The Avalanche protocol (AVAX) has gained significant attention in recent months, driven by the rapid growth of its DeFi ecosystem. Within a year, Avalanche secured its position as the fifth-largest blockchain by DeFi ecosystem size.
Ready to explore Avalanche? This guide will walk you through configuring a Metamask wallet to access the Avalanche network.
Table of Contents
- What Is Avalanche (AVAX)?
- Avalanche’s DeFi Ecosystem
- Setting Up Metamask for Avalanche
- Metamask Configuration
- Interacting with Avalanche DeFi
- Useful Links
What Is Avalanche (AVAX)?
Avalanche, like Ethereum (ETH), is a smart contract-enabled blockchain. The protocol’s foundation was published anonymously in 2018 via IPFS. Later, a company was formed to develop the blockchain, followed by an ICO for its native token, AVAX.
The Avalanche mainnet launched in September 2020, coinciding with AVAX distribution.
Key Features:
- EVM Compatibility: Avalanche integrates the Ethereum Virtual Machine (EVM), enabling seamless migration of Ethereum-based dApps.
- Proof of Stake Consensus: Ensures energy efficiency and scalability.
- High Throughput: Processes ~4,500 transactions/second (vs. Ethereum’s ~20).
- Low Fees: Average transaction cost: $0.06 (vs. Ethereum’s higher gas fees).
👉 Explore Avalanche’s technical specs
Avalanche’s DeFi Ecosystem
Avalanche’s DeFi ecosystem surged in late 2021, peaking at $13B in Total Value Locked (TVL). Notable platforms include:
- Aave: Lending/borrowing.
- Trader Joe: Leading decentralized exchange (DEX).
- Crabada: Play-to-earn game.
- Penguin Finance: Yield farming.
Spotlight: Trader Joe
Trader Joe is Avalanche’s flagship DEX, functioning as an Automated Market Maker (AMM). Users provide liquidity to pools (e.g., AVAX/USDC) and earn fees from swaps. Additional yield opportunities include staking LP tokens.
Setting Up Metamask for Avalanche
Metamask is a self-custody Ethereum wallet that supports EVM-compatible chains like Avalanche.
Installation Steps:
- Download Metamask from metamask.io.
- Create a wallet and securely store your 12-word seed phrase.
- Set a strong password.
Metamask Configuration
Adding Avalanche Network:
- Open Metamask and click the network dropdown (default: "Ethereum Mainnet").
Select "Add Network" and enter:
- Network Name: Avalanche Network
- RPC URL:
https://api.avax.network/ext/bc/C/rpc - Chain ID:
43114 - Currency Symbol: AVAX
- Block Explorer:
https://explorer.avax.network/
Alternative Method: Use Chainlist to auto-configure.
Interacting with Avalanche DeFi
Funding Your Wallet:
- Deposit AVAX from exchanges like Binance or FTX. Ensure you select the Avalanche network for withdrawals.
Making a Swap:
- Visit Trader Joe.
- Connect your Metamask wallet.
- Swap AVAX for other tokens (e.g., USDC).
- Confirm the transaction in Metamask.
Done! You’ve executed your first Avalanche DeFi transaction.
Useful Links
FAQs
1. Is Avalanche compatible with Ethereum tools?
Yes! Avalanche’s EVM compatibility allows Ethereum dApps to run without code modifications.
2. What are the transaction fees on Avalanche?
~$0.06 per transfer; ~$0.43 for smart contract interactions.
3. How do I secure my Metamask wallet?
- Never share your seed phrase.
- Use hardware wallets for large holdings.
4. Can I stake AVAX on Metamask?
No, but you can stake via Avalanche’s native platforms or DeFi protocols.
5. What’s the best DEX on Avalanche?
Trader Joe is the most popular, but others like Pangolin are also reliable.
Need more help? 👉 Join the Avalanche community for real-time support!