The BNB Chain, previously recognized as Binance Smart Chain, stands as a leading blockchain platform optimized for smart contract-based applications. It rivals Ethereum by providing quick, cost-effective transaction services.
Binance Chain and Binance Smart Chain merged to form BNB Chain, underlining the world's virtual ecosystem infrastructure through the concept of MetaFi. BNB, the blockchain gas token that fuels transactions, stands for 'Build and Build' and connects Binance and Binance Smart Chain.
MetaMask, a prominent non-custodial crypto wallet, is celebrated for its compatibility with various blockchain networks. Serving over 100 million users, it's a top choice for managing digital assets and accessing a myriad of decentralized applications (dApps). This guide reveals how to add BNB Chain (BSC) to your MetaMask wallet, opening your gateway to the web3 universe on the BNB platform.
BNB Chain: An Overview
The BNB Chain is a layer-1 blockchain celebrated for its swift transactions and cost efficiency. In late 2023, its DeFi Total Value Locked (TVL) reached an impressive $3.22 billion, with a market cap of $40.72 billion. The BNB token, vital for transactions on this chain, signifies 'Build and Build,' integrating Binance and Binance Smart Chain features.
The chain's Proof of Staked Authority (PoSA) consensus model, a blend of Proof of Stake (PoS) and Proof of Authority (PoA), ensures fast and affordable transactions. The BNB Chain is home to numerous innovative projects, including PancakeSwap, known for its high trading volume and extensive user base.
Other notable projects on the BNB Chain include Binance Coin (BNB), Chainlink, and Baby Doge Coin, each offering unique features and contributing to the chain's diverse ecosystem. This diversity appeals to both developers and users. Engaging in this ecosystem allows for token swapping via decentralized exchanges, participation in liquidity mining, and delving into the expanding DeFi world, where you can lend, borrow, or stake digital assets to earn rewards.
In 2023, significant advancements were made in the BNB Chain ecosystem, particularly with Layer 2 rollup technology, aiming to boost transaction processing and reduce gas fees.
Set Up Your MetaMask Wallet
Before engaging with the BNB chain, ensure you have a MetaMask wallet set up and ready to use on your device. MetaMask is a top non-custodial crypto wallet and gateway to blockchain dApps. It is primarily known for its ease of use with Ethereum, Ethereum Layer-2 chains, EVM-compatible blockchains, and their associated tokens.
The MetaMask wallet is available as a browser extension for Chrome, Firefox, Brave, and Edge, and as a mobile app for iOS and Android devices. You can use MetaMask to store and manage account keys, broadcast transactions, send and receive tokens or NFTs, and securely connect to decentralized applications through a compatible web browser or mobile app.
Discover how to set up your MetaMask wallet.
Caution: To avoid scams and potential loss of cryptocurrency assets, always download your MetaMask wallet exclusively from the company’s official website.
How to Add BNB Chain to MetaMask
By default, MetaMask does not include BNB Chain as a network. However, you can easily add the BNB Chain network and delve into its ecosystem with some quick steps.
Here is a detailed, step-by-step guide on adding BNB Chain to MetaMask:
Step 1: Acquire BNB Chain Network Details
Obtain the BNB Chain network information, including Network Name, RPC URL, Chain ID, Symbol, and Block Explorer URL. This can be found on the official BNB Chain documentation or reputable crypto websites such as Coinmarketcap.
Step 2: Configure BNB Chain in MetaMask
To add BNB Chain, open your MetaMask wallet, navigate to Settings > Networks, and select 'Add Network.' Enter the following details:
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Network Name: BNB Chain
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New RPC URL: https://bsc-dataseed.binance.org/
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BSC Chain ID: 56
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Currency Symbol: BNB
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Block Explorer URL: https://bscscan.com
Click "Save" to add the network.
Step 3: Fund Your Wallet with BNB Tokens
You can transfer BNB from another wallet or swap existing cryptocurrencies like USDT for BNB in your MetaMask wallet. You can also buy BNB tokens on a crypto exchange like KuCoin and move them to fund your MetaMask wallet. Ensure the correct address and be mindful of transaction fees to avoid loss.
Find out how you can buy BNB on KuCoin.
Step 4: Explore the BNB Chain via MetaMask
With the BNB Chain added, engage with its ecosystem by sending and receiving BNB, participating in staking, and exploring its DeFi and NFT landscape.
Switching Networks in MetaMask
Easily switch between Ethereum and other networks using the network dropdown in MetaMask.
Alternatives to MetaMask for BNB Chain
Other wallets like Trust Wallet and Binance Chain Wallet also support BNB Chain, each offering unique features.
Setting Up Trust Wallet for BNB Chain
If you wish to use Trust Wallet for BNB, here’s a quick step-by-step guide:
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Download and install Trust Wallet.
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Create a new wallet or import an existing one.
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Secure your wallet with a strong password and recovery phrase.
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Choose BNB Chain as your default network to engage with its ecosystem.
Conclusion
Adding BSC to MetaMask empowers you to engage with the BNB Chain ecosystem, from token swapping to exploring dApps. With lower transaction fees, your journey in this dynamic ecosystem is set to be cost-effective and exciting.
Further Reading