Metamask | Step-by-Step Guide To DeFi's BEST Wallet

TIMESTAMPS

00:00 - Intro

02:25 - What is Metamask? 

04:55 - Setting up Metamask 

07:04 - Adding ETH to Metamask      

09:54 - Using dApps with Metamask 

12:05 - Sending a transaction 

14:04 - Metamask Binance Smart Chain set up 

15:50 - Using Metamask with the BSC 

18:20 - Conclusion

What is Metamask?

Metmask is one of the dozen or so applications you can use to access decentralized applications, decentralized websites, and other decentralized protocols built on cryptocurrency blockchains

Metamask was founded by Consensys developer Aaron Davis in 2015. Consensys is an American blockchain technology company based in Switzerland which builds infrastructure for Ethereum

The Metamask browser extension has had over 2 million downloads, and the Metamask mobile app, which launched in September last year, has over half a million downloads on the Google Play store

Setting up Metamask

The first step to using Metamask is to download the browser extension. The best way to do this is through the Metamask website. Make sure you have the correct URL or you could get scammed

After creating a password and checking off the terms and conditions, you will be able to create a wallet. Make sure to write down your wallet seed and never show those words to anyone, not even mum! 

Adding ETH to Metamask

Before you can use Metamask swap or any other decentralized application, you’re going to need some Ethereum. This is because Ethereum is used to pay for all transaction fees on the Ethereum network

You can either transfer Ethereum from another wallet address, buy Ethereum using Wyre in the Metamask app, or buy it elsewhere and have it sent to your Metamask wallet

Using dApps with Metamask

Most dApps require you to give them permission before accessing your wallet. Once you’ve given them permission, you’ll be able to interact with them

Before you confirm any transactions in dApps using Metamask, take note of the advanced options when it comes to gas fees. If they are incorrect, you could be overpaying or your transaction could fail

Sending a transaction with Metamask

If there are any Ethereum addresses that you will be transferring to regularly using Metamask, you can add them to your contacts list. This will protect against accidentally transferring to the wrong address

When you send a transaction, you’ll be given three different transaction speeds to choose from. Remember to click on the advanced options to make sure you’re not overpaying on gas

Once you’ve sent the transaction, it will show up under the ‘Activity’ tab on the main Metamask page. This is where you can cancel an incorrect transaction or speed up a slow transaction

Metamask Binance Smart Chain set up

To add support for the Binance Smart Chain, open up the Metamask wallet and click on the top where it says ‘Ethereum main net’

You’ll be given a list of test nets used by Ethereum developers. At the bottom of this list you’ll see an option to add a custom network

This is where you need to enter all the information about the Binance Smart Chain, which can be found using the link in the useful links section of the description

This will look a bit wonky since you’ll still see the Ethereum icon in the wallet, so make sure to double check you’re on the right network when switching between Ethereum and the BSC

Using Metamask with the BSC

Not all of the dApps on the Binance Smart Chain support the Binance Chain wallet, yet all of them seem to support Metamask, most notably the Venus dApp

Unfortunately, the Metamask wallet does not have a record of any Binance Smart Chain assets. You have to use BSCscan to find their contract addresses and add them manually in Metamask