As Midas completes its transition into a DeFi coin and platform for decentralized assets, we feel that it’s important to provide educational resources to the community on DeFi and how to engage with it. Midas has evolved a lot over the years from a Masternode hosting platform and coin to what it is today, and legacy community members may not be fully familiar with DeFi at all.
In this article, we’re going to take a look at MetaMask, understand its importance, and its functions. Let’s get started!
What is Metamask?
MetaMask is a blockchain wallet that can be installed as a browser extension on Google Chrome or Brave. It’s quite literally the window through which users can interact with the financial applications and be a part of the web3 boom. It is the connection point that connects you and your finances to decentralized applications like Compound, Uniswap, SpiritSwap, BombSwap and more.
At its core, MetaMask was an Ethereum wallet capable of holding ETH and ERC-20 tokens. But now, it supports different blockchain networks, like Fantom Polygon, BSC, Avalanche and others. Users can send their tokens to their wallet-generated address, which functions just like any other crypto wallet.
Why Should I Care?
Ethereum and other smart-contract compatible blockchains have seen an absolute explosion of innovation and development over the past two years, leading to new financial applications that quite literally did not exist before. It has also reinvented traditional financial tools such as lending and borrowing, insurance underwriting, and trading. These innovations have led to incredible opportunities for investors and have created the potential for passive incomes with high APR or APY. Does financial freedom sound good to you? You’re in the right place.
How to Install MetaMask
Before looking at examples and connecting to dApps, we have to have MetaMask installed! Here’s how to get started.
Step 1: Navigate to the Google Chrome Web Store (requires Chrome). Here is a link to the MetaMask plugin.
Step 2: Install the plugin.
Step 4: Create your account and save your mnemonic. Make sure the mnemonic is written down on a piece of paper and stored safely! If someone else gains access to your mnemonic phrase, they may be able to recover your wallet and access your funds.
Congratulations! You have now created an Ethereum wallet. Now just load up some ETH and start interacting with dApps! Your DeFi / Web3 journey is just beginning.
Using dApps with MetaMask
MetaMask is your connection point to dApps on Ethereum and other networks such as Fantom, Binance Smart Chain, Avalanche, and more. These networks can be added and configured, and users can toggle between their desired networks easily within the MetaMask browser extension.
When you want to use a dApp, simply navigate to the webpage. In this example, we’ll use BombSwap, where you can farm MIDAS tokens up to 120% APY.
First, navigate to https://app.fbomb.finance
Then in the top right corner, click the “Connect” Button
A pop up window will ask which wallet you want to connect. There are many options, but this tutorial is for MetaMask, so we’ll go with that one
Click “MetaMask” and BombSwap should do the rest!
Note: Metamask may prompt you for permission to allow BombSwap to connect. It’s important that you are selective with the dApps that you give permission to. BombSwap is trustworthy.
Interacting with and connecting to other dApps follows a very similar process!
Adding Other Networks to MetaMask
The Ethereum network has become congested and expensive to use but there are other alternatives like Fantom, Avalanche, Polygon and Binance Smart Chain that can be used instead of Ethereum. These chains use FTM, AVAX, MATIC and BNB for gas, respectively, instead of ETH.
Here is a useful guide for adding these networks and navigating between them during your DeFi web3 journey.