By Solomon Odunayo
Interoperability between different blockchain networks is one of the distinct features of advanced blockchain networks. It helps in providing possible interaction between multiple blockchains by connecting them.
The importance of interoperability increases when it assists the users in utilizing two different platforms simultaneously to transfer data or assets. In addition, it also helps in the reduction of transaction costs by expediting the process.
The Avalanche blockchain network is becoming popular as it addresses and tries to solve several network issues users face. However, another crypto wallet known as MetaMask is utilized by millions of people to facilitate the interaction between the Avalanche blockchain network with Ethereum and the decentralized finance (DeFi) system.
However, users need to add the Avalanche network to the MetaMask wallet before interacting with the Ethereum network and the decentralized applications. Here is a comprehensive guide article explaining how to integrate the Avalanche network with the MetaMask wallet and utilize the platforms together for further services.
What is Avalanche Network?
Avalanche is a cryptocurrency platform that provides interoperability and versatility to its users. The blockchain network operates on the Proof of stake (PoS) protocol, thus addressing the network’s decentralization, security, and scalability issues.
The Avalanche network was developed by a research and development company based in New York known as Ava Labs. The main purpose behind creating the network was the introduction of decentralized finance (DeFi) and the diversification of blockchain applications.
The locally used token of the Avalanche network is known as AVAX which provides strong competition to the Ethereum network.
The smart contracts on the Proof of stake platform support autonomous blockchain networks and decentralized applications, providing several benefits to the users. This helps make the transaction faster and offers incentives to the participants through different reward structures.
The Avalanche network is different from the other blockchain networks as it integrates three different kinds of blockchains in a single platform.
- X Chain: The exchange chain on the Avalanche platform is responsible for creating and exchanging its native token, AVAX. The Avalanche platform uses the AVAX token to pay all the fees the same way Binance Smart Chain uses the BNB token. However, the X chain can neither be deployed on Web3 platforms nor be integrated with Web3 wallets such as MetaMask.
- C Chain: The contract chain that the developers utilize to create smart contracts that can be used for decentralized applications.
- P Chain: The metadata Platform chain facilitates the coordination of different network validators. Moreover, it also helps to track multiple active subnets and allows the creation of more subnets. Subnets are independent networks that create their own rules and regulations regarding tokenomics.
As all the chains perform different functions simultaneously, it helps in the improvement of the scalability of the network and improving the speed of the network.
AVAX Avalanche Tokens
The Avalanche blockchain network has its native token known as AVAX, which can bring many blockchain networks together. The AVAX token can be staked to validate the Avalanche blockchain network and used to pay transaction fees.
Moreover, the token can also be used as a single unit for all the subnets. AVAX token has almost recorded a supply worth 720 million.
Key Features of Avalanche Network
The Avalanche blockchain network is a decentralized platform that allows the integration of blockchain networks and third-party tokens due to interoperability. In addition, it facilitates the users o develop decentralized applications that are secure and permissionless.
Moreover, it allows users to create customized blockchains, digital assets, and subnets. It allows peer-to-peer payments making it a secure and faster means to carry out transactions.
What is MetaMask Wallet?
MetaMask is a crypto wallet that provides a gateway to applications based on the blockchain network. Users can download the wallet as an application on their Android or iOS mobiles.
Moreover, they can also download it as a browser extension on Firefox or Chrome. In addition, users can also use the MetaMask wallet to connect with willing users on the Binance and Avalanche networks.
Method to Set Up MetaMask Wallet
In addition to allowing the users to store the ERC-20 tokens and the Ether (ETH), MetaMask allows the users to connect with multiple decentralized applications. Therefore, the users of AVAX tokens can stay on the Avalanche network and use all the decentralized applications created by the Ethereum network if they connect it with the MetaMask wallet.
Moreover, the developers can also utilize the network better because of the increased interoperability offered by Avalanche. It has also been possible because Avalanche shares the Solidity language used by smart contracts on the platform with the Ethereum network.
As mentioned above, the Avalanche network has three different kinds of blockchains integrated within it. However, only the C Chain dealing with the network’s smart contracts is compatible with the MetaMask wallet.
Therefore, while connecting the MetaMask wallet with the Avalanche blockchain network, choosing the correct chain is important, or one can lose all his funds.
Hence, the tokens owned by the user should be present in the C chain to transfer the AVAX from the Avalanche network. Moreover, the user can also use an exchange wallet integrated with the C Chain of Avalanche, such as Binance.
On the other hand, if the user has stored the token in any of the other two chains of the Avalanche network, he can transfer them to the C chain by paying a minimal transfer fee.
In addition, using the MetaMask website, one can add MetaMask on his android or iOS mobile as an extension using Firefox, Brave, Chrome, Brave Browser, Opera, etc. However, we will consider the Chrome extension in the current scenario.
Before initiating any activity on the wallet, users should double-check the authenticity of the MetaMask website and leave the page immediately if it is a fake copy created by scammers. It is important to download the correct extension from the original page to start the trading activity.
After opening the authentic MetaMask website, the user needs to choose the “Download for Chrome” option and add the extension to the home page. The next steps to be followed are mentioned below.
- After successfully installing the MetaMask extension, the user must choose the “Get Started” option on the home page.
- The next step is to import the currency crypto wallet. For this purpose, the user needs to enter the seed phrase related to his wallet. After that, he can choose the option that says “Import Wallet”.
- However, the user can create a new wallet by choosing the “Create a Wallet” option. It is important to secure the wallet at this step by creating a strong and complicated password.
- The next step should be performed with care as it requires the user to enter all his essential credentials on the next page. The recovery phrase or the seed phrase is a backup that helps the user recover funds in case of illicit activity. If one forgets or loses his password, this security feature helps the user access their wallet and funds.
- In order to view the seed phrase, the user must choose the lock button. It is important to store that phrase offline securely and properly note the order of the words to avoid any confusion in the future. Moreover, the seed phrase should not be shared with anyone at any cost. If anyone gets a hold of the user’s device and hence the seed phrase, it might put his funds and assets at risk.
- In the next step, the user is asked to enter his seed phrase again. Therefore, it is important to enter the words properly in the correct order.
- In the final step, the user has to choose the “Finish” option and then “All Done”. This will provide him access to his newly created wallet.
Following the abovementioned steps will automatically connect the MetaMask wallet with the Ethereum network. Furthermore, the user must follow the steps highlighted below to add the Avalanche network to the MetaMask wallet.
Key Features of MetaMask Wallet
Some mandatory features required by the users while utilizing crypto assets are decentralization, anonymity, and security. A MetaMask wallet provides all these characteristics to its users. Users can install the wallet to carry out transactions without revealing their credentials.
Moreover, it does not provide control over the complete system to a single entity, thus decentralizing trade activities. In addition, it is a versatile wallet that allows multiple blockchains to integrate with it.
Method to Set Up Avalanche Network on MetaMask
Users can set up the Avalanche blockchain network on the MetaMask wallet by following simple steps manually or via Snowtrace.
- Manually
Connecting the Avalanche blockchain network with the MetaMask wallet is straightforward. After logging into the MetaMask wallet, the user must choose the drop-down menu on the Ethereum mainnet and select Custom RPC.
This will lead him to a page with the “Add a Network” option. The user must enter the information and details that are required on the page.
This process is completed after the user chooses the “Save” option. This enables the user to utilize the MetaMask wallet on the Avalanche blockchain network and enjoy all its Web3 and decentralized finance (DeFi) applications.
- Through Snowtrace
This is also a convenient way of adding the Avalanche blockchain network to the MetaMask wallet using the Avalanche explorer known as Snowtrace. It is similar in behaviour to Etherscan for the Ethereum network or the BSC scan for the Binance Smart Chain.
One has to log in to the MetaMask account by clicking the “Add C Chain Network” if he has not yet logged into it. The next step is to confirm the connection request while logged into the account. This enables the user to send the AVAX tokens into the MetaMask wallet.
Method To Send AVAX Tokens on MetaMask
One can conveniently send AVAX tokens from the Avalanche network to the MetaMask wallet after connecting them. It is vital to note that only the C Chain of the Avalanche network is compatible with the MetaMask wallet. To send the tokens, the user needs to follow these simple steps.
- Firstly, log in to the Avalanche wallet, and if the tokens are stored on the P Chain or the X Chain of the network, transfer them to the C Chain.
- There is an option on the left bar menu that says, “Cross Chain”, where one can choose C Chain as the destination option for the tokens.
- The next step is to enter the amount that is to be transferred. After that, click on the “Confirm” option. However, it will add a minimal transaction cost to the final amount.
- Then by choosing the “Send” option from the left menu, the user can easily send the AVAX coins into his MetaMask wallet.
- After selecting the amount, the user wants to transfer to the wallet and has to choose the “C Contract” option.
- After that, copy the address by visiting the MetaMask wallet. This address has to be pasted in the “To Address” field available on the Avalanche network.
- Then it is mandatory to check if the user has enough funds to pay the gas fee.
- Next, the user has to confirm and finalize the transaction process.
- Lastly, one can see the AVAX tokens in the MetaMask wallet after completing the transaction.
Other Wallets Compatible with Avalanche
In order to operate smart contracts and decentralized applications, traders consider MetaMask a versatile decentralized finance wallet. However, one can transfer, store, and stake AVAX tokens in several other hot or cold wallets. A few of them are mentioned below.
- Coinbase Wallet
The wallet has about 90 million certified users all around the globe. Coinbase is a convenient and safe hot wallet that facilitates users in earning, exchanging, and storing AVAX tokens.
The two-factor authentication security layer of the software adds to the security provided by the wallet, building confidence among all kinds of traders, especially beginners.
- Trust Wallet
It is also a hot wallet that can operate decentralized finance programs, including purchases, swaps, staking currencies, Web3 functionalities, and storing nonfungible tokens.
Moreover, similar to many other blockchain networks, the hot wallet also supports the C Chain of the Avalanche network, which could easily help transfer AVAX tokens. In addition, due to its versatility and feasible interface, the Trust wallet is one of the most used wallets among traders.
- Ledger Nano S or X
These are cold wallets that support the Avalanche blockchain network. After putting their Avalanche chain addresses, users can easily store and access their AVAX tokens. Traders mostly prefer cold wallets to hot wallets, as the private keys to these wallets are usually stored offline.
Users can store their private keys in a hardware device that cannot be accessed by any external entity, making it difficult for scammers to access the funds stored in the wallet.
Pros of Using Avalanche (AVAX)
Some of the advantages provided by the Avalanche blockchain network to its users are discussed below.
- Low Transaction Costs
The most important benefit that the Avalanche blockchain network provides its user is lower transaction costs. Traders can utilize the AVAX token for different purposes at relatively lower charges than the Ethereum network, which has inflated highly in its gas and transaction costs.
- Fixed Gas Fee
The Avalanche blockchain network sets the gas fee, and no one can exceed it while using it, thus putting a cap on the gas tip.
- Compatible with Ethereum
The Avalanche blockchain network allows users to enjoy different decentralized finance activities available at the Ethereum network at a lower cost by integrating both the blockchain networks via the interoperable nature of the Avalanche network.
- Low Carbon Footprints
The Avalanche blockchain network is also eco-friendly as compared to other blockchain networks. The impact of a crypto asset on the environment is very necessary to be considered before choosing to invest in it on any blockchain network.
Cons of Using Avalanche (AVAX)
A few drawbacks of using the Avalanche blockchain network are mentioned below.
- Risks of Scams
Although the Avalanche blockchain network provides greater security and safety to its users, in the past, certain illicit events occurred where the data and information of certain projects integrated with the Avalanche blockchain were hacked.
- Possible Centralization
While using the Avalanche blockchain network, there is a possibility that some nodes give the responsibility of their tasks to other nodes, thus creating a centralized network and creating a larger node sequence.
Conclusion
With the inception of crypto technology, people largely started shifting to blockchain technology. Most of them adopted the Ethereum network as a means of carrying out their transaction; however, skyrocketing prices of the Ethereum network over time created frustration among the traders, and they started looking for a better option.
This problem of the traders was resolved by the Avalanche blockchain network, which helped reduce the Ethereum network’s gas fee due to its increased interoperability. However, one must connect to a reputable wallet such as MetaMask before using these alternative networks.