There is a possibility that you have seen Metamask on one of those occasions when you tried to access a DeFi app. In case this is your first time, just bear it in mind that it is a kind of Ethereum wallet that doesn’t use custodial services and acts like a browser extension.
If the kind of web browser you want to use to enter a web3 app is something like Mozilla Firefox, then you would need a browser extension or Metamask. There are some qualities of Metamask that makes it acceptable. The essence of this review is to bring them to your knowledge.
As revealed by ConsenSys, Metamask is doing well by encouraging more people to fall in love with web3 apps and Ethereum wallets by bringing the possibility of accessing them. Although it is not several years old, there are a lot of users on it who are always busy with making transactions through it.
Most of the time, people get to use Metamask because they are prompted to do so by dApps such as MakerDAO and Compound. It is not a usual occurrence for Metamask users to give and take Ethereum based assets among themselves.
That means Metamask is gaining a lot from the popularity of DeFi. There is no big deal in having one since it can be downloaded on Chrome, Brave, Opera, Firefox. All you need do is go to the main site and get started.
Many crypto users now trust Metamask. About 1,600 of those who are using it through Google Chrome have given it a score of 4 over 5. More than 1 million people are currently using Metamask on their Google Chrome.
Metamask makes it easy for anyone to start and finish Ethereum transactions. Users are able to give and take Ether from others when they share QR codes. Another feature on Metamask that can be enjoyed by those who are more experienced is the ability to determine the gas price to pay.
As a non-custodial wallet, you will be the one to keep your own private keys since Metamask cannot have it. It is safe to keep one’s crypto assets this way but this has a disadvantage in that you may never be able to get back your money if you are careless with your private keys.
- Keeping Tokens
Metamask is a place to keep ETH, ERC20 tokens, and ERC721 tokens. There is a search bar that can be used to find out all the supported tokens.
- Seed Phrases
As an alternative to having encrypted private key that is difficult to memorize, it is now possible to create a mnemonic for it. The seed phrase consists of 12 words that anyone can read. This takes away the stress of trying to store them somewhere as one can now easily remember it with a mnemonic.
- Gas Fees that can be modified
Metamask looks better than some other non-custodial wallets in that there is a possibility of choosing how much one would like to pay as gas fees, depending on the importance of the deal. With the more advanced features available on Metamask, it is possible to be detailed about the exact price you would like to pay on different occasions.
Although it is only for Ethereum assets, users won’t feel the limitation because they still have much to do if they have the different kinds of Ethereum networks such as Ethereum Main-net, Goerli Test Network, and Koyan Test Network. Metamask can be added by developers to other platforms by using the custom RPC or local node.
Addition of hardware wallet
For those who would like to step up the level of safety on their account because they now have so much money on their Metamask wallet, there is a feature that allows you to add some well-known hardware wallets such as Trezor and Ledger.
Metamask may not have reached its full user-base because there are some vital features it still lacks. These include:
- Lack of Meta Transactions
Most of the wallets being created now come with meta transactions. In case you don’t know, meta transactions create the possibility for end-users to perform transactions without paying gas fees. The benefit is that users must not have Ether in their wallets before they can connect to DeFi apps.
- It lacks usernames
Unlike Coinbase Wallet, which we just reviewed, Metamask wallet is yet to employ the use of usernames which users now find easier to handle. This is why many prefer the likes of Venmo where only usernames are required to send and receive money. Notwithstanding, Metamask now has a place for ENS addresses, which many crypto users have started to adopt.
- Only a friend to Ethereum Users
Ethereum is the only supported asset on Metamask so those that have Bitcoin and other kinds of crypto may have no business to do there. Notwithstanding, Metamask still has a lot of users because Ethereum has been applied to a lot of assets including stabecoins and wBTC.
The future of Metamask
Metamask has shown remarkable growth within the last few months. One of its most recent and outstanding additions is the Metamask Mobile, which was introduced to attract those that cannot use the desktop version. Metamask mobile is easy to use so it requires no special kind of tutorial.
Metamask is now available on iOS and Android to be downloaded and used free of charge. The mobile app comes with a short tutorial for those who don’t know anything about web3. With it, one can quickly open a wallet in less than a minute and peruse some of the well-known DeFi apps.
As already stated, desktop Metamask has the disadvantage of asking for gas fees and transactions take a long time to be processed but the mobile version has tried to correct these anomalies through the use of Connext. It is also now possible to buy crypto without logging out of Metamask by simply using any of the exchanges added to it.
There are other benefits of using Metamask mobile. They include:
· More details to see on your transaction history. You can now use the history to know when you sent or received tokens, ETH or contracts
· Easier to manage gas fees
· Option to choose between fiat or cryptocurrency when transferring assets.
Web3 Browser operations
· Customer care for mobile users.
· You can see other important dApps.
· You can perform multiple tasks at the same time by using more than one tab.
· Websites with the .eth extension can now be accessed if they are hosted by IPFS
· It uses biometrics to provide top-notch safety of funds.
· Once-downloaded, it is set on privacy mode.
· There is a place to save your seed phrase.
Metamask is a popular non-custodial wallet among DeFi users. Its popularity in the last few weeks has increased the more following the release of its mobile version.
If you want to know more about how DeFi apps work on Ethereum, you are good with your hands on Metamask. Among other reasons to join, you will have your own private keys to yourself, connect to present and upcoming DeFi apps, and it supports a wide range of Ethereum assets.