Introduction: Binance and MetaMask
Binance should not really need any introduction. It is among the very giants of the Web3 and cryptocurrency landscapes. Among its numerous initiatives or products, you will come across a variety of wallets, its market-leading centralized exchange, and, not to mention, its very own blockchains and the ecosystems they come with or spawn.
These blockchains would obviously be the BNB Smart Chain and the BNB Chain, which are actually their updated names. Both of these chains coexist and are not exclusive to one another. To elaborate, the Binance Chain (now the BNB Chain) was launched in 2019 and has seen use primarily for exchanging and storing assets, especially on Binance’s own exchange and with regard to the native token BNB.
Following that, the Binance Smart Chain, i.e., the BNB Smart Chain, its sibling, launched the following year, in late 2020, for the sole purpose of facilitating smart contracts. And with that, the entire Binance ecosystem saw a massive widening of its scope, something far beyond what the original Binance Chain could ever be capable of. Moreover, BNB is also the native token of the BNB Smart Chain, not just the BNB Chain.
The BNB Smart Chain also happens to be the Geth (Go Ethereum) protocol’s hard fork, which is among Ethereum’s three original implementations, and it uses Go as its programming language. This implies that it is similar to Ethereum on a fundamental level, making it EVM-compatible. Still, it does use a consensus mechanism different from Ethereum’s, i.e., the PoSA (Proof of Staked Authority), to optimize both throughput and transactional costs.
Blending both Proof-of-Authority and Delegated Proof-of-Stake, the PoSA consensus mechanism substantially enhances the scalability of the network. On the BNB Smart Chain (BSC), the maximum number of validators is limited to 21, all of whom can be elected from the list containing the Binance-vetted candidates in accordance with the votes from those staking BNB, i.e., the delegators, with voting rights that correspond to the amounts staked.
Ever since it was launched, the BSC has turned into an EVM-compatible network that is, by far, among the most significantly utilized in this space. For one, its daily transactions and active address count go far beyond those of the Ethereum mainnet. This is because affordable transactions have proven to be a major welcome for newcomers to this landscape, with the BSC absorbing a lot of the demand for this ever since its inception.
Since 2021, Coin Labs have been assigned a fee discount code from Binance. Thus, if you sign up for Binance through Coin Labs, you can benefit from the fee discount and participate in the bonus event earning up to $500.
How to add Binance Smart Chain to MetaMask
MetaMask, the wallet that is right there at the top when it comes to being the most used within Ethereum, can be installed like a standard browser plugin or as an application on the Play Store. Once installed, users can hold ETH or other Ethereum-based tokens, allowing them to easily transact with any of the various Ethereum addresses out there.
By connecting their MetaMask wallets to decentralized applications based on Ethereum, users can stake cryptocurrencies within gambling applications, spend what they own within P2E games, and then exchange them on the numerous decentralized exchanges that exist within the Ethereum ecosystem. With this, users are essentially provided with various entry points within the emerging DeFi landscape, i.e., a way to use the plethora of DeFi applications that exist, not just those on Ethereum.
However, as alluded to earlier, MetaMask can be connected to other blockchain networks besides Ethereum, which we will look at below. So, if you haven’t already downloaded the MetaMask browser extension, do so and then move on with this guide.
Step 1. Add Network
The BNB Smart Chain has already been configured within MetaMask under the classification of “popular network.” Adding it, therefore, can be relatively straightforward. However, before, things weren’t like that if you wanted to add the BSC to MetaMask, as you had to add it manually, which, though easy, took more time. And that would still be the case for those that are not already configured as popular networks.
- So, open your wallet, and from its homepage, click on that network selector that you will find towards the upper left-hand corner.
- Then select Add Network.
- On the following page, you will come across a list containing all of the popular networks that you can add instantly. If some don’t show up, then it may be because you have already added them.
- Select Add then for the BSC to begin this process, after which you will have to follow some prompts.
Step 2. Changing RPC
However, if you want to change the RPC (Remote Procedure Call) manually to take advantage of ones with lower latencies, then you can do that by heading over to ChainList and clicking on the BNB Smart Chain option, which will then provide a list of all the RPCs that you can add.
Or if, for some other reason, you have to add the network manually, then use the details outlined below and fill them in the relevant fields.
- Network Name
- BNB Smart Chain
- Token
- BNB
- RPC
- https://bsc-dataseed.binance.org/
- Chain
- 0x38
- or 56 in decimal, if 0x38 doesn’t work
- Block Explorer
- BscScan
- Website
- binance.org
FAQs
How to Switch to Binance Smart Chain
When you are using the MetaMask Wallet on the BSC, you have to ensure that you have already selected or connected to the network. However, once you have added the BSC network for the first time, the network selected will automatically shift over to it. So, if you want to switch it back, follow the steps outlined below.Within the browser extension, in the upper left corner, the current network will be displayed. Click on that drop-down arrow, which will be followed by a menu that will display all of the networks that have been connected. Simply choose the one you wish for.If the network you want to connect to cannot be seen on this list, then you will have to add it.
How to add Binance Smart Chain to MetaMask
You don’t really need to add the network manually. You can add it automatically by heading over to the section for popular networks on MetaMask. Over there, you will find the BNB Smart Chain alongside several other networks.
How are Transactions Paid for on Binance Smart Chain?
Transactions are paid for on the BNB Smart Chain in BNB, its native token. If you don’t have enough, then you will not be able to carry out any transactions.
