MetaMask is one of the most popular means of storing your Ethereum (ETH) and other ERC-20 tokens such as Value, vUSD and vETH. The browser extension is significant for people that regularly make use of ETH and its tokens as it is secure and allows users to have quick access to their funds.
If you want to use decentralised exchanges such as Value Liquid, earn rewards via yield farming and get interest on your crypto having your own wallet is essential.
Lets get started.
Create a new wallet
Opening and setting up an account with MetaMask is very simple. First, download the MetaMask web browser extension. MetaMask has extensions for Chrome, Firefox, Opera and Brave browsers.
Click the button for your web browser and add the MetaMask extension for your browser. Once you get to the extension store on these browsers, search for MetaMask and click on “Add to” browser.
Once it has been installed, an icon the shape of a fox will appear on the top right-hand corner of your browser .
The next step is to click “Get started” on the webpage and select the option to create a new wallet.
Afterwards, you will be asked to create a password for your account. This password will be used to access your wallet on your browser.
You will then be provided with a unique 12-word backup phrase for backing up your wallet. It is most important you do not lose this phrase. As long as you have this phrase you will have access to your funds. NEVER SHARE THESE KEYWORDS WITH ANYONE.
Some people would save the backup phrase on their computer notepad and save it on their laptops or hard drives. This is not advisable as hackers could access the recovery key if they attack your computer. Thus, to keep your funds safe, write it down on a piece of paper instead and save the document in a place where you can’t lose it.
Next, you will be asked to confirm your secret backup phrase. Once you do that, your account is set and ready to use.
Remember, the password you created is only to login to metamask on your machine. If you forget this password you can always use your seed phrase to access your wallet and create a new password.
Your wallet address
You have now created your own wallet with its own unique address, you can send any Ethereum token to this address.
To see your address just click on the address at the top of your wallet and it will copy to your clipboard:
Alternative click the 3 dots on the top right and then ‘Account details’. You’ll see your address and also a barcode. You can send this information to anyone and receive crypto currency from them. (You can also change the name of your wallet by clicking the pencil icon)
Send cryptocurrencies to your address
If you’ve just started out with cryptocurrencies you most likely have your coins on an exchange, like Binance, Coinbase, Hotbit, Huobi etc. You’ll need to send your tokens from he exchange to your wallet. The exchange should offer an option to do this. Look for the withdraw option on your exchange.
Then just copy the address in your metamask wallet to the withdraw address on your exchange. And send the tokens to this address. Within a few minutes you should see your tokens in metamask.
If you have a friend with tokens or your providing a service you can also send your wallet address or barcode to anyone, they can use this to send you tokens.
Get confident with the process before sending large amounts. Try sending a small amount of ETH to your address first, then if happy send a bigger transaction through.
Remember to do anything on the Ethereum network you will need to pay gas fees, so you should always keep a small amount of ETH in your wallet.
If you are sending Value or YFV to your wallet for the first time you may need to let metamask know the contract address in order to see the amount in the UI. See information on how to add a token to your metamask wallet.
Want to stake?
If you want to start earning reward on the VALUE or YFV in your wallet its possible to do so by staking them in one the VALUE vaults.