🌠 Are MetaMask's Updates Game-Changing?
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UNWRAP NEW METAMASK
The Korean Blockchain Week 2023 conference is underway, so we'll be gathering insights shared there for you.
ConsenSys, the team behind MetaMask, and their Head of Strategy, Simon Morris, revealed more details about the MetaMask Snaps update.
According to Morris, the key objective of the protocol is to take the project beyond the EVM (Ethereum Virtual Machine) ecosystem.
If that's not clear, we've previously discussed what MetaMask Snaps are.
To remind you, this feature allows the addition of new APIs to MetaMask, empowering you to create your own personalized and customized wallet.
We've compared it to browser extensions; your default MetaMask is like your default browser, but you can add different themes, mini-apps and find new ways to utilize such a tool.
A MetaMask representative compared the Snaps protocol to the Apple App Store. After the update is complete, releasing new dApps for MetaMask will be as straightforward as creating web applications and customizing your MetaMask will be as simple as downloading any app from any mobile app store.
In other words, the protocol will allow users to load third-party extensions into MetaMask.
"MetaMask started in the EVM ecosystem, where it gained significant adoption. Therefore, the purpose of this update is to ensure interoperability with other networks that are incompatible with EVM."
So, there will be options for interaction with Bitcoin, Cosmos, and others.
Moreover, some of the first Snaps will aim to simplify transaction verification and smart contract assessments.
Altogether, this is a very serious announcement that could fundamentally change how we use wallets.
But that's not all from MetaMask!
MetaMask has also introduced a feature that allows you to sell Ethereum and cash out to fiat.
Where? In the web version of the MetaMask Portfolio (accessible from the wallet). Users can cash out Ethereum and transfer money to bank accounts in the U.S., U.K., and some European countries (in dollars, euros, and pounds).
They also promise to add more countries.
For now, this new payment feature works with Ethereum tokens on the main network. Over time, they plan to start to support other crypto as well as layer-2 networks. You may check it out, but don't forget about possible tax liabilities in doing so :)
TL;DR: MetaMask unveiled Snaps for third-party extensions (like a mobile crypto app store) and a fiat cashout feature at Korean Blockchain Week 2023. These updates aim to broaden MetaMask's functionality and make it easier to convert Ethereum to cash.
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The picture as of today is not so pleasant, although there are some noteworthy mentions:
The current buzz surrounding MakerDAO is favorable for the token's price. The main details were shared on Monday.
The audience is eagerly awaiting the launch of Synthetix's V3 platform. Moreover, the project team is engaging in a specific type of marketing (image).
If you're unfamiliar, what sets Synthetix apart is the ability for liquidity pool managers to configure these pools to extend credit to derivatives markets.
In simpler terms, Synthetix allows those who manage liquidity pools to tailor these pools to lend assets to financial derivatives markets like options or futures.
SafePal recently partnered with the Klaytn Foundation and released a limited-edition wallet.
Overall, as indicated by the price performance, they are gaining more market share. You can check out their new offerings here.
However, the question arises: Will they be able to compete with wallets like MetaMask, given what we've described above? The answer is likely "yes," since they are more focused on mobile and cold wallets.
SELECTED MEME OF THE DAY
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