The same goes for ETH, XRP, DOGE, and many more.Īs a low-cost, high-speed alternative to Ethereum, backed by one of the largest crypto companies in the world, Smart Chain already boasts a wide range of DApps and DeFi apps on its chain. BTCB (BEP20) tokens can then be deployed in DeFi protocols to earn yield on bitcoin. What’s more, leading digital assets on other chains can be ported onto Binance Smart Chain in the form of pegged BEP20 tokens.įor example, you could use Binance Bridge to swap bitcoin (BTC) for BTCB (BEP20) tokens backed by BTC. BEP20 is a developer-friendly token standard that allows anyone to deploy fungible digital currencies or tokens on Binance Smart Chain. Launched in September 2020, Binance Smart Chain boasts a five-second block time, cross-chain asset transfers, EVM compatibility, and a Proof of Staked Authority consensus protocol to ensure scalability.īinance Smart Chain has a BEP20 token standard that functions similarly to Ethereum’s ERC20 standard. Binance Smart Chain exists to change that.īinance launched Smart Chain to provide a high-speed, low-cost alternative for the burgeoning decentralized finance (DeFi) market, which has suffered from Ethereum’s high transaction fees. While Binance Chain offers a high-throughput targeting active crypto trades, it lacks in the programmability department. This allows them to enjoy years of development put into making MetaM a sk an indispensable tool for anyone interacting with decentralized applications.Binance Smart Chain (BSC) is a smart contract-enabled parallel blockchain to Binance Chain that provides a permissionless platform for decentralized application (DApps). But, with minimal effort, anyone can configure it to point towards BNB Smart Chain. MetaMask has long been the go-to passport for accessing the sprawling Ethereum landscape. And that’s it! You’ll get a notification informing you when your transaction settles. We then get one more chance to review the transaction – if everything looks good, hit Confirm. We’ll leave the fees untouched and hit Next. Here, you can manually adjust the fee if required. You can ignore the parts relating to ether. We’ve just grabbed a random address from BscScan Testnet that we’ll donate them to. You might need to wait a couple of minutes, but the funds will show up in your testnet wallet imminently.įrom here, we’ll send the funds off somewhere to demonstrate how it works. Click on the Give me BNB dropdown and select the amount you wish to receive. They’re simply tokens issued on BNB Smart Chain that are “pegged” to assets on other chains (like BTC, XRP, USDT, etc.), meaning that they trade at the same price. ![]() Peggy coins might be of interest if you’re testing out an application that supports BEP-20 tokens. We’ll head over to the BNB Smart Chain Faucet and paste it into the form. Hover over Account 1, and click to copy your address to the clipboard. We’ve connected to the testnet, but you'll probably be connecting to the mainnet.ĭon’t let the Ethereum logo fool you – we’ve tuned into the BSC testnet. Once you Save the Network and return to the main view, you’ll notice two things: the network has automatically been set to the one you just entered, and the units are no longer denominated in ETH, but in BNB. We recommend adding both if you intend to use MetaMask to transfer BNB or BNB Smart Chain tokens. We’re going to use the testnet in this tutorial, but you will likely want to use the mainnet. Mainnet (This is the one you are probably looking for) Below are the parameters to fill in for each. It’s important to note that there are two networks we can use here: the testnet or the mainnet. We want to click Add Network in the top-right corner to manually add the BNB Smart Chain one – it doesn’t come packaged with MetaMask. On the Settings page, we want to locate the Networks menu. We want to access the Settings to point the wallet towards BNB Smart Chain nodes. At worst, you could lose funds by sending them to addresses you can’t actually use. At best, this won’t work with BNB Smart Chain (BSC) DApps. You might notice straight away that we’re still dealing with an Ethereum wallet. Confirm that you’ve written them down on the next page.Īnd that’s it! You should now see your wallet, ready to send and receive funds. ![]() Without this phrase, your funds can’t be recovered if your device is damaged or lost. Write down the backup seed phrase somewhere secret (preferably not on an Internet-connected device). ![]() ![]() Next, follow along with the setup specified by the app. From there, select whichever platform you’re using, and follow the steps to install it on your device. For the purposes of this tutorial, we’ll use the Firefox version, but the instructions will be more or less the same for every platform.įirstly, you’ll want to head over to the MetaMask Download page. MetaMask can be downloaded on Chrome and Firefox, or on iOS and Android if you’re a mobile user.
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