Avalanche Wallet Guide (review). Setting up an AVAX wallet for storing and staking AVAX
In this guide, you will learn how to use (how to configure) the Avalanche (AVAX)wallet
Please note that the Metamask Wallet can be easily connected to the Avalanche network.
If you use the Metamask wallet, then only: AVAX-C-ARC20 will be available to you.
Metamask works with Avalanche C-Chain.
Working with Metamask connected to the Avalanche C-Chain network, you will be able to manage only tokens: AVAX and AVAX ARC20, similar to ERC20 in Ethereum and BEP20 in Binance Smart Chain.
In addition to the C-Chain, Avalanche also has: X-Chain and P-Chain.
To be able to work (have access) in all 3 chains, you need to use an official wallet!
The official wallet allows you to: send / receive and store AVAX coins, and other ARC20 tokens. The wallet also allows you to participate in Betting.
Avalanche Wallet (AVAX) review
The official Avalanche wallet is a non-custodial open source web wallet. It includes AVAX-the internal coin of the Avalanche blockchain and the Avalanche NFT token.
The official Avalanche wallet allows you to perform exchanges between 3 chains, store coins and participate in Betting.
Later in the article, we will show the process of creating and using an Avalanche wallet.
Please note that the Avalanche wallet is very easy to configure. To work with it, you do not need much knowledge in the field of cryptocurrency storage.
AVAX Wallet Address Formats
Avalanche is fundamentally different from other blockchains (such as Ethereum). Avalanche has 3 different chains:
Each chain is responsible for different functions, and the chains also differ in different address formats:
- AVAX wallet address X-Chain (it starts with “X”): X-avax1brulqthe045psg4r1wygzlx7yhc2e9h2n0hpjp
- AVAX wallet address P-Chain (it starts with "P"): P-avax1nrhlwzqe052psd4r3wygzfx7yhc2s9h9n0jnjn
- AVAX wallet address in the C-Chain (not to be confused with the Ethereum address): 0x4d63564d44b25550b567bdи81a17e80f0c7vd1f9
It is necessary to understand the differences in order to avoid sending tokens to another chain. Since you can lose coins!
How do I set up an Avalanche (AVAX) wallet?
The official Avalanche wallet is an open source web wallet – that is, you do not need to install anything!
1. For the initial setup of the Avalanche wallet, go to the official website https://wallet.avax.network/.
2. Click on the "Create a new wallet" button to create a wallet.
3. Next, a new window will open, click "Generate a new key phrase" to configure the Avalanche Wallet.
After that, the wallet will generate a seed phrase of 24 random words. You can generate a new set of words again or copy the one that was suggested the first time.
Be sure to rewrite the Seed phrase on paper and make several backups!
Remember that the word order in the Seed Phrase is very important and note that the seed phrase is critical to keeping your Avalanche coins safe.
If suddenly, in the future, you need to restore the Avalanche wallet, you will need to use these 24 words (Seed phrase) in a sequential (desired) order.
After you have rewritten the seed phrase, click on the checkbox "I wrote down my key phrase in a secure location." and click on the "Access Wallet" button.
4. The next step is to enter the Seed phrase that you have rewritten. Fill in the gaps in the seed phrase. Next, click on the "Verify" button, and then click "Access to the wallet" to access the Avalanche wallet.
That's it! Your Avalanche wallet is ready. You can start receiving Avalanche coins and tokens.
Important: when you are not active, the Avalanche wallet automatically logs out of the system. You will need to re-log in using your seed phrase. Click on the "Access Wallet" button to access your existing Avalanche wallet. Next, select "Mnemonic key phrase" as an option for accessing the wallet. In the next step, enter the seed phrase and click on the "Access Wallet" button to re-enter your wallet.
The wallet itself is simple and intuitive to use. The toolbar will display information about your current assets, such as tokens and collectibles.
On the main page of the wallet, in the right corner you will find the address of your wallet. Your available / blocked balance in the X, P and C chains is immediately displayed.
Avalanche wallet allows you to store coins in a chain: X-Chain, P-Chain, C-Chain.
To get coins to the Avalanche wallet, you need to choose the correct chain.
Please note that most of the cryptocurrency exchanges support the transfer only to the X-Chain.
Before sending and receiving coins on the official Avalanche wallet, be sure to select the desired chain.
Avalanche wallet, works according to the usual scheme, after receiving coins in the X-Chain, the deposit address will change.
Sending AVAX and the commission for sending Avax (C-Chain and X-Chain)?
Please note that you cannot send tokens directly from the P-Chain. You can only send AVAX coins from C-Chain or X-Chain.
If you have a cryptocurrency in the P-Chain, you need to transfer it to X or C Chain using the cross-chain function.
Before sending coins from Avalanche to an external wallet (for example, an exchange wallet), make sure that it supports this particular chain.
What to do if there are coins in the Avalanche wallet in C Chain, but the exchange to which the transfer will be made supports only X Chain?
You need to use the function in the official wallet - Cross Chain. Next, transfer the coins from the C-Chain to the X-Chain.
After that, you will be able to send coins from the X-Chain to the exchange address or another external address!
1. To send tokens on the Avalanche wallet, go to the send tab.
2. Next, select the source chain: X-Chain, or C-Chain.
Important. To send other tokens (or Avax itself) from the Avalanche wallet, you will need a small amount of AVAX, since they serve as a network commission.
When transferring using AVAX X-Chain, you will need ~ 0.001 AVAX for the transaction-the network commission.
When transferring from AVAX C-Chain, the commission is ~ 0.004725 AVAX per transaction.
3. After selecting the desired chain, select the token, enter the address to send and the amount of coins you want to send.
Please note, if you are sending coins via the X-Chain, pay attention to the memo. Some exchanges require the inclusion of a memo in the transaction.
If you are sending coins via C-Chain, set the gas price (GWEI), and then confirm the transaction.
Use block explorers Avalanche to track Token transfers:
Crass Chain: AVAX transfer between X-Chain, P-Chain and C-Chain
Avalanche supports moving AVAX tokens between chains using atomic swaps. You can send AVAX between X-Chain, P-Chain and C-Chain.
Here's how to convert AVAX tokens between X-Chain, P-Chain and C-Chain.
Open the wallet and go to the "Cross Chain" section. Next, to convert AVAX between chains, you need to have some amount of AVAX as a commission.
Attention! Do not transfer the entire amount. Leave some coins to pay for gas.
Then select the source chain and the target chain – the one you want to convert coins to.
After selecting the source and target chains, you will see the available balance in both chains. Then enter the amount to transfer from the source chain to the destination chain.
The conversion fee will be displayed here as well. Then click on the "Confirm" button to start the translation.
You can convert AVAX back and forth between any of the three chains at any time using the Cross Chain function.
To learn more about the transfer between chains using the API, follow this link: https://docs.avax.network/build/tutorials/platform/transfer-avax-between-x-chain-and-p-chain
Staking AVAX. How do I get coins?
One of the important functions of the Avalanche wallet is the earning function, betting coins. Thanks to betting, you can earn more AVAX.
In order to participate in betting AVAX and earn more AVAX coins, you need to become a validator or delegate in the Avalanche network. To do this, you need to send the required number of tokens to the P-Chain.
As soon as you transfer the tokens to the P-Chain, you will be able to confirm or delegate them and start earning – participate in betting.
You can use the AVAX test network (https://faucet.avax-test.network/). Testnet is a free and easy way to" play " with the Avalanche blockchain.
In the upper right corner of the wallet, you can switch between the main network and the Fuji test network at any time.
Important: do not confuse the network (test and main). The addresses of your main network and the test network are completely different, but they are accessed using a single seed phrase.
Support for Ledger AVAX
In addition to accessing the Avalanche wallet using the seed phrase, you can also access it using the Ledger hardware wallet.
The Avalanche wallet supports the integration of the Ledger Nano S or Nano X hardware wallet.
Set up a Ledger wallet and install the Avalanche wallet app, which is available through Ledger Live. Then connect and interact with the Avalanche web wallet using Ledger.
Here you can find instructions for setting up the Avalanche web wallet in Ledger Live: https://docs.avax.network/build/tutorials/platform/setup-your-ledger-nano-s-with-avalanche