Binance Web3 Wallet is a self-custody crypto wallet within the Binance app, designed to empower users in the realm of decentralized finance (DeFi). It allows users to store, send, receive, and swap tokens across multiple blockchains, such as Binance Smart Chain, Ethereum, Polygon, and more. It also enables users to access and interact with various decentralized applications (dApps), such as PancakeSwap, Uniswap, Aave, and more.
Binance Web3 Wallet is different from other crypto wallets because it does not require users to create or remember a seed phrase, which is a set of words that acts as a backup for the wallet. Instead, it uses a combination of device, cloud, and Binance account key-shares to secure the wallet and enable recovery in case of emergency. This makes it easier and safer for users to explore and experience Web3 without the risk of losing seed phrases or struggling with complicated onboarding processes.
Here are some steps you can follow to use your Binance Web3 Wallet:
1. To create your Web3 Wallet, log in to your Binance app and tap [Wallets]. Go to [Web3] and tap [Create Wallet]. You will see a confirmation screen that shows your wallet address and QR code. You can also set a nickname for your wallet if you want.
2. To send and receive tokens, tap [Send] or [Receive] on the Web3 Wallet homepage. You can choose the token and the network you want to use. For example, if you want to send BNB on the Binance Smart Chain network, you can select BNB and BSC. Then, you can enter the amount and the recipient's address, and tap [Review Send]. You will see a confirmation screen that shows the network fee and the transaction details. To confirm, tap [Send Now].
3. To swap tokens across multiple blockchains, tap [Swap] on the Web3 Wallet homepage. You can choose the tokens and the networks you want to swap. For example, if you want to swap ETH on the Ethereum network to BNB on the Binance Smart Chain network, you can select ETH and BNB, and then select ETH and BSC as the networks. Then, you can enter the amount and tap [Review Swap]. You will see a confirmation screen that shows the swap rate, the network fee, and the transaction details. To confirm, tap [Swap Now].
4. To access and interact with various decentralized applications (dApps), tap [Explore] on the Web3 Wallet homepage. You will see a list of popular dApps that you can use with your Web3 Wallet. For example, if you want to use PancakeSwap, a decentralized exchange on the Binance Smart Chain network, you can tap on its icon and then tap [Connect Wallet]. You will see a confirmation screen that shows the permissions that the dApp requests. To confirm, tap [Connect]. Then, you can use the dApp as you normally would, such as swapping tokens, providing liquidity, or staking tokens.
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