The decentralized finance (DeFi) sector on the BNB Smart Chain has grown, offering several opportunities for users to earn passive income. To enter the DeFi space, you will need a non-custodial wallet like MetaMask.
In this guide, we will demonstrate how you can add the BNB Smart Chain to MetaMask to interact with various decentralized applications built on that blockchain. Read on to learn more.
The MetaMask Wallet
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Serving millions of cryptocurrency users, MetaMask is arguably the biggest software wallet in the world, supporting the storage of thousands of digital assets. Also, it allows users to buy crypto and gives access to DeFi.
When it first launched, MetaMask supported only the Ethereum blockchain. However, the wallet has become multi-chain in recent years, supporting all blockchains compatible with the EVM (Ethereum Virtual Machine). BNB Smart Chain is among the EVM-compatible networks, meaning it can connect to MetaMask.
Prerequisites for Adding BNB Smart Chain to MetaMask
Here is what to do before connecting the BNB Smart Smart Chain to the MetaMask wallet:
Download and Install MetaMask
If you do not have a MetaMask wallet on your computer, you can download its browser extension from the Metamask.io website. The extension is compatible with multiple browsers, from Chrome to Firefox, Brave, and Safari.
Update the Security Settings of Your MetaMask Wallet
After installing MetaMask, the next step is to create a solid password for your wallet. Additionally, you are required to store the generated secret recovery phrase safely. This phrase is crucial as it is the only way to regain access to your MetaMask wallet if you forget your password or lose your computer.
Once you confirm your password, you will access the MetaMask wallet, and you can proceed to add the BNB Smart Chain.
Adding BNB Smart Chain to MetaMask – A Step-by-Step Guide
MetaMask connects to Ethereum by default. Other blockchains must be added to the wallet manually. The process of adding a network to MetaMask is straightforward. These are the steps to follow:
Step 1: Login to Your MetaMask Wallet
Go to the MetaMask browser extension and log in by entering your password.
Step 2: Navigate MetaMask’s Settings
On the homepage, navigate to the top right corner and click “Settings” on the user profile menu.
Step 3: Choose “Networks”
In the settings, click the “Networks” button and then pick “Add Network.”
Step 4: Choose “BNB Smart Chain”
When you click the “Add Network” button, several EVM-compatible networks will appear. Scroll down the list and select the BNB Smart Chain. Next, press “Add” to connect the blockchain to MetaMask.
Step 5: Approve the Blockchain’s Details
Before adding the BNB Smart Chain to MetaMask, ensure the network’s details are correct. After that, click “Approve.”
Step 6: Switch From Ethereum to BNB Smart Chain
Once the BNB Smart Chain is added to your MetaMask wallet, you will receive a “Network Added Successfully” notification. The wallet will also ask whether you want to switch to the BNB Smart Chain. To do this, click the “Switch to BNB Chain” button.
Step 7: Transfer BNB to Your BNB Smart Chain Address
It is worth mentioning that you cannot transfer funds from one blockchain to another directly. For instance, you can’t send money from Ethereum to BNB Smart Chain. Therefore, you are advised to transfer digital currencies between BNB Smart Chain addresses.
To send BNB to your BNB Smart Chain address, copy the address and paste it on the source of the funds, which could be your exchange account or another non-custodial wallet. Note that all BNB transactions incur gas fees. Therefore, send enough BNB to cover the network charges.
When sending BNB from an external source, always choose the BEP-20 network. Also, double-check your BNB Smart Chain address before approving the transaction.
Once you have funded your BNB Smart Chain address, you can use the decentralized app browser within the MetaMask wallet to explore various Dapps.