You can swap BEP2 tokens to BEP20 tokens by using Binance Chain Extension Wallet but I’d rather buy BNB and withdraw it and use DEx, rather than taking this route. In Binance Smart Chain, BEP20 Tokens are the ones used in Binance CeDefi protocols such as PancakeSwap, Venus, PancakeBunny, etc. CeDeFi could be a topic on its own, for now, let’s go back to Binance Smart Chain. In CeDeFi, faster time and cheaper transaction fees (therefore scalability), is favored in exchange for true decentralization. They can’t be achieved simultaneously and most of the time, trying to improve one of the properties results in sacrificing one of the other two (or both). Every blockchain has 3 important properties: Security, Scalability, and Decentralization. BSC relies on Proof of Staked Authority where a validator would stake BNB to process transactions and blocks, which allows a shorter block time, and lower fees.īut first, what is CeDeFi? It’s a type of system that brings the best functionalities of both centralized finance and decentralized finance. What is Binance Smart Chainīinance Smart Chain a CeDeFi (centralized decentralized finance, which we’ll explain shortly) is not to be confused with Binance Chain, the latter is not smart contract and Ethereum Virtual Machine (EVM) compatible. Always do your research when trying out crypto products and platforms. BitPinas is not responsible for your loss nor take any credit from any gains you receive. ![]() The article does not constitute investment advice. What you can do on Binance Smart Chain, and.How to Set up MetaMask to Connect to Binance Smart Chain,.Note: The article serves as an introductory guide to Binance Smart Chain, including: In this article, we will introduce you to Binance Smart Chain and how to hop on it. You are now ready to go forth and engage with more than 1,000 amazing and exciting DeFi, GameFi, SocialFi and other dApps on BNB Chain.Have you felt left behind by those who started cryptocurrencies in 2017 or even earlier? Or are you in it just for the memes? Feel like ETHbased Defi transactions are too slow and too expensive for you? Then Binance Smart Chain (BSC) is just the playground for you. Use your account’s public address when transferring funds into your MetaMask wallet. Naturally, Binance is a good place to buy BNB and send it to your MetaMask wallet. You can buy BNB directly from Metamask, or send yourself BNB from another custodial (controlled by a centralized crypto exchange) or non-custodial (controlled by you) wallet. Now that your MetaMask wallet is connected to BNB Chain, you need to fund it with BNB to pay for gas fees when transacting with BNB Chain dApps. When prompted, click Approve to add the network. To date, we have discovered no issues or problems connecting BNB Chain to MetaMask. The ‘Learn More” link takes you to a support article. To relieve any potential confusion: BNB Chain = BNB Smart Chain = BNB Smart Chain Mainnet. ![]() Here you’ll have the option to select BNB Smart Chain (previously Binance Smart Chain Mainnet). MetaMask defaults to the Ethereum network, but you’re here for BNB Chain – so let’s change the wallet’s configuration. Your wallet is now ready to send and receive funds! Configure Your MetaMask Wallet ![]() This seed phrase will allow you to access your wallet and the funds within if anything should happen to your device or account. Write down the backup seed phrase provided to you (on a non-internet connected device) and keep it somewhere secret. Easy! Set Up MetaMaskĬlick Create a Wallet. Download MetaMask, select your platform, and follow the steps to install it on your device. MetaMask can be downloaded on Chrome and Firefox, or on iOS and Android if you’re a mobile user. Congratulations! Below we provide a helpful how-to using a MetaMask wallet so you can get started quickly and easily. So, you’re ready to use one of the amazing dApps on BNB Chain.
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