Crypto Academy Week 5 Homework Post for (yohan2on) - MetaMask and 1inch Interaction

Hello Steemit Crypto Academy Community,

The Steemit Crypto Academy community is growing. We have entered the new week and the new course assignments have started. I chose this week's first course assignment from @yohan2on. I read the professor's course topic, started my research, and now I'm writing the homework assignment.

The professor's homework is this;

Homework task: Getting involved in the DeFi ecosystem requires one to have a DeFi web3 wallet; one must even know how to use it. The following is a list of some of the DeFi wallets; Select one and explain how to use it.

Meta Mask
MyEther wallet
Coinbase wallet
Argent wallet

We need a Web 3.0 wallet to be able to use and interact with decentralized applications. We need a Web 3.0 wallet to be able to use and interact with decentralized applications. With the popularization of decentralized applications, Web 3.0 wallets have made serious progress. New Web 3.0 wallets are being developed every day.

I chose one of the wallets that the professor chose for his homework. This is Metamask.

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MetaMask

The Ethereum blockchain is a wallet developed to interact with ERC-20 based applications. In 2016, ConsenSys Software Inc. started to be developed by. It has a very large developer team.

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To install MetaMask, we need to log in to the https://metamask.io/index.html website. As you can see in the picture, we need a Mobile (IOS, Android) device for setup or a Chrome browser. As it is more useful, I will explain in detail how to set up on the Chrome browser and what you should pay attention to during installation.

We are starting.

`` Install MetaMask for Chrome '' on the MetaMask website. We are redirected to the entrance page of the Google play store page.

We click on the "add to chrome" you see in the picture. Then we accept the "add extension" warning.

Completing the process of adding an extension. A chrome page will then open. We click on '' Get started '' option.

There are two options. The first option is to restore the wallet. Wallet restore is done by means of the 12-word mnemonic phrase. However, since we will create a new wallet, we click on the '' Create new wallet '' option.

After clicking "I agree", a new page appears. On that page, we determine a password consisting of at least 8 characters. We accept the terms of use and click on '' create ''.

After clicking on the place I marked, we reach the mnemonic phrase consisting of 12 words. We write down the words we have reached on a piece of paper. Then we switch to the page where we will confirm the words. Here, too, after typing the words, we click on the "confirm" option.

After you have done the transactions correctly and completely, you will receive a message that they have been successfully completed. You will then log into the wallet and you will see the above warning. For now, we can interact with Uniswap, 1inch, Totle, paraswap, DEX.Ag, Airswap, Ox Api via MetaMask. It will enable us to interact with more decentralized applications in the future.

In order to interact with decentralized applications, Ether must be in our wallet.

It is possible to deposit and withdraw Ether via MetaMask. In addition, exchanges are made between Ether and ERC-20 based tokens. As you can see, the transaction fees on the Ethereum network are quite high. In addition, MetaMask has some commission fees.

After talking about the installation of MetaMask and how to use it, I will talk about its interaction with decentralized finance.

MetaMask and 1inch Interaction

As you know 1inch is a decentralized finance. A platform where ERC-20 based tokens traded on the Ethereum network are exchanged between each other. Currently, the platform cannot be used sufficiently due to high transaction fees in the Ethereum network. When the high transaction fees on the Ethereum network reach reasonable levels, 1inch will turn into a more popular decentralized finance platform.

We log in to the website https://1inch.exchange/#/. No membership is required. We click on the '' connect wallet '' option on the top right.

I accept the terms of use. I chose the Ethereum network. I accepted MetaMask as a wallet. We connect to MetaMask.

As you can see in the picture, I can exchange transactions between Ether and all ERC-20 tokens. The opposite is also possible. In other words, exchange transactions are made between ERC-20 tokens and Ether. I can't trade because I don't have Ether in my account and transaction fees are too high. I have to pay $ 49.83 to make this trade. Would you do this if you were?

I have said that the opposite process is also possible. We can exchange Ether with Link, and exchange transactions for other ERC-20 tokens with Link. Here you have to have enough ERC-20 tokens in your wallet to perform these transactions. I cannot perform this transaction because I do not have enough ERC-20 tokens in my account.

You have the opportunity to set a limit while performing a clearing transaction. You can specify your preferences for the day and price.

Apart from that, we can choose to determine the fee fee. We can pay less the fee and extend the time of our transaction. On the contrary, we can increase the fee fee and shorten the realization time of our transaction.

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Source: 12-17 Photo

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