Avalanche is the latest project to launch an ethereum virtual machine (EVM) which allows developers to fork ethereum based defi projects and deploy them on Avalanche.
A popular browser wallet that you are probably familiar with when using Ethereum, Binance Smart Chain, or Bitcoin RSK network. Now you can use MetaMask with the Avalanche network.
How to add Avalanche network to Metamask?
Open MetaMask and select the network (Top panel), scroll down to the Custom RPC
Fill in the fields such as Network name, RPC URL, Chain ID, Currency Symbol, and the block explorer.
The C-Chain is used for paying gas to launch smart contracts. Since defi operates with smart contracts, we’ll want to use the C-Chain information below.
When sending transactions within Metamask use a fixed gas cost set at 470 gwei.
- Network Name: Avalanche C-Chain
- New RPC URL: https://api.avax.network/ext/bc/C/rpc
- Explorer: https://cchain.explorer.avax.network/
We’re not done.
Wrapping Token Time
If you buy AVAX at Binance and withdrawal the asset(0.01AVAX fee), you will see that the address needs to be from the Avalanche X-Chain such as
and is not an ERC-20 address that Metamask supports. Therefore, we need todo some fancy coin swaps called Cross Chain Transfer.
Cross Chain Transfer
At this time, we will need to use their web wallet.
- Withdrawal from Binance to your X Chain address
- Cross Chain transfer tab from X-Chain to C-Chain
- Make sure destination is the C-Chain
Then under the Send tab, you will see this image below.
- Select the C Contract
- Enter your metamask wallet address (To Address)
- Wait (It’s fast)!
Now we wait for #defi
As more defi projects are launched on Avalanche, I’ll update this list. If you know of some legit projects being built on Avalanche that I should look into, please mention me in a tweet @realtradingtool!