MetaMask has always been the go-to wallet for accessing the Ethereum network. However, you can now connect MetaMask to the Binance Smart Chain, for accessing decentralized apps and DeFi that support it.
Users are getting increasingly frustrated with the sky-high prices when interacting with the Ethereum network and are now searching for ways to reduce their costs.
One way is by avoiding the Ethereum blockchain altogether by using Dapps such as PancakeSwap or Burgerswap to exchange your assets, yield farm, or vote on proposals on alternative blockchains. One such blockchain is the Binance Smart Chain built for cross-chain compatibility with Binance Chain, the home of the BNB token.
In the tutorial, I will explain how to connect MetaMask wallet to the BSC (Binance Smart Chain). For more information on the Binance Smart Chain, you can also check out the Binance Academy.
What is MetaMask?
MetaMask is a crypto wallet and gateway to blockchain-based apps. MetaMask is available as a browser extension for the likes of Chrome, FireFox, and Brave. Traditionally used on the Ethereum network, MetaMask can also be customized to connect to the likes of Binance Smart Chain and Avalanche Network.
If you would like to find out more information, check out our step-by-step MetaMask tutorial here.
Connecting Binance Smart Chain to MetaMask
Below are the details that you will need to add to your MetaMask account to add the Binance Smart Chain. However, before transferring to the network, please also double-check these with the Binance Academy blog to ensure these are up to date.
Network Name: Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
Block Explorer URL: https://bscscan.com
How to Send BNB to Binance Smart Chain on MetaMask
If you want to transfer BNB tokens from Binance Exchange to Metamask, you will first need to follow the above steps set out in this tutorial. Once that’s completed you can then follow below to send BNB
Open up your Binance wallet within the exchange, select Binance (BNB), and click withdraw.
Open MetaMask on your browser. Make sure you have the Binance Smart Chain network selected before you copy your address.
Paste the MetaMask address you copied, in the address field on Binance Exchange. Choose the Binance Smart Chain (BSC) Network and enter the amount you want to transfer, then submit the transaction.
I recommend using 2FA as an extra layer of security, so if you have this in place, you should be asked to confirm the transaction. If you don’t have a YubiKey, I recommend looking into this to increase security.
Once you have completed security verification you should receive a confirmation email of your withdrawal.
As the transaction was sent via Binance Smart Chain, the transaction should go through within a couple of minutes and at a very low transaction fee.
Unfortunately, Binance.com isn’t available for users who live in the United States and are instead permitted to use Binance.US. Some of the downfalls with Binance.US is the number of trading pairs available and the ability to swap or take part in liquidity farming on PancakeSwap or BakerySwap. However,
Binance has released a Binance Chain Wallet extension for chrome browser, that works for both the Binance Chain (BC) and Binance Smart Chain (BSC). However, users have experienced issues when using the Binance Chain Wallet, so just be curious when using this.
Another option I believe you can get around this is by disguising your location by using a VPN like ExpressVPN. This is a risk and not something I would recommend.
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If you’re tired of paying sky-high fees on the Ethereum blockchain when using decentralized exchanges such as UniSwap or SushiSwap. Then you might be interested to hear, Binance is looking to disrupt the DeFi space and challenge these Ethereum based AMMs with two of their own. PancakeSwap and BakerySwap are built on the Binance Smart Chain (BSC), instead of the Ethereum blockchain. Offering users high yields to stake and add liquidity but with faster transactions and lower fees.
In this PancakeSwap review we’ll see how you can save fees, exchange, provide liquidity, and best of all earn rewards using their own CAKE tokens.
What is PancakeSwap?
PancakeSwap is a decentralized exchange that is based on the Binance Smart Chain. If you’re familiar with the likes of UniSwap or Sushiswap you’ll have no problem understanding and getting to grips with pancake swap which is very similar in design.
However, the main difference is that instead of using the Etheruem network you’ll be connecting to the Binance Smart Chain. Therefore you’ll be trading BEP20 tokens as opposed to Etheruem or ERC20 tokens. At the time of writing this Pancakeswap review, the Ethereum network is heavily congested and gas fees are at an all-time high.
Therefore many users are trying to find ways to save money on fees when interacting with decentralized apps or Defi. One such way is by using apps that work on the Binance smart chain instead, where the fees are considerably lower, plus in my experience, it’s fast.
PancakeSwap uses an automated market maker (AMM) model. Meaning there no order books, use liquidity pools instead. However, Pancakeswap isn’t just an exchange. You can also earn by becoming a liquidity provider, adding your tokens to the liquidity pools, you can farm your LP tokens and stake your cake to earn rewards plus try your luck in lotteries and NFTs.
PancakeSwap (CAKE) Token
The Pancakeswap token (CAKE) is a BEP-20 token that was launched on Binance Smart Chain in September 2020. The main function of CAKE is to incentivize liquidity provision to the PancakeSwap platform.
The CAKE token price rallied at the beginning of 2021. CAKE has a token supply of over 118 million.
PancakeSwap Supported Wallets
To start using PancakeSwap you’ll need to use a supported wallet that is connected to the Binance Smart Chain. These include the likes of MetaMask,TrustWallet, TokenPocket, and WalletConnect.
If you choose the Metamask you will need to manually connect the wallet to the Binance Smart Chain.
How to Connect Metamask to the Binance Smart Chain
To use the Metamask wallet with the Binance Smart Chain, you’ll need to manually add the Smart Chain Mainnet. For further details, check out my blog post.
PancakeSwap can be used to trade BEP20 tokens. BEP20 is essentially a token standard that is on the Binance Smart Chain. Similar to the likes of ERC20 tokens that are used on the Ethereum blockchain.
With Pancake Swap, the trading fees are 0.2%. This is divided between liquidity providers (0.17%) and the PancakeSwap Treasury (0.03%).
As there are no order books there are no deposit or withdrawal fees, but you will need to pay transaction fees for interacting with the Binance Smart Chain. These transaction fees are currently minimal, especially compared to the likes of the gas fees on the Ethereum network.
With PancakeSwap you can also stake your tokens to earn rewards. This can be done in 2 steps.
Firstly, you can deposit your Liquidity Provider or LP tokens and lock them up in a process that will reward you in CAKE, by choosing to Farm. These tokens can be unstaked at any time with zero holding time.
Secondly, you can earn even more rewards by staking your CAKE in what is named Syrup Pools. This was initially named syrup pools as you used to earn their governance token named syrup, however, this came to a halt after an exploit was found in the syrup smart contract.
There are several tokens you can earn by staking CAKE. And you’ll obviously need some cake to stake which you can trade for or wait for your rewards to build up from staking your LP tokens.
Is PancakeSwap Safe?
PancakeSwap has been audited by CertiK, however, depositing funds into a smart does come with risks. Meaning that there can be bugs even when they have been audited.
In fact, an exploit was found in the SYRUP smart contract which forced PancakeSwap to put an end to their SYRUP pools. So, even with a CertiK audit, it appears the contracts can still be compromised.
If you have a support query, you can contact PancakeSwap via their social media channels, such as Telegram or Twitter.
Decentralized Finance or DeFi continues to explode in popularity in 2021, causing Ethereum GAS fees to increase to an all-time high. This has allowed competitors like BakerySwap and PancakeSwap to take full advantage. Offering similar products to UniSwap and SushiSwap, but with faster transactions and lower fees. This can all be done as BakerySwap.org is built on the Binance Smart Chain (BSC) and not Ethereum.
So, in this BakerySwap review, we’ll take a look at how you can save on transaction fees when exchanging tokens. Plus how to stake and provide liquidity to earn rewards staking their own BAKE tokens.
What is BakerySwap?
Similar to the likes of PancakeSwap, BakerySwap is a decentralized exchange (DEX) that is based on the Binance Smart Chain. If you’re familiar with the likes of UniSwap or Sushiswap you’ll have no problem understanding BakerySwap.
The main difference is that you’ll be connecting to the Binance Smart Chain, as opposed to the Ethereum Network. You’ll also be trading BEP20 tokens as opposed to Etheruem or ERC20 tokens. At the time of writing this BakerySwap review, the Ethereum network is very congested and gas fees are very high.
Many users are trying to find ways to reduce their fees when interacting with DApps or Defi. One way to reduce fees is by using applications that work on the Binance Smart Chain, where the fees are currently far lower, plus in my experience, it’s faster.
BakerySwap uses an (AMM) automated market maker model. Meaning there are no order books, instead, they use liquidity pools. But BakerySwap isn’t just an exchange. You can also earn by becoming a liquidity provider and add your tokens to the liquidity pools, you can farm your LP tokens and stake your bake to earn rewards, get involved in ETH 2.0 staking and start collecting NFTs.
BakerySwap (BAKE) Token
The BakerySwap token (BAKE) is a BEP-20 token that was launched on Binance Smart Chain in October 2020. The BAKE tokens are available for trading in Bakeryswap, Binance, HotBit and BSCswap.
BakerySwap Supported Wallets
To start using BaskerySwap you’ll first need a supported wallet that is connected to the Binance Smart Chain. These currently include MetaMask and WalletConnect.
If you select Metamask, you’ll need to manually connect your wallet to the Binance Smart Chain.
How to Connect Metamask to the Binance Smart Chain
Unfortunately, MetaMask does not automatically come with the Binance Smart Chain already configured. Therefore, to use the Metamask wallet with the Binance Smart Chain, you’ll need to manually add the Smart Chain Mainnet.
With BakerySwap you can trade BEP20 tokens, a token standard that is on the Binance Smart Chain. Similar to the likes of ERC20 tokens that are used on the Ethereum blockchain.
With BakerySwap, the trading fees are 0.3%. Because there are no order books there are no deposit or withdrawal fees required. However, you will need to pay transaction fees (in BNB) for interacting with the Binance Smart Chain.
Mind you, these fees are minimal, especially compared to the likes of the gas fees on the Ethereum network.
With BakerySwap you can stake your tokens to earn rewards. This can be done in a few different ways.
Firstly, you can deposit your Liquidity Provider or LP tokens and lock them up in a process that will reward you in BAKE. These tokens can be unstaked at any time with zero holding time.
Secondly, you can earn more rewards by staking your BAKE in further liquidity pools. There are several tokens you can earn by staking BAKE which include WEAPON, BRY and SHIELD.
ETH 2.0 Staking with BakerySwap
If you’re interested in participating in ETH 2.0 but find that request of 32 ETH is too high or that the staking period is too long. Binance staking provides users with a 1 click staking service and 100% on-chain staking income that is distributed to users.
BETH is an ETH2.0 staking token issued by Binance on BSC and Ethereum. So that users can stake their ETH in a 1:1 ratio to get BETH. They were also the first platform to support BETH liquidity farming.
BakerySwap has an NFT Supermarket built into the platform. This is where you can get your hands on non-fungible tokens and filter by artists, pets and weapons.
Plus they also have Gamification, which allows BAKE holders to bake a meal of their choice. These meals are called “Combo Meals.” Unlike most NFTs, Combo Meals aren’t collectables, it can also be used to farm BAKE coins. This is because every meal carries a staking power, allowing it to earn more BAKE when staked.
The meal can be traded, or its ingredients can also be decomposed back to BAKE. In this way, you will get 90% of the BAKE used to prepare the meal.
This feature was recently paused in order to maintain the uniqueness and scarcity. However users were unwilling to sell them. Therefore the bakery has now re-opened NFT combos again for a limited time (until March 12th 2021) to increase the ROI of these combos.
Is BakerySwap Safe?
At the time of this writing there have not been any reported issues with BakerySwap. A CertiK audit has been conducted of the BakerySwap smart contract which can be viewed here.
However, always tread with caution when using DEFI and never put in more than you can afford to lose.
If you have a support query, you can contact BakerySwap via their social media channels, such as Telegram or Twitter. Plus there’s a contact us link which will allow you to copy their email address; [email protected]