 56
- Symbol: BNB
- Block Explorer URL: https://bscscan.com
If you are a developer or want to experiment with Binance Smart Chain on a testnet, you can add a Testnet option by repeating the same process with the following parameters:
- Network Name: Smart Chain – Testnet
- New RPC URL: https://data-seed-prebsc-1-s1.binance.org:8545/
- ChainID: 97
- Symbol: BNB
- Block Explorer URL: https://testnet.bscscan.com
Click on “Save”, and the default network will automatically change to the one you just entered. If everything has been entered correctly, you will see that the balance displayed in your MetaMask will change from ETH to BNB.
Using your BNB Wallet:
Now that you have successfully set up MetaMask for Binance Smart Chain, your BNB wallet is ready to receive deposits of BNB tokens or BEP-20. You can use it with various fun dApps on Binance Smart Chain, such as PancakeSwap and others.
If you are receiving BEP-20 tokens in your MetaMask wallet, you will need to add them manually. Click on “Add Custom Token” and paste the smart contract address of the token, which can be found on BscScan block explorer.
For those who want to test Binance Smart Chain before using it with real tokens, it is possible to make transactions on the testnet. You can obtain some Testnet tokens for free by visiting the respective page.
Conclusion
The use of MetaMask with Binance Smart Chain opens the doors to a world of possibilities in the cryptocurrency sector.
Using the power of BSC through MetaMask allows users to actively participate in decentralized finance and explore a wide range of decentralized services and applications.
By following the steps in this guide, you will be ready to enjoy all the benefits that Binance Smart Chain has to offer through your trusted MetaMask wallet.