Source 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 is required — one of the best being where these applications exist 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. A Crypto Wallet & Gateway to Blockchain Apps? 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, ? 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 ( ), an American blockchain development company that builds infrastructure for Ethereum. is Metamask safe for use founded by Joseph Lubin The Metamask browser extension is compatible with 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. chrome, edge, brave, and firefox How to Set Up Your Metamask Wallet Installation To get started with Metamask, the first thing you need to go to their and select an application type that is compatible with your device ( ). official website available for Browser, iOs, and Android After selecting the appropriate option for your device, and the process will be automatically initiated. click on the install button Assuming you successfully downloaded the browser extension… At the top right corner of your browser, go to the extension icon; find and select Metamask. Then, click on the “ ” button and . Get Started you’ll be presented with two options on the following page Now, it’s either you To import a wallet, the seed phrase of your existing Metamask wallet in the empty box provided. import an existing wallet or you create a new one. copy and paste To create a new wallet, follow the steps below… Click on “create a wallet”, checkmark the agreement box, and create a password you can easily remember for your new wallet. . A new page pops up and presents you with a seed or secret recovery phrase. The seed phrase constitutes 12 random words and you must keep it safe and inaccessible to anyone buy you ONLY* On the next page, you’ll be prompted to enter your seed phrase sequentially after which you can now access the newly created wallet. *! If anything goes wrong during your wallet setup, you should contact Support.* NB: However, you should receive a congratulatory message Tips for keeping your Metamask Seed phrase Safe Write several copies of your seed phrase on a paper and keep it ONLY to yourself; Avoid keeping a digital form of your seed phrase; saving it on your mail/ sending it to your other mail or making a screenshot of it. How to Add ETH to Your Metamask Wallet Source If you should click “ ” on the congratulatory page, you’ll be automatically redirected to a 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. All done swap service To do this, you can either… Copy your Ethereum wallet address and transfer Ethereum into it from another wallet Buy using the buy option on Metamask OR buy elsewhere and send it to your Metamask address How to Use Ethereum dApps with Metamask Now that you have some amounts of Ethereum (ETH) in your , it should also show up in the and you can now proceed with interacting with the dApps. Metamask balance Metamask swap Assuming you want to swap some of your Ethereum coins to DAI or any other tokens… Go to the you previously installed Metamask chrome extension Click on the swap button in your wallet interface Ensure you’re connected to the “Ethereum Mainnet” and you can see this at the top-right corner You should see your ETH balance and you can select DAI from the other box that says “swap to” Review, then confirm the transaction Before confirmation, you should pay attention to the “ ” for the “ ” so it doesn’t eat up your money advanced option estimated gas fee Although this operation tends to be expensive on Metamask, you can do it directly on the website but your wallet must be connected. Follow the instructions below… Uniswap undefined [ ] Navigate to the site you want to manually connect to undefined [ ] Click on MetaMask extension in the browser toolbar in the top-right undefined [ ] Click on the 3 dots menu in the upper right corner undefined [ ] Click on Connected sites undefined [ ] Click the Manually connect to current site button undefined [ ] N.b.: this button will not appear if one of your other accounts is connected to the dapp. If you encounter this issue, check your other wallets for existing connections. undefined [ ] Select the account you want to connect to the website and click next undefined [ ] Review the information in the confirmation screen and click Confirm undefined . [ ] Please note: sometimes a dapp-enabled site will automatically provide a pop-up to connect your wallet, where you can choose MetaMask On Mobile… undefined [ ] Navigate to the hamburger menu in the left-top corner. undefined [ ] Tapping on this will bring up a sidebar menu. undefined [ ] Tap on ‘Browser’, and you have an intuitive interface to find the dapp you’re looking for, including a search bar. From Metamask Support Page How to Set Up Metamask For Binance Smart Chain Source 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: On your Metamask wallet interface, navigate to the avatar at the top-right corner and select “Settings” from the drop-down Then, locate “Networks” on the settings page and click on “Add Network” at the top-right corner to manually add BSC Select “Mainnet” and compute the data below; Network Name: Smart Chain New RPC URL: https://bsc-dataseed.binance.org/ ChainID: 56 Symbol: BNB Block Explorer URL: https://bscscan.com See how to carry out transactions Binance Smart Chain (BEP-20) here. Closing Thoughts: Using Metamask for Defi Trading 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. . If you enjoyed reading my article, do not hesitate to like it You can connect with me on Twitter & . Thanks! LinkedIn

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How to Set Up Metamask and Add ETH to Your Wallet

How to Set Up Metamask and Add ETH to Your Wallet

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