Metamask has become a popular choice for Ethereum users seeking an intuitive and secure way to interact with the decentralized finance (DeFi) ecosystem. However, as the blockchain space continues to expand, so does the demand for cross-chain compatibility.
Tezos, a promising blockchain platform known for its efficient proof-of-stake consensus mechanism and powerful smart contract capabilities, has gained substantial attention. In this blog post, we will walk you through a step-by-step guide on how to add Tezos to Metamask and enable seamless interaction with the growing Tezos DeFi ecosystem.
Understanding Tezos and its DeFi Ecosystem
Tezos is a third-generation blockchain platform that aims to provide a robust infrastructure for decentralized applications and smart contracts. Unlike many other blockchain networks, Tezos employs a self-amending governance mechanism, allowing it to upgrade without contentious forks. This feature makes Tezos an appealing choice for developers looking for flexibility and upgradability.
Tezos has not only grown in popularity for traditional use cases but also in the rapidly evolving DeFi sector. Various DeFi protocols and projects have been built on the Tezos network, offering users diverse opportunities to participate in lending, borrowing, liquidity provision, and yield farming. By adding Tezos to Metamask, users can tap into this thriving ecosystem and diversify their DeFi portfolio.
Installing Metamask and Creating an Ethereum Account:
If you are new to Metamask, the first step is to install the Metamask browser extension. You can find it in the Chrome Web Store, Firefox Add-ons, or any other browser’s extension store. After installation, follow the setup process to create an Ethereum account. Remember to securely back up your seed phrase and keep it offline.
Adding Tezos Custom Network to Metamask:
To enable Tezos functionality on Metamask, we need to add a custom network configuration. Follow these steps:
Step 1: Open Metamask by clicking on the extension icon in your browser.
Step 2: Click on the top right circle with your account avatar to open the account menu.
Step 3: Select “Settings” from the dropdown menu.
Step 4: In the settings menu, choose “Networks” from the top tabs.
Step 5: Scroll down to the bottom and click on “Add Network.”
Step 6: Fill in the following details for the Tezos custom network:
- Network Name: Tezos Mainnet (You can also add testnet networks for experimentation)
- New RPC URL: Enter the RPC endpoint for the Tezos mainnet. (For example: https://mainnet.smartpy.io)
- Chain ID: Enter the Tezos chain ID (For mainnet, it is NetXdQprcVkpaWU)
- Symbol: XTZ
- Block Explorer URL: Enter the URL of a Tezos block explorer (For example: https://tzkt.io)
Step 7: Click “Save” to add the Tezos custom network to Metamask.
Adding Tezos Assets to Metamask:
Now that the Tezos network is added to Metamask, you can add Tezos assets (XTZ) to your wallet. However, Metamask natively supports only Ethereum-based assets (ERC-20 tokens). To interact with Tezos-based tokens, we will use a bridge service called “Temple Wallet.”
Step 1: Download “Temple Wallet” from its official website or browser extension store.
Step 2: Create a new Tezos wallet on Temple Wallet or import an existing one using your seed phrase.
Step 3: Transfer XTZ or any other Tezos-based tokens from your exchange or other wallets to your Temple Wallet address.
Step 4: In Temple Wallet, find the option to connect with a dApp or website.
Step 5: Select Metamask as the wallet provider and authorize the connection.
Step 6: Now, when you visit a Tezos dApp or website using Metamask, it will automatically use your Tezos address from Temple Wallet to interact with Tezos DeFi protocols.
Interacting with Tezos DeFi Protocols using Metamask:
With Tezos added to Metamask through Temple Wallet, you can now seamlessly interact with the Tezos DeFi ecosystem. Here’s how:
Step 1: Browse the DeFi protocols or dApps built on the Tezos network.
Step 2: Connect your Metamask by clicking on the “Connect Wallet” or similar button on the dApp.
Step 3: Choose Metamask as your wallet provider and authorize the connection.
Step 4: You are now ready to explore the various DeFi opportunities on the Tezos blockchain, such as providing liquidity on decentralized exchanges, lending and borrowing assets, or staking tokens to earn rewards.
Conclusion
By adding Tezos to Metamask, users can tap into the growing Tezos DeFi ecosystem and explore a diverse range of financial opportunities offered on the blockchain. With the flexibility and security of Metamask, coupled with the efficient and upgradable nature of the Tezos network, users can access the benefits of decentralized finance seamlessly.
