With the cryptocurrency market back in full swing, many investors are looking up to smart contracts cryptocurrencies as they are expected to see the most growth in the near term. Avalanche is one of the best smart contracts that could be beneficial for investors, as its crypto token, AVAX is suggested to have the most potential to grow among all smart contracts cryptocurrency based on both fundamental and technical grounds. We’ll check out how to send AVAX from Binance to Metamask to make the token transaction quicker and economic.
The Transaction per Second (TPS) of Avalanche can vary between the three blockchains, X – Chain (Exchange Chain), P – Chain (Platform Chain) and C – Chain (Contract Chain) that make up the Avalanche network. The token minting and transfers including that of AVAX coins on the network are handled by the X – Chain. The P – Chain coordinates all network validation operations such as staking and delegation and also creates subnets, which are basically customizable blockchains, leveraging Avalanche’s validator notes. The C – Chain houses Avalanche’s smart contracts using a modified version of the Ethereum Virtual Machine.
The C – Chain allows users to access popular dApps like DeFi, NFTs and ERC-20 tokens.
It has a TPS closer to 1500 which is pretty fast for smart contracts. An added benefit of 1000’s of TPS, sub-second finality and low fees, makes the C – Chain capable for everything that can be done on Ethereum such as executing Ethereum Virtual Machine (EVM) contracts and regular smart contracts.
The AVAX coins which are used to pay all transaction fees on Avalanche will be burned-out. AVAX has a maximum supply of 720 million, with about 40 percent of its supply among private investors and the team, 10 percent across various public sales and 50 percent set aside for staking rewards. Validators need to stake a minimum of 2000 AVAX and delegators need to stake a minimum of 25 AVAX.
The transfer of AVAX from Binance to Metamask involves sending assets to an Avalanche wallet and then bridging the tokens for a second time to access the AVAX C – Chain.
Send AVAX from Binance to Metamask
The user has to first login to the Binance account and go to the wallet and click on “Overview”. As the AVAX tokens have to be first transferred to Avalanche wallet, users have to click on “withdraw” option and then select AVAX as the coin to be withdrawn. There is a “recipient’s AVAX address” option on the right side of the page where the AVAX exchange wallet address has to be copied and pasted from Avalanche wallet. The number of tokens to be sent has to be submitted on the AVAX transfer network option.
The email verification code and Google verification code has to be submitted for security verification. Now the page displaying withdrawal request submitted will appear, on which the “view withdrawal history” option has to be selected to check and confirm that the transaction is complete. On opening the Avalanche wallet the user can see that tokens transferred are not shown in the exchange, but by clicking on the refresh button it will show that the fund is successfully transferred to the X – Chain.
Transfer AVAX from X – Chain to C – Chain
The AVAX tokens have to be transferred from X – Chain to (C – Chain for sending it to the Metamask wallet. This can be done by opening Cross Chain and choosing the source chain as X and destination chain as C. The number of AVAX that needs to be transferred should be entered and confirmed so that the tokens will be transferred to the C – Chain.
Transferring AVAX from C – Chain to Metamask
As the AVAX from Binance to Metamask, the “Send” tab on the Avalanche wallet has to be opened and the C – Chain should be carefully selected as the source of the chain. The address of your Metamask Avalanche network should be copied from your Metamask wallet and pasted in the “To Address” option on the Avalanche wallet. The number of AVAX that needs to be sent to the Metamask wallet should be entered and confirmed after rechecking all the information. Now by clicking “Send Transaction” the AVAX token will be successfully transferred to the Metamask wallet and the transaction history can be viewed in the transactions tab.
The subnets’ capabilities to run multiple different virtual machines is what makes Avalanche unique. The network which was envisioned as a hub for the tokenization of real world assets further shifted its focus to DeFi and NFT.
AVAX holders will soon be able to deposit and withdraw their token to the Metamask wallet using a new token bridge that is being developed by Binance. This would eliminate the need for withdrawing AVAX token from the exchange by sending assets to an Avalanche wallet and then bridging the tokens for a second time. AVAX holders will be able to withdraw their tokens straight to their Metamask wallet using Binance bridge, thus skipping the additional processes required by other bridges and allowing direct withdrawals.