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Rachel Siegel
Home
DeFi Hub
  • DeFi Hub Start Page
  • Novice Guides to Web3
  • Decentralized Exchanges
  • Liquidity Pools & Staking
  • Impermanent Loss
  • Smart Contract Approvals
  • High TVL Yield
  • Using New Networks
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  • Research Tools
  • Navigating Risk
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DeFi Hub

Using New Networks

Metamask is an EVM compatible wallet, this means you can access Layer 1 and Layer 2 networks like Arbitrum, Optimism, BSC and Avalanche, without needing to generate a new address. 


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Using New Networks

Adding New Networks to Your Wallet:

Metamask is an EVM¹ (Ethereum Virtual Machine) compatible wallet, meaning that your MetaMask ETH address can be used to access Arbitrum, Avalanche, Fantom, Optimism, BSC and many more, without needing to generate a new wallet address.  


  • How to add a custom network RPC to Metamask, by Metamask


Quick Tip for New Networks: Most protocols will have a "Switch Network" button in the top right hand corner, click this button to simply add a new network RPC² to your Web3 wallet. Make sure that you are on a reliably trusted protocol if attempting this route. Many protocols will automatically generate this option when connecting. I have listed L1 & L2³ DEXs below, for Binance Smart Chain, do this on Pancakeswap. For Avalanche, Trader Joe. For Polygon, Quickswap. For Fantom, Spookyswap. 


Gas Tokens:

In order to use your wallet on a new network, you will need to have the correct gas tokens. Gas is a fee you pay to interact with a smart contract, ETH is used as gas on the Ethereum network, alternative L1s and L2s will have their own gas tokens that need to be in your wallet for functionality. Always have the correct gas token before bridging any funds. 


Quick Tip for Easy Gas Dust: If you're having trouble accessing a gas token to bridge, some bridges like Synapse send gas dust with bridge transactions. Using Synapse for gas dust will only give you enough gas to complete your first couple transactions, you must buy more on the network with your bridged funds if you take this route. The following is a list of gas tokens for each network and alternative routes to obtain them.


Arbitrum, Optimism (L2) - ETH: Bridge ETH from Ethereum to Arbitrum or Optimism 


Aurora (L1) - ETH: Bridge ETH from Ethereum to Aurora


Binance Smart Chain (L1) - BNB: Deposit BNB (bep-20) from Kucoin, Binance or Trust


Fantom (L1) - FTM: Bridge FTM from Ethereum to Fantom or send directly from Kucoin


Avalanche (L2) - AVAX: Send AVAX directly from Coinbase 


Polygon (L2) - MATIC: Bridge MATIC from Ethereum to Fantom or send from Coinbase


Sending tokens from L1s & L2s

You can send tokens from L1 and L2 chains to any other EVM compatible wallet. Always check network compatibility before sending tokens, make sure the receiving address has access to the same chain as the sending address. If you send tokens to a centralized exchange on the wrong network, they will be lost. You will not be able to get these tokens back, be very careful when sending to centralized exchanges.

Add all new EVM networks to Metamask in 1 click with https://chainlist.org/


Tutorials for adding new networks to Metamask by Coinmarketcap Alexandria


  • How to Add Arbitrum to MetaMask
  • How to Add Fantom to MetaMask
  • How to Add Optimism to MetaMask
  • How to Add Avalanche to MetaMask
  • How to Add BSC to MetaMask
  • How to Add Polygon to Metamask


¹EVM is an acronym for Ethereum Virtual Machine, a software platform developers can use to build decentralized applications on Ethereum. Additional networks can be built on top of EVM software to utilize the smart contract technology, these are L1s and L2s. Learn more: What Is the Ethereum Virtual Machine & How it Works, Coingecko Learn


²RPC is an acronym for remote procedure call, a set of protocols that allow your EVM compatible wallet to interact with a blockchain. Though your EVM compatible wallet allows you to use one address to access every network, you will need to toggle your RPC to navigate each one. This toggle can be easily found in the top center of your MetaMask extension; click where it says "Ethereum Network" to toggle between RPCs.


³L1 & L2 (Layer 1 and Layer 2) Layer 1 is the base level of a blockchain, the structure of any blockchain network; for example Ethereum and Binance Smart Chain are L1. Layer 2 refers to a network built on top of other blockchains; Arbitrum and Optimism are L2. In the case of EVM compatible scaling solutions, L1 solutions change the direct mechanics of the blockchain, whereas L2 solutions rely on networks that run parallel with the main chain. Learn More: What is Layer 1 & Layer 2, The Defiant


Cross chain bridges allow you to send assets across networks, using one Web3 wallet address.

Cross Chain Bridges

Synapse

Multichain

Stargate

Synapse Protocol cross chain AMM allows simple bridging across 15 EVM and non-EVM chains. Synapse sends gas dust to the receiving networks when you bridge assets through the protocol, simplifying the transition to alternative L1s & L2s.


  • https://synapseprotocol.com/
  • How to Bridge on Synapse
  • Synapse Bridge Analytics
  • Twitter: @SynapseProtocol


Arbitrum, Avalanche, BSC, Polygon, Aurora, Ethereum, Fantom - Governance Token: SYN

Stargate

Multichain

Stargate

Stargate Bridge from LayerZero Labs, offers low fee, 1 click bridging of ETH and stablecoins across 7 chains. Stargate has simple UI and is user friendly. 


  • https://stargate.finance/transfer
  • How to Bridge on Stargate
  • Overview & TVL
  • Stargate Official User Docs: Transfers, Pool, Farm & Stake
  • Twitter: @StargateFinance


Arbitrum, Avalanche, BSC, Ethereum, Fantom, Optimism, Polygon - Governance Token: STG

Multichain

Multichain

Multichain

Multichain previously Anyswap, was launched in 2020 and allows cross chain bridging of over 3000 supported tokens, across 71 chains. 


Learn more: How to Use Multichain: Video Tutorial by Multichain Team


  • https://multichain.org/
  • How to Bridge on Multichain
  • Multichain User Documentation
  • Twitter: @MultiChainOrg


Arbitrum, Avalanche, BSC, Ethereum, Fantom, Optimism, Polygon- Governance Token: MULTI

L1 & L2 Ecosystem DEXs allow you to trade with low slippage on new networks.

Alternative L1 & L2 Ecosystem DEX

Decentralized AMMs for L1 & L2

Decentralized AMMs for L1 & L2

Decentralized AMMs for L1 & L2

Layer 1 and Layer 2 ecosystem DEXs are decentralized AMMs built directly on L1 & L2 networks to incentive liquidity provision to the chain. The decentralized exchanges listed in this section were built specifically for the networks they are on, ensuring high liquidity and low slippage when trading on L1s & L2s. 


Read more about finding liquidity and TVL across protocols and chains in research tools




DeFi is subject to risk, including risk related to smart contracts. Please practice due diligence. All 3rd party sites are provided for convenience only, if you choose to access any such site, you do so at your own risk.

Pancakeswap

Decentralized AMMs for L1 & L2

Decentralized AMMs for L1 & L2

Pancakeswap, the first DEX to launch on BSC, currently has a multibillion dollar TVL it is one of the most trusted DEXs on BSC.


  • https://pancakeswap.finance/
  • PancakeSwap Official User Guide
  • Twitter: @PancakeSwap


Network: Binance Smart Chain (BNB)

Governance Token: CAKE

Trader Joe

Decentralized AMMs for L1 & L2

Trader Joe

Trader Joe is the highest TVL AMM created for the Avalanche ecosystem. Swap, provide liquidity and farm on Avalanche.


  • https://traderjoexyz.com/
  • Trader Joe Official User Guide
  • Twitter: @TraderJoe_XYZ


Network: Avalanche (AVAX)

Governance Token: JOE

Platypus

Spookyswap

Trader Joe

Platypus is a single sided AMM for stablecoin swaps on the Avalanche Network. Low fee and low slippage stablecoin swaps.


  • https://platypus.finance/
  • Platypus Official User Guide
  • Twitter: @PlatypusDeFi


Network: Avalanche (AVAX)

Governance Token: PTP

Spookyswap

Spookyswap

Spookyswap

Launching in April of 2021, Spookyswap is one of the first DEX and farming protocols available on Fantom. 


  • https://spooky.fi/#/
  • Spookyswap Official User Guide
  • Twitter: @SpookySwap


Network: Fantom (FTM)

Governance Token: BOO

QuickSwap

Spookyswap

Spookyswap

Quickswap is the highest TVL AMM DEX created for the Polygon ecosystem. Swap, provide liquidity and farm on Polygon.


  • https://quickswap.exchange/#/
  • Quickswap User Docs
  • Twitter: @QuickswapDEX


Network: Polygon (MATIC)

Governance Token: QUICK

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These resources are intended for general guidance and educational purposes only. I am not an investment or financial advisor, and make no representation regarding the advisability of investing. 


For convenience only, this website may provide links or pointers to third party sites. While all information is provided in good faith, I make no representations about any other websites that may be accessed from this website. If you choose to access any such sites, you do so at your own risk.


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