How to use MetaMask, add RPC and Fund your wallet.
A quick guide on setting up, adding networks like FTM and AVAX, tips to protect yourself from your scammers.
What is MetaMask
A crypto wallet that lets you buy, store, send and swap tokens. It is currently available as a browser extension and as a mobile app on both Android and iOS devices.
MM provides the simplest yet most secure way to connect to blockchain-based applications. You are always in control when interacting on the new decentralized web.
MetaMask works like a general email address. Have you ever seen when you go to a new website and they give you the option to sign up using your Google account?
MM works in a similar way, the difference is that it gives you access to thousands of Daaps (Decentralized applications) without the need of revealing your personal data.
How to install MetaMask
Very straightforward. Go to the official MM website and click on download. You will get a few browser options. I’m using Vivaldi and I selected the Chrome extension, it works fine.
After adding the browser extension, refresh your webpage. Click on the MM icon at the top-right side and select “create a wallet”.
You then add a password. (Please do not add your mom’s name). Use a combination of upper and lowercase letters, numbers, signs, dots, etc.
Then they will give you your seed phrase. That is your proof of ownership. Write it down ON PAPER. Don’t send it to your friends like nudes, it’s yours, private. Make a few copies of it ON PAPER and save it.
Btw, you might get a ton of messages on Twitter, Facebook, telegram, IG telling you that they are from MM. They scammers. :) You cannot share your seed phrase, not even with the MM team.
Use cases of MM
SWAP — Buy & Sell
Let’s use traderjoe.xyz as an example.
Trader Joe is a decentralized exchange(or DEX) where transactions occur directly between crypto traders.
You connect your wallet and that gives you access instantly to trading, farming, lending, or staking your coins.
MM gives you the opportunity of exchanging your Avax tokens with somebody and at the same time keep your name and personal information private.
As you can see in the picture above, If you have 1 Avax you could swap it for 74 Joe tokens.
Crypto traders usually go with dexes because that gives you access to tokens at low prices before they get on popular exchanges.
Access to platforms
In DeFi, there is no such thing as signing up for an account. If you want access to a platform you use your crypto wallet.
Let’s use Power nodes as an example.
Power node is a passive income project on the Fantom Network. How it works is that you create a node, and from that, you receive a daily reward from it.
If you want to read more about Power node, I wrote an article about it.
https://medium.com/@defichronicles/power-nodes-review-making-20-week-worth-it-f77589d8a8f
Cool, now you want to create your node, what do you do? As stated on the Power Node website. You can create a Human Node with 10 $Power tokens and you will receive a daily reward of 0.1 $Power.
Utilizing MM to create your node.
Go to a Spookyswap (a dex, just like trader joe), buy some $ power tokens.
Just like on traderjoe, if you have FTM you can swap them for your power tokens.
Come back to the website, connect your wallet, create your node.
Now your rewards accumulate every day. You can claim them back to your wallet, go to Spookyswap and exchange them for any token that you want.
I know, I know, that was a lot. But, now you see how much cool stuff you can do with MM.
How to add an RPC
Not all projects are created equal or on the same blockchain. MM gives you the opportunity to access various networks like Avax, Eth, FTM without the need of using a different wallet.
Your MM will come with some Network added, but maybe you want to get access to a different network, what do we do?
Let's use again Traderjoe as an example. If you try to connect your wallet to the dex and you are not on the avalanche network you will get this error.
Solution:
The only thing you need to do is add an RPC (network/blockchain).
How to add the Avalanche RPC to have access to the Avax Network.
Step 1 — Click on Add Network
You will be redirected to a page like this one where you need to fill out the RPC information.
Step 2 — Look for Avalanche RPC online
Type on google Avalanche RPC, then click on the official Avalanche website.
Important: Only use information you get from official websites like this one.
Fill out the form with the RPC information and click save.
Done. Whenever you are looking to gain access to a project built on Avalanche just select the icon located t the top middle of your wallet and select the AVAX network.
Repeat the same process for Fantom Network, Binance Smart chain, or any other network you are interested in.
Another easy way to add an RPC is utilizing Sushiswap.
Go to sushi.com, connect your wallet, and select the network you want to use. If you don't have that network added into your wallet you will get a pop-up notification like this one, just click approve to add the network.
Click on the ETH icon to select the RPC you are interested in.
I would still recommend you at least add one RPC the classic way so you know how to do it by yourself in case there is no more sushiswap.
How to send funds to your MM Wallet
After adding your networks go to Binance, Kucoin, Coinbase, or any exchange that you are already using to buy coins.
Let's use Smart Chain as an example. Smart Chain uses BNB as its native token. Purchase some BNB tokens, click on withdraw on Binance (if that is the one you are using), for the address go back to your wallet, select Smart chain, and as you can see on the picture below copy the address under “Account 1”.
Smart chain uses BEP20.
With some BNB in your wallet now you have access to Dexes, Daos, Decentralized trading platforms, and much more.
Tips and tricks to increase safety with your meta mask
- Always make sure to keep some AVAX in your AVAX wallet, some BNB in your Smart chain wallet, and FTM in your Fantom wallet. Whenever you are using a network their native token will always be needed to pay transaction fees.
You might have 1,000 Joe tokens but if you don't have some AVAX in your wallet you will not be able to swap it. Around $10 worth of AVAX is enough. Fees per transaction are usually under $1.
2. Your seed phrase is yours to keep. Write it down on paper and share it with nobody. Not even the MM team. NOBODY!
This comes with great responsibility, no one and I really mean NO ONE can recover your account unless they have your seed phrase. You can change your password when you are login but without the seed phrase, your funds and wallet will be out of reach.
3. If your computer broke down or you just want to gain access to your wallet through another device. With your seed phrase, you can recover your wallet and all your funds. That's why your seed phrase is so important.
There are tons of other things we can do with our crypto wallets. This is a brief introduction to help you start your journey. My most important tip to you is to never share your Seed phrase and do not connect your wallet to weird web pages.
If you want to get access to a site and you are not sure if it is safe, I would rather not access it. But, if you still want to do it log out of your MM, and create another account. Use the empty account to access your “not too safe site”.
When you are done, log out, delete cache, and import your main wallet back using your seed phrase.
Thank you for reading!
If you want to follow my day-to-day journey, let’s be friends on Twitter. 🐤
@DefiChronicles
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Disclaimer: This is not financial advice, I am just a guy with a laptop sharing his opinions and experience. This is for entertainment purposes only. Always Do your own research before investing.
