Hello everyone welcome to my square..
In this article, I will raise the theme of what the Web3 wallet is as the best feature on Binance, how to use Web3 in general, such as sending and receiving, and my hopes for this feature in the future. So why did I choose web3 wallet as the best feature that I chose?
Why WEB3 Is Binance's Best Feature
In my opinion, web3 is a gateway to understanding the freedom of the decentralized world, including defi and dex as well as utilizing smart contracts without third parties in cryptography. For this, Binance ensures that its users also have access to interact with Web3 fully. By providing a personal wallet apart from crypto trading.
How to Use WEB3 Wallet Binance
Before starting to interact with dapps, make sure we create an mpc web3 wallet first. Of course, this will be offered immediately when you switch from exchange to wallet mode, and please follow the instructions to create the wallet.
Because the wallet uses mpc technology, make sure to backup using QR and Google Drive to prevent losing the wallet when changing devices or resetting the Binance apk.
After the wallet has been successfully created, it would be good for us to understand the features available in the wallet.
On our home page, we display the total number of assets, assets owned (in the form of tokens, NFTs, inscriptions) based on network, send, receive features, history and airdrop event highlights. [To display tokens that are not displayed in the wallet, you can display them using the manage button - (+) - enter the network and contract address]
On the market page we can monitor information on available crypto assets that Binance has added
On the swap page it is used to exchange tokens & bridges between networks
Then there is an earn page to display dapps that offer staking features
And finally discovery to display dapp features other than stakes and also the airdrop list
To get started, please receive crypto assets from anywhere, either from another wallet or the Binance exchange by widhraw assets to web3
To understand the use of tokens and addresses I will explain the model of each network
UTXO: this network is for btc, bch, and luna. Make sure when sending bitcoins, check whether the model is taproot or segwit because the address is different
EVM: Has the characteristic of a wallet with the prefix 0x. Consists of Etherium and several layer 2s such as arbitrum, optimism, zksync, etc., as well as sidechains such as BSC & Polygon. For this address, everything is the same so you can copy it from any EVM address. For etherium gas fees and all layer2 uses ETH according to their network, while for sidechains they use their native tokens such as BNB/MATIC.
Solana: using Solana for gas has a different address from the others. Gas on Solana is so cheap that we don't have to worry about gas to interact with dapps
So after this explanation, I hope you understand each coin that is used to receive. Make sure that if you receive other tokens, prepare the main coin according to the network to pay gas fees when interacting. For example, if I receive SAND on the ERC-20 network, I also need to receive ETH mainnet to pay gas fees by interacting/sending the SAND.
To send a token, all you have to do is press the token on the home page and send by entering the address and nominal amount, then the sending is processed.
That's all the explanation about how to use the WEB3 wallet by utilizing the send and receive features.
Just a tip from me
If you receive a token/nft scam, please don't try to interact, especially swap, because it is possible that the transaction will fail and the gas paid will go to the fraudster's wallet. Use tools such as De.fi to scan EVM tokens, please delete them from the list of tokens displayed on the homepage to prevent interacting with these tokens.
My hopes for Binance's WEB3 wallet
In the future, of course there will be a desktop version available for easy connection on a PC and also support for several networks such as Mantle Dragon which has not yet been released.
The final word
Thank you for reading my article and providing support... because this article is too long, I will probably make a continuation about using the web3 wallet at another time. Such as contract interactions, swap, bridge, lending & borrowing. I will include a link to my post in the comments column or this article if I have made it.
At the same time, I wish Binance a Happy 7th Anniversary, thank you for providing the best crypto world experience for us. I hope that Binance as the No1 global exchange in the world attracts and educates more people to be aware of blockchain technology and cryptography.
