A problem that many people have is that when we send our coin from an exchange like #Binance to private wallet (Trust wallet, Safepal), or from a private wallet to an exchange, we choose the network.

Also, when sending funds to the exchange, you get into trouble by sending it to a wrong network or a support network. The reason for this is that there is no proper understanding and not much attention is given to this.

01. Ethereum and other networks compatible with the Ethereum Virtual Machine (EVM)

This address starts with 0x and contains 40 alphanumeric characters. All these EVM-addresses are almost same. That means your Ethereum address (ERC 20) is the same to other networks. MetaMask is a wallet that fully supports only EVM addresses. You cannot add another ecosystem address to it.

Now let's see what EVM-compatible networks are,

  • BSC (BNB Chain)

  • Polygon

  • OPTIMISM

  • ARBITRUM

  • Avalanche (C-Chain)

  • Fantom

Simply, if you want to copy the BSC address (BNB Chain), you don't need to switch from the Ethereum address to the BSC. Copying the Ethereum address is fine. Both addresses are same.

02. Non-EVM-compatible networks

Trust wallet, safepal, bitkeep are multi-chain support wallets. So many networks can be added and I said earlier not only EVM address. So don't get it confused.

Multi-Chain support wallet - But even within trust wallet / Bitkeep wallets, the address of EVM Compatible networks is the same.

But others are changing networks,

SOL, Cardano, Harmony ($ONE), Elrond (ELRD), COSMOS (ATOM), Near Protocol

NOTE: Only EVM address can be added to MetaMask.

Other important thing is that when transferring funds from private wallets to exchanges, gas fees have to be paid for each network.

If we want to send USDT in Trust wallet to binance, we have Erc 20 Network Usdt, we need Ethereum for gas fees. Other networks need the same.

  • Binance smart chain = BNB

  • Polygon = matic

  • Optimism = OpEth

  • Fantom = FTM

  • Avalanche = Avax

Mistakes we make while transferring funds

  • Let's suppose you have USDC in your Trust wallet ABRITRUM network and you want to send it to binance but if binance doesn't support ABRITRUM network USDC you can't send it. If you send it like that, you will not receive the relevant USDC.

  • Don't confuse the address of private wallets that I mentioned earlier with centralized exchanges like binance. It's okay that the address is the same, but we can't deposit because they don't support that network in exchange.

  • Another thing that we don't care about is that we have to give a memo in addition to the address when depositing to the exchange. If you send without Memo, you will have to face the problems. But when sending from binance to your private wallet, this memo story is not relevant, Address only enough.