Summary

Avalanche Wallet is a cryptocurrency web wallet on the Avalanche blockchain. It allows users to use the Avalanche ecosystem in decentralized applications (DApps).

Avalanche wallet addresses include three types: X chain, C chain, and P chain. You can store cryptocurrencies on any of the three chains for different purposes. In short, X chain is mainly used to store assets, C chain allows you to interact with smart contracts, and P chain is used for staking. You can also transfer tokens across the three chains of the Avalanche wallet.

When transferring assets out of an Avalanche wallet, make sure to use a chain that is compatible with the destination wallet. For example, only C-chain wallets are compatible with MetaMask and Binance wallets. You can use the cross-chain function to transfer Avalanche tokens to the C-chain wallet.

Introduction

Avalanche is an open source platform for deploying decentralized applications (DApps). It aims to improve the scalability, interoperability and usage scope of the three chains of the platform. You can only explore and interact with the Avalanche ecosystem and DApps if you have an Avalanche wallet.

Introduction to the concept of Avalanche wallet and how it operates

Avalanche wallet is A non-custodial cryptocurrency browser wallet for interacting with the Avalanche ecosystem. You can store, transfer, stake hundreds of different cryptocurrencies, and even create your own NFTs (non-fungible tokens). You can also use bridging services such as MultiChain (formerly AnySwap) to transfer decentralized finance (DeFi) tokens from other chains such as Binance Smart Chain, Ethereum, Polygon, etc. to Avalanche.

As mentioned before, the Avalanche network has three different types of blockchains:Transaction chain (X chain), contract chain (C chain), and platform chain (P chain). X Chain is a decentralized platform for generating and trading Avalanche’s native token AVAX and other cryptocurrencies. Users can create smart contracts on C-chain and interact with DApp and DeFi services. P-Chain coordinates network validators and can be used for staking in the Avalanche wallet. Please readWhat is Avalanche (AVAX)? 》to understand how these three chains work.

You can store cryptocurrencies on any of the three chains for different purposes. Take AVAX as an example: it can be stored on the X chain and traded, pay transaction fees on the C chain and interact with smart contracts, or stake on the P chain to win rewards. It may sound complicated at first, but you can easily transfer tokens from one chain to another using the Avalanche wallet’s cross-chain feature.

Please note that each chain has its own wallet address and format. X chain wallet addresses all start with "X"; P chain addresses start with "P"; C chain addresses start with "0"; similar to Ethereum or Binance Smart Chain (BSC) addresses.

The corresponding link address should be selected to transfer tokens back and forth in the Avalanche wallet. For example, Binance and MetaMask wallets are only compatible with C-chain. Always use caution and make sureto double-check addresses before making a transaction. You may face losses if you transfer your tokens to an incompatible network.

How to create an Avalanche wallet?

1. Enter the Avalanche wallet official website and click [Create New Wallet]. Beware of phishing websites created by scammers. Before you begin, make sure you are visiting the official website (URL).

2. Click [Generate Key] to display it.

3. The screen will display 24 words. This is the wallet’s key (or mnemonic phrase). If the key is lost, the wallet cannot be used. Once lost, the key cannot be recovered.

Enter the 24 words in exact order and check the boxes. Keys should be kept in a somewhat secure offline location and not shared with others. Click [Use Wallet] to continue.

4. The system will ask you to re-enter the key to ensure correct backup. Enter the missing words in the mnemonic phrase and click [Verify].

5.Avalanche wallet is now ready for use. Click [Use Wallet] to enter the wallet.

How to transfer AVAX from Binance to Avalanche?

Before interacting with decentralized finance (DeFi) DApps on Avalanche, AVAX tokens need to be used in the Avalanche wallet to pay transaction fees. You can earn AVAX from exchanges like Binance and transfer it to your Avalanche wallet.

Learn how to transfer AVAX from Binance to Avalanche?  

Please note that only C-chain wallets are compatible with the Binance exchange. Transferring AVAX from Binance to Avalanche wallet can only be done using C-chain. Please be careful! If you choose the wrong link, you may face losses.

1. Log in to your Binance account and enter [Wallet Overview]-[Withdrawal].

2. Select [AVAX] from the token list.

3. Enter the Avalanche wallet, click [C], find the C chain wallet address and copy it.

4. Return to Binance and paste the address in the [Address] column. Click [Network] and select Avalanche C-chain network [AVAXC].

5. Enter the transfer amount and click [Withdraw].

6. Please read the risk warning carefully before clicking [Confirm].

7. View withdrawal details.

8. Verify the 2FA withdrawal immediately and click [Submit]. AVAX will be transferred to Avalanche C-chain wallet.

How to transfer tokens between Avalanche X chain, C chain, and P chain?

To transfer funds from one chain to another, you need to use the cross-chain transfer function. For example, if you want to transfer AVAX to the MetaMask wallet, you first need to transfer the tokens to the C chain wallet, because only the C chain is compatible with MetaMask. If you choose the wrong link, you may lose your tokens, which cannot be recovered.

In this example, we will use the cross-chain function to transfer AVAX from X chain to C chain.

1. Log in to the Avalanche wallet and check the wallet balance at the top. In this example, AVAX tokens are stored in the X-chain wallet.

2. Click [Cross Link] on the left side of the menu bar.

3. Select [C chain] as the target chain and enter the transfer amount. Click [Confirm] to continue. Please note that there is a small transaction fee for each cross-chain transfer.

4. AVAX token current transfer Enter the C chain wallet. You can now transfer it to MetaMask or other compatible wallets.

How to stake AVAX (verifier VS delegator)?

You can also stake AVAX with your Avalanche wallet to earn more AVAX tokens. There are two ways to earn AVAX rewards: become a validator or a delegator.

Validators are active nodes whose responsibility is to verify transactions and secure the blockchain. The more AVAX tokens staked, the greater the chance of being selected as a block validator.

Delegators do not process transactions, but support the work of validators. After the validator receives the reward, the delegator can obtain the share according to the AVAX pledge ratio.

As of January 2022, the staking requirements are as follows:

Verifiers need to master more technologies and also need to be proficient in computers Use specific software to run Avalanche nodes. This tutorial does not involve specific technologies, please refer to the official Avalanche documentation for details.

As a principal, how to use Avalanche wallet to stake AVAX?

Before starting, you need to transfer the AVAX tokens to be pledged to the P chain wallet.

1. Log in to the Avalanche wallet and click [Financial Management] on the left side of the menu bar.

2. Click [Add Principal].

3. The screen will display a list of active principals. Click [Select] to select a delegator for AVAX tokens.

4. Select the pledge period and enter the AVAX token pledge amount. Note that the delegation period you set cannot exceed the end date set by the validator.

View the reward address. The screen should show the P chain wallet address. Click [Confirm].

5. You will see the commission details and start earning AVAX rewards.

Summary

You can Experience the various DeFi DApps growing in the Avalanche ecosystem through the Avalanche Wallet. Avalanche's three chains can be used within the same wallet interface, each with different use cases and uses. To learn more about the Avalanche blockchain, readWhat is Avalanche (AVAX)? 》.