The money-making opportunities in cryptocurrency are not limited to investing. There are several decentralized applications built on various blockchain networks that allow users to perform similar operations seen in traditional banks. Such operations include but are not limited to lending, borrowing, farming, and trading cryptocurrencies without any intermediaries.
Eliminating these intermediaries, it does not only makes transactions faster and more efficient but also results in more profits for you as an end-user. Some lending dApps give an APY or APR of 10% of your initial investment which you can’t obtain on your bank’s savings yearly.
To access this new world of finance, a bridge or gateway from the regular internet to the decentralized internet where these applications exist is required — one of the best being Metamask.
What is Metamask? And, how do you initiate this process on Metamask? Well, I’ll define Metamask and get you acquainted with this process.
Metamask is a non or self-custodial cryptocurrency wallet that gives you absolute control of your private keys, hence, your asset! If you intend to access decentralized applications, websites, or any other protocols built on the blockchain network, I recommend using the Metamask mobile wallet or Metamask extension for chrome.
However, is Metamask safe for use? A little bit of history; Metamask was founded in 2015 by a reputable developer named Aaron Davis. He’s one of the developers at ConsenSys (founded by Joseph Lubin), an American blockchain development company that builds infrastructure for Ethereum.
The Metamask browser extension is compatible with chrome, edge, brave, and firefox browser and currently have over 2 million downloads. On the other hand, the App on Google Playstore has over 10M downloads, over 65K reviews, and 4.0 ratings.
To get started with Metamask, the first thing you need to go to their official website and select an application type that is compatible with your device (available for Browser, iOs, and Android).
After selecting the appropriate option for your device, click on the install button and the process will be automatically initiated.
Assuming you successfully downloaded the browser extension…
To create a new wallet, follow the steps below…
NB: However, you should receive a congratulatory message*! If anything goes wrong during your wallet setup, you should contact Support.*
If you should click “All done” on the congratulatory page, you’ll be automatically redirected to a swap service that allows you to interact with many decentralized exchanges. To use this Metamask swap service or any other decentralized Apps on Metamask, however, you’ll need some Ethereum to cover transaction fees on the Ethereum network which is the default for Metamask.
To do this, you can either…
Now that you have some amounts of Ethereum (ETH) in your Metamask balance, it should also show up in the Metamask swap and you can now proceed with interacting with the dApps.
Assuming you want to swap some of your Ethereum coins to DAI or any other tokens…
Although this operation tends to be expensive on Metamask, you can do it directly on the Uniswap website but your wallet must be connected. Follow the instructions below…
By default, the Metamask wallet is set for the Ethereum network. If you want to interact with other networks using Metamask, you need to set it up manually.
Assuming you want to configure your wallet for Binance smart chain, follow the steps below:
Network Name: Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
Block Explorer URL: https://bscscan.com
The Metamask app is one of the best wallets for Defi trading. It is, however, not user-friendly, especially for beginners and non-tech guys. Traders at both intermediate and expert levels can still find their way around it and explore its endless possibilities in decentralized finance (Defi).
You should note that it is quite important to verify the authenticity of whatever dApps you are connecting to your Metamask wallet so as to avoid being a victim of scams.