Hello my fellow readers, hope you're all doing fine :)
Last days have been immersed in the depths of the Binance Smart Chain rabbit hole and it has been pretty intense. Discovered another layer of tokens, functionalities and yield farming markets, increased my overall understanding about the concepts of permanent losses, Automated Market Makers (AMM's) and how (real) marketing at crypto works.
Today I'll be sharing with you a little guide about 'How to link your metamask wallet to the Binance Smart Chain' and how to get started there.
Note that I'm connecting my metamask account which is already linked to my ledger cold wallet, from where I'm enjoying higher levels of security.
I would never advise holding large amounts of crypto in exchanges/hot wallets, so please (Black Friday is literally weeks away), get a cold wallet to manage efficiently your holdings.
If you need help to setup your ledger wallet to connect with metamask, read this article.
It's a pretty straightforward process, but If you need help anyway let me know in the comments section and I'll do my best to help :)
Guide & imgs taken from binance academy. Opinions are mine.
Metamask + Binance Smart Chain (BSC); what is the main advantage Vs Ethereum?
If you haven't gone too far from Hive, maybe this isn't as obvious as it could seem.
Ethereum gas fees (fees that you pay when you're transacting/interacting in the ethereum network) are prohibitive.
Maybe aren't at their worse point now, after all, you're paying 0,5-1$ for an average transaction, but back in July-August, I paid 30-50$ to interact with an uniswap contract.
If you're doing it a single time, you can think 'that's oke', but if you want to learn about uniswap and investigate/try things around this fees are a big punishment.
In the Binance Smart Chain doesn't happen.
Binance Smart Chain as a tool to learn how Uniswap (AMM's) works
As it is designed, BSC it's a pull-n-plug' solution for Ethereum apps which can't afford these prohibitive fees (at least while we wait for a scalable and deployed version of ETH 2.0).
Average transaction in Binance Smart Chain costs around ~0,03$
Which means you can load a wallet with 10$ worth of BNB and start swapping back and forth in their own version of Uniswap (PancakeSwap).
In my humble opinion, if you never tried uniswap before (because of fees mainly), this is a great tool to learn how impermanent losses, liquidity pools, yield farming and other 'cool' concepts works.
On the other hand, you should keep in mind that BSC is only a month old, and there's still a lot of infrastructures to be created/migrated from ETH. It's far from perfect, but it works.
Let's go with the technical setup. you'll see that it's very easy.
Configuring Metamask to connect with Binance Smart Chain
The first thing that we need is Metamask installed in our browser (obviously). If you don't have it you can download the extension in https://metamask.io/. Configure your account (ledger recommended as I pointed above).
If you don't noticed before, Metamask has been designed to be an Ethereum app. And it is so by default, for that reason, we want to change metamask settings towards Binance Smart Chain nodes. To do that (also recommended to expand view):
- We go to 'Settings'
- Open 'Networks' & ''Add New''
- We complete with the following details (Mainnet):
Network Name: Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
ChainID: 0x38
Symbol: BNB
Block Explorer URL: https://bscscan.com
Click the 'Save' button. Let's go back to the Main menu.
If we did everything right, we should be able to switch from BSC to ETH whenever we desire:
That's it!
Couple of things to consider that drove me crazy the first couple of hours:
- The first thing that you will notice is that balances are displayed in BNB but the token symbol is ETH. Don't panic. Remember that Metamask is an app made by and for ethereum? That's the reason.
We'll have to wait for more 'native' solutions (after all, remember that all of this is only a month old or so, patience). Note that all the other features like send or adding new/custom tokens are more or less the same... but all related to BNB :)
- This one particularly drove me mad for more than an hour; your ETH wallet is the same for BSC.
With things like this one, the better is to try first with small amounts. Login to your binance account, and try to withdraw some BNB to your BSC wallet. Remember to select the correct network:
Basically, you're all set. I'll be sharing some interesting things that I found around this new layer, prefer to keep this post informative and not shill anything speculative yet.
I'll keep you updated.
Some useful links:
At first Binance Smart Chain (like anything new) can be confusing, I'm dropping some links to help you to get started.
https://academy.binance.com/en/articles/an-introduction-to-binance-smart-chain-bsc (intro)
https://www.binance.org/en/smartChain (Official website)
https://www.binance.org/en/bridge (Binance Bridge; peg/unpeg tokens like BTC/ETH, etc...)
https://docs.binance.org/ (ideal place to start reading. Lots of documentation)
https://bscscan.com/ (etherscan for BSC)
https://exchange.pancakeswap.finance/#/swap (Uniswap equivalent)
https://pancakeswap.info/ (Uniswap.info equivalent)
https://chrome.google.com/webstore/detail/binance-chain-wallet/fhbohimaelbohpjbbldcngcnapndodjp (Binance Wallet extension, currently down, should be back up anytime soon though)
You can follow me on Twitter
Posted Using LeoFinance Beta
Hi buddy,
Com' estas?
It took me 3 months, but I finally got my Binance Smart Chain journey started. Or, to be more precise, I prepped and fastened my seatbelts for the CUB / LEO pool on BSC.
I guess I need to get my hands on some more Binance ( wish I didn't sell the 8 or so BNB that I held around October/ November as the coin didn't seem to go over 30 USD haha ) but will wait with that after Khal shares the next steps with us.
Thanks for this very clear guide. It was extrmely helpful.
Un abrazo!
Posted Using LeoFinance Beta
I hadn't digged into Binance Smart chain at all. I only use Binance the old fashion way...simple buy /sell and limit orders and some futures trading here and there.
But after reading your guide, it might worth a shot.
PS. As much as I hate to use Binance exchange due to the Steem hostile takeover, it's the undisputed king of liquidity. A much needed "tool" for every investor/trader.
Posted Using LeoFinance Beta
Amen to that.
Posted Using LeoFinance Beta
While we (as users of HIVE) we could be a bit pissed off by the latest events regarding the steem takeover, we should accept that we are on 'the wrong side of the truth'.
If a single truth is going to prevail, it will be binance one, not ours.
For that sole reason, I believe that we should be putting differences apart and try to be collaborative with them.
Same as Coinbase, they made a lot for this industry and this is undeniable.
have a good day Mindtrap, enjoyed a lot your post about your coworkers... what a bunch of losers lol.
Posted Using LeoFinance Beta
Thank you! Useful info in post.
Posted Using LeoFinance Beta
I remember I send my eth to beb20. I was super sad for the first moment about the "lost eth. After I realize I can log in with the same wallet everything was fine.
I wish I had your guide at this time. It would 100x easier to learn how it works :)
Posted Using LeoFinance Beta
Thx for the shoutout in twitter buddy. Glad that this helped :)
Posted Using LeoFinance Beta
always my pleasure :)
Posted Using LeoFinance Beta
This is super fascinating but I am very new to BSC. I will have to look into the links that you provided to get acquainted with what this is. A well written guide,
Posted Using LeoFinance Beta
If you miss anything let me know! I also found this new layer of usability very fascinating.
I dropped the links for that reason. Wish you good study! :)
Posted Using LeoFinance Beta
Well thanks for this!
Posted Using LeoFinance Beta
I'm already thankful. Shill soon I promise.
Posted Using LeoFinance Beta
If we could get Uniswap type DAPP on HIVE, we might be able to attract some serious attention with zero fees model. Currently a significant pool of small investors who are priced out of Ethereum DAPPs due to fees. I wish the HIVE-Engine Proposal get funded ASAP because we would be one step closer to HIVE becoming a DAPP platform.
https://peakd.com/dhf/@aggroed/hive-engine-dao-funding-proposal
Posted Using LeoFinance Beta
Got some THUGS on the BNB chain! I love the low fees when comparing to ETH.
Posted Using LeoFinance Beta
Take care because everytime you move thugs around you're burning like ~15% of the amount transferred. IMHO the best is to stake it with some BNB in the traphouse. Search for some BNB-THUGS pool for a 'juicy' and degen ~600% APY
I only have 50 THUGS. Do you think it would be worth it putting them in a pool?
Posted Using LeoFinance Beta
Post soon.
Posted Using LeoFinance Beta
Dude, in case you're interested, full review of thugs.fi
https://leofinance.io/hive-167922/@empoderat/introducing-thugs-fi-project-the-kings-of-marketing
Already read! 🌞
Posted Using LeoFinance Beta
No Binance for me here in the USA. They won't accept my info because we moved 6 months back. I was able to grab a tiny amount of BNB from Gate.io. 😐
Posted Using LeoFinance Beta
You don't have a non KYC way to access BNB?
If it isn't possible, you can always use the Binance bridge (haven't used it yet, but if you want to try...)
Let me know if it works fine!
https://www.binance.org/en/bridge
Hmm. I started to check it out. This is quite complicated, as your post outlines. I have to stick a pin in it for now. Just don't have the assets to make diving into it worth my time. Hopefully, it gets less complicated as developments roll out (and my assets grow so I can participate). 👍
Posted Using LeoFinance Beta
Thanks for sharing information, I didn't know anything about this before
Posted Using LeoFinance Beta
Metamask is really super cool! Didn't know it supports other than Ethereum network.
When not carefully reading, it reads like: bscscaM.com :)
Posted Using LeoFinance Beta
Metamask devs made a great work with the app, but they're eth fanboys after all (not blaming them lol). Hope to see more solutions soon. I don't like metamask that much but the good side is that works everywhere.
Posted Using LeoFinance Beta
Just using Metamask for some Eth based koins; Like it beter than the MEW wallet / interface I was using before :)
Very interesting, I especially like the low fees part. Unfortunately I haven't been able to log in to my Binance account in the last months. Tried to get myself a new password but I kept getting errors and didn't receive the code to set a new pw, not in my email nor on my phone. Tried a couple of times, got annoyed and gave up.
I did start using Metamask though recently, as I took part in the WLEO-ETH uniswap pool but, one way or another, I didn't manage to get my Metamask connected to my Ledger Nano S back then. Ended up using my Exodus wallet instead.
Anyhow, this post by you make me feel tempted to put a little more effort into getting my Binance working again.
Thank you for that :<)
Posted Using LeoFinance Beta
Binance is non KYC for less than 2 BTC buddy (like everyone is moving such amount lol). If it isn't a big hassle, create a new account with a new email (what I would do).
Strange... it' a pretty straightforward process from my side. Do you get any error message?
Give me more details and maybe we can solve something :)
Posted Using LeoFinance Beta
Did the KYC thing change in the last two years or so? I don't remember that being the case when I opened my account :<)
Good suggestion, I might do this.
I still had some funds on there though ( not much but it might be worth more now though ).
I don't remember the Ledger Metamask error might try it out again one of these days and will get back to you.
Cheers mate!
Posted Using LeoFinance Beta
Great and SUPER useful guide for those struggling to understand BSC.
This makes things a lot clearer and easier to assimilate.
MUCH appreciated!
Posted Using LeoFinance Beta
Just saw this today ... walked through it, got set up ... THANK YOU
Nice. I'm with the cool gang as of today thanks to this post :D
Posted Using LeoFinance Beta