How to use DeFi on Avalanche🔺in less than 10 minutes
And buy your first $BCDT
🇫🇷 French article available here
Avalanche: The must-have blockchain of 2022.
In a few words: extremely fast (transaction time less than 2 seconds), low cost (between 20 and 60 cents per transaction), environmentally friendly (Proof-Of-Stake) and decentralized (thanks to thousands of validators): Avalanche has all the qualities we are looking for in a blockchain.
Just like on Ethereum, Avalanche allows to build and deploy decentralized applications called “dApps” in domains as varied as NFTs or DeFi.
Recently, you may have seen flagship Ethereum applications such as Aave or Curve join Avalanche. There are also hundreds of applications to discover on this growing blockchain and this article aims to help you take full advantage of them:
If you are already a $BCDT holder, your tokens can remain safely on Ethereum or BSC but you can also move them to Avalanche using the Anyswap team’s bridge renamed Multichain.
Bridging your BCDT from ETHEREUM to AVALANCHE
Step 1: Create a wallet
To use these applications, you will need a crypto wallet like MetaMask, Coin98, TrustWallet or Rabby, recommended by the Avalanche🔺 community. Then we will need to connect the wallet to your web browser, and have some AVAX on the Avalanche C-chain: they will be used to pay for the transaction fees.
In this example we will use the browser extension, MetaMask, directly in Chrome, but it is also available on other browsers.
💡Tip: If you are using another wallet, you can go to the 3nd step directly.
To install: Go to the top right of your screen > … > More Tools > Extensions > Search for “Metamask
Once the application is installed, you have the option to import a wallet of your own or you can click on the second button “Create a Wallet”.
- You will have the choice to participate in the improvement of the application. Accept or decline, it’s up to you.
- Create a secure password
- This step is very important, you will need to save your seed in a safe place. To display it, click on the grey rectangle “CLICK HERE TO REVEAL SECRET WORDS”.
- Remember that your 12-word seed phrase must be carefully kept in a safe place and never shared: it is the equivalent of a key, of which you alone must be the owner. Keep it secret: if it falls into the wrong hands, you will lose all your tokens.
Step 2: Configure the network
Add the Avalanche network to Metamask in 2 clicks
- 1. Go to the Chainlist website
- 2. Connect your wallet in the top right corner.
- 3. Search for the network you wish to add. Here ‘’Avalanche Mainnet’’.
- 4. Click on “Add to MetaMask”.
That’s it. You are officially ready to transfer your first AVAX.
Step 3: Transfer your AVAX to MetaMask
At the time of writing, Binance and FTX are the only exchanges that allow AVAX to be sent directly to the C-chain. They will undoubtedly be quickly joined by most of their competitors. Feel free to write to us on Telegram to tell us about another method.
For the example we will use Binance but the process will be similar on your preferred exchange:
- Login to your Binance account and buy AVAX if you don’t have any yet. We recommend following this tutorial for those who have never bought crypto before.
- Go to your spot wallet to initiate the withdrawal.
- You can now choose between several networks to send your AVAX, the one we are interested in is AVAX-C (AVAX C-Chain). It is very important to make the right choice here.
4. You can then paste the address of your Metamask wallet into the “Address” section.
💡Hint: When you click on the little fox head 🦊 at the top right of your browser, you will have access to your wallet. A simple click on “Account 1” allows you to copy the address of your wallet. This is the address you will need to paste on Binance to receive your tokens.
5. Once the transaction is completed, you should see your precious $AVAX appear in your wallet. You are now ready to take on DeFi, decentralized finance, on Avalanche.
Step 4: A concrete example with TraderJoeXYZ
TraderJoeXYZ is one of the most used DeFi protocols on Avalanche. It combines the classic features of a decentralized trading platform called DEX. It is on this protocol that the EvidenZ team has chosen to deposit liquidity in a $AVAX/$BCDT pool.
👆 This link will allow you to both import the $BCDT token into the Avalanche network and access the swap of your $AVAX for $BCDT
Here is the detailed version to understand the whole process:
2. Once your Metamask is connected, take the time to check that you are on the right network:
3. So you should see your balance in $AVAX like this:
4. All you have to do is copy/paste the address of the $BCDT on Avalanche: 0xaFb2780CBb58b2AF27023Eb2a0e60c8Ca0eEE9bb and paste it instead of “USDT.e”.
For your convenience, we have created a button to copy it directly here
5. And that’s it! You are now ready to exchange your first $AVAX for $BCDT :
6. The “Add BCDT to Wallet” button below will automatically add your $BCDT balance so that it is visible directly in Metamask like this:
Step 5: Discover DeFi on Avalanche
This tutorial is now over but we won’t leave you like that. Here are some practical tips : DeFi protocols, even if they are more and more audited, are often very young. They sometimes have flaws in the code. It is important to keep in mind that a technical error is always possible. Do not invest more than you can afford to lose.
For your information, here are some protocols to go a little further in the Avalanche universe:
⚠ Disclaimer: Keep in mind that these applications are not operated by the EvidenZ teams and therefore cannot be held responsible for any bugs or handling errors.
- DEX : The Avalanche equivalent of PancakeSwap on #BSC -Uniswap on #ETHEREUM — Raydium on #Solana: TraderJoeXYZ
- Yields Optimizer: The Avalanche equivalent of Autofarm on the #BSC -Yearn on #ETHEREUM — Tulip on #Solana : Yieldyak & Beefy
- Lending: The Avalanche equivalent of Venus on #BSC — Compound on #ETHEREUM — Oxygen on #Solana: Benqi & AAVE
- Other protocols:
Swap : Pangolin
Swap Stable : Curve
Liquidity Aggregator : Paraswap
Leveraging Farming : Alpha
Stablecoin : MIM | MAI
Launchpad : Avalaunch
Lottery: Pool Together
- Resources :
Blockchain explorer : SnowTrace
Gas Tracker : SnowTrace Gas Tracker
Token Approval : SnowTrace Approval
Charts : Dex Screener
- Video: There is also a video tutorial in English by Avalanche : How to Use DeFi on Avalanche | Avalanche Tutorials
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