Original | Odaily Odaily
Author | Husband How
Editor | Hao Fangzhou
MetaMask is the first stop for most people to start on-chain activities, and it is also the traffic entrance of Web3. However, in recent years, various public chain ecosystems and Web3 wallets with various conceptual features (AA, MPC, etc.) have sprung up, and they have indeed won some users with better product experience. However, MetaMask still occupies the leading position in the wallet field. According to data disclosed by Consensys : MetaMask has a total number of users of 100 million, is associated with 17,000 DApps, and has a daily interaction volume of 244,000 times.
In the past year, MetaMask has been making continuous moves, launching a series of new functions, such as the "Snap" function similar to the WeChat applet, "Sell" and "Buy", the compliant deposit and withdrawal channels in relevant regions, and the simple and convenient Ethereum pledge module " Stake” etc. Odaily Odaily summarizes the progress and discusses the pros and cons of MetaMask’s new important products in the past year.
MetaMask Snap
MetaMask Snap is a plug-in platform for user-defined wallet functions launched by MetaMask. It currently contains 34 Snaps created by third parties. Enable cross-platform transaction insights, notifications, and interoperability functions.
In fact, as early as 2019, MetaMask proposed a discussion about the MetaMask plug-in , which is equivalent to the earliest expression of Snap's ideas. In July this year, it also proposed to launch the Snap protocol by the end of the year, and developers can conduct early-stage related testing through MetaMask Flask.
On September 12, the public beta version of MetaMask Snap was launched. Users can associate the functions they want to achieve through the following operations.
1. Select the Snap item you want to install via the Snap Catalog Platform .
2. This article takes Cosmos Extension as an example to add Snap to MetaMask.
3. The picture above is to add Snap to MetaMask, but you still need to enter the Cosmos Snap web page to achieve related functions by extending the MetaMask plug-in.
MetaMask Snap is an important cornerstone for MetaMask to become a universal interface for Web3. It helps MetaMask expand to non-EVM chains and realize transaction insights, message notifications and other functions. The official likened this move to Web3 " Google " (for us, it may be more like Is Web3 "Alipay") .
MetaMask Portfolio
At the end of September last year, MetaMask launched MetaMask Portfolio DApp, a product portfolio related to MetaMask to help users manage aggregated assets and make it easier to operate assets on the chain. MetaMask portfolio currently provides functions including Sell, Buy, Stake, Dashboard, Bridge and Swap.
Sell
On September 5, MetaMask launched the "Sell" function, which allows users to exchange cryptocurrencies into fiat currencies (such as US dollars, euros, pounds sterling) through MetaMask Portfolio and send funds to bank accounts. This feature is currently only available in the US, UK, and parts of Europe. details as follows:
Overseas users have reported that during the Sell process, three-party fees will be incurred, including gas fees, transaction fees, and cooperative service provider fees. According to the stable gas fee in the early stage, the entire Sell process will generate nearly 10% transaction fees. This has improved MetaMask’s revenue capabilities to a certain extent. Specific phased results need to wait for official subsequent disclosure.
Buy
In April this year, MetaMask launched the "Buy" function and launched cryptocurrency purchase services for more than 90 tokens to users in more than 189 countries. Users can use this function to purchase more than 75 cryptocurrencies on 8 blockchains in multiple countries. kind of token. Buy accepts debit and credit card transfers, PayPal transfers, bank transfers, instant ACH transfers, and other transfer methods.
MetaMask launches Sell and Buy functions to connect the entire process from Web2 users to Web3 users, forming a traffic closed loop and paving the way for large-scale adoption.
Stake
In January this year, MetaMask launched the “Stake” function. MetaMask Stake allows users to conduct liquidity staking with Lido or Rocket Pool , helping users easily implement the ETH staking function.
Bridge
In November last year, MetaMask launched the "Bridge" function. MetaMask Bridges is a bridge aggregator that helps you find the best route to move your tokens from one chain to another.
Currently supports Ethereum, Optimism , BNB Chain , Polygon , Ar'bitrum, and Avalance. And supports 7 assets including Ethereum, USDT, etc.
Dashboard and Swap
Dashboard and Swap are both common wallet functions.
Dashboard provides a comprehensive asset diagram, supports aggregated asset diagrams of 7 chains, and supports functions such as NFT and on-chain activities.
Swap, as an early feature of MetaMask, provides exchange between tokens. No need to go into details here.
Since the launch of MetaMask's product portfolio DApp, related functions have been continuously improved. The newly added function of depositing and withdrawing fiat currency has opened up the entire process of user participation in Web3. Novice users can realize a variety of on-chain needs through MetaMask. This lays a good foundation for mass adoption.
Although late, MetaMask aims to become a universal operating interface for Web3
MetaMask has been continuously launching new features in the past year, but compared to the development of other wallets, it is still relatively slow. Most of the above functions have already been implemented by other wallets, such as OKX Wallet, Coinbase Wallet, etc. And other wallets have more functions, such as instant messaging, airdrop interaction, etc.
However, MetaMask’s natural advantage over it lies in its nearly 30 million monthly active users. It has relied on its first-mover advantage, Ethereum team and other features to occupy half of the hot wallet field. As shown in the figure below, according to the CoinGecko report , as of August this year, MetaMask had been downloaded 22.66 million times.
Since MetaMask launched its product portfolio DApp last year, its goal is to become a universal interface for Web3. Especially when the deposit and withdrawal functions are realized, it will gradually move towards a decentralized exchange.
Although the vision of the MetaMask Snap function is attractive enough, it has only been launched in public beta since the idea was proposed in 2019. This speed is too slow compared to other projects. In terms of supporting the new public chain ecology alone, the access speed is acceptable.
If you want to make suggestions for the next step of development:
1. There are many operation interfaces and the process is cumbersome. Of course, this may be related to the natural disadvantages of the EOA wallet. We hope that MetaMask can be improved through EIP 4337 and account abstraction.
2. The new functions are more suitable for users who are just getting started, and the experience and complete functions are poor. For example, the Bridge function has less coverage and higher fees. The additional cost of deposits and withdrawals is also unacceptable to old users.
3. Since Snap is built by a third party and will have no permission in the future, it can easily become the hardest hit area for security risks. It is recommended to launch interfaces such as user ratings or third-party security feature reviews to help new users better choose Snap that is easy to use and safe.
All in all, MetaMask serves as the first or even the only tool for most people to conduct on-chain activities. Its performance in the past year has been remarkable. Although there are many external competitive factors, one small step taken by MetaMask is enough to surpass the big step taken by other projects.
