Original | Odaily

Author | How

Editor | Hao Fangzhou

MetaMask, as the first stop for most people to start on-chain activities, is also the traffic entrance for Web3. However, in recent years, Web3 wallets affiliated with various concept features (AA, MPC, etc.) in various public chain ecosystems have emerged one after another, and they have indeed won some users with better product experiences. However, MetaMask still occupies a leading position in the wallet field. According to data disclosed by Consensys, the total number of MetaMask users has reached 100 million, associated with 17,000 DApps, with a daily interaction volume of 244,000 times.

In the past year, MetaMask has been making continuous efforts, launching a series of new features, such as the "Snap" feature similar to WeChat mini programs, the compliant deposit and withdrawal channels "Sell" and "Buy" in relevant regions, and the simple and convenient Ethereum staking module "Stake". Odaily presents a summary of the new important product progress of MetaMask in the past year and explores its advantages and disadvantages.

MetaMask Snap

MetaMask Snap is a plugin platform for user-customized wallet features launched by MetaMask. It currently contains 34 snaps created by third parties. It achieves cross-platform transaction insights, notifications, and interoperability functions.

In fact, as early as 2019, MetaMask proposed a discussion about MetaMask plugins, which is equivalent to the earliest expression of the idea of snaps. In July of this year,It is also proposed to launch Snap protocol by the end of the year and developers can conduct preliminary testing through MetaMask Flaskrelated tests.

On September 12, the public beta of MetaMask Snap went live, and users can associate desired functions through the following operations.

1. Select the Snap project you want to install through the Snap directory platform.

2. This article takes Cosmos Extension as an example and adds Snap to MetaMask.

3. The picture above shows that Snap has been added to MetaMask, but you still need to go to the Cosmos Snap webpage to enable the related functions through the MetaMask extension.

As an important cornerstone of MetaMask becoming a universal interface for Web3, MetaMask Snap helps MetaMask expand to non-EVM chains and achieve transaction insight, message notification, and other functions. Officially, this move is likened to Web3 "Google" (for us, perhaps more like Web3 "Alipay").

MetaMask Portfolio

In late September last year, MetaMask launched the MetaMask Portfolio DApp - a collection of related products about MetaMask, which helps users manage and summarize assets and facilitates convenient operations on-chain assets. MetaMask Portfolio currently provides functions including Sell, Buy, Stake, Dashboard, Bridge, and Swap.

Sell

On September 5th, MetaMask launched the "Sell" function, which allows users to convert cryptocurrency into fiat currency (such as USD, EUR, GBP) through MetaMask Portfolio and send funds to bank accounts. This feature is currently only available in the United States, United Kingdom, and select European regions. Details are as follows:

Overseas users feedback, during the Sell process, there will be third-party fees including Gas Fee, transaction fees, and fees from cooperation service providers. With the stability of Gas fees in the early stage, the entire Sell process will generate nearly 10% of transaction fees. This to some extent improves the revenue capability of MetaMask. Specific phased achievements need to be disclosed by the official in the future.

Buy

In April of this year, MetaMask launched the "Buy" feature and introduced cryptocurrency purchasing services for more than 189 countries, offering over 90 different tokens. Through this feature, users can purchase over 75 tokens on 8 different blockchains in multiple countries. Buy accepts debit card and credit card transfers, PayPal transfers, bank transfers, instant ACH transfers, and other transfer methods.

MetaMask introduces the Sell and Buy functions, connecting the entire process from Web2 users to Web3 users, forming a closed loop of traffic, and paving the way for mass adoption.

Stake

In January of this year, MetaMask launched the "Stake" function. MetaMask Stake allows users to provide liquidity stake with Lido or Rocket Pool, making it easy for users to participate in ETH staking.

Bridge

In November last year, MetaMask introduced the "Bridge" function. MetaMask Bridges is a bridge aggregator that helps you find the best route to transfer tokens from one chain to another.

Currently supports Ethereum, Optimism, BNB Chain, Polygon, Ar'bitrum, Avalance. And supports 7 assets including Ethereum, USDT, etc.

Dashboard and Swap

Both Dashboard and Swap are common wallet features.

• Dashboard provides a comprehensive asset diagram, supporting aggregated asset diagrams for 7 chains, as well as NFT, on-chain activities, and other features.

• Swap, as an early feature of MetaMask, provides exchange between tokens. I won't go into too much detail here.

Since the launch of the MetaMask DApp portfolio, MetaMask has continuously improved its related features. The newly added feature of fiat currency deposits and withdrawals connects users to the entire process of Web3, allowing novice users to fulfill various on-chain needs through MetaMask. This lays a solid foundation for widespread adoption.

Late but here, MetaMask aims to be the universal interface for Web3

Over the past year, MetaMask has continuously introduced new features, but compared to the development of other wallets, it is relatively slow. Most of the aforementioned features have already been implemented by other wallets such as OKX Wallet and Coinbase Wallet. And other wallets have more features, such as instant messaging and airdrop interaction.

However, MetaMask has the natural advantage of having nearly 30 million monthly active users. It has already occupied a dominant position in the hot wallet space thanks to its first-mover advantage and the Ethereum team. According to the CoinGecko report, as of August this year, MetaMask has been downloaded over 22.66 million times.

MetaMask has been aiming to become a universal interface for Web3 ever since it launched its product portfolio DApp last year. Especially when the deposit and withdrawal functions are implemented, it is gradually moving towards the path of decentralized exchanges.

Although the vision of MetaMask Snap is attractive enough, it is too slow compared to other projects, considering it was proposed in 2019 and only launched a public beta version recently. However, in terms of supporting new blockchain ecosystems, the integration speed is acceptable.

If suggestions for further development are to be made:

1. There are too many operational interfaces, and the process is cumbersome. Of course, this may be related to the inherent disadvantages of EOA wallets. I hope that MetaMask can improve this through directions such as EIP 4337 and account abstraction.

2. The new features are more suitable for users who are just getting started, but the experience and functionality are lacking. For example, the Bridge function has limited coverage and high fees. The additional costs of depositing and withdrawing also make it difficult for old users to accept.

3. Since Snap is built by a third party and its future is permissionless, it is prone to becoming a high-risk area for security. It is recommended to introduce user ratings or interfaces for third-party security feature audits to help new users choose convenient and secure Snaps.

In conclusion, MetaMask is the first tool, and even the only tool, for most people to engage in activities on the blockchain. Its performance in the past year is commendable. Although there are many external competitive factors, MetaMask's small step is enough to surpass a big step in other projects.