MetaMask wants to be omniscient – The decentralized finance ecosystem was born on Ethereum. However, many other blockchains soon joined the race. Now the Challenge is a multi-chain ecosystem and funds flow from one chain to another.
DeFi: the new multi-chain paradigm
The decentralized finance ecosystem was born at the end of 2019 on the Ethereum protocol. Soon we will see a multitude of protocols that will mark the foundations of this ecosystem. Among them, we can cite MakerDAO, Uniswap or Aave.
However, given the technical limitations ofEthereumthe network quickly finds itself the victim of a heavy congestion, a situation that will quickly be seized by the competition. We have thus seen the emergence of many EVM-compatible blockchainssuch as BNB Chain, Solana or Avalanche.
This proliferation of blockchains with smart contracts has shifted DeFi from a paradigm centered around Ethereum to a multi-chain paradigm. Now, hundreds of chains make up the DeFi ecosystem.
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On the occasion of the StarkWare Sessions 2023 conference, the MetaMask teams were invited to talk about the project MetaMask Snap. Indeed, we had already heard about MetaMask Snap during theannouncing the port of MetaMask to the StarkNet network.
In practice, MetaMask Snap allows MetaMask toextend its support to blockchains that are not not EVM-compatible. Therefore, this includes many blockchains and second-layer solutions.
“MetaMask has historically been an Ethereum wallet. We have to start moving beyond that. The multi-channel future is very clear. »
Declaration of MetaMask
To do this, product manager Alex Jupiter revealed that the team was trying to make Snap A environment conducive to developersallowing them to use various interfaces (APIs) from different blockchains.
In practice, Snap is a program that runs alongside MetaMask and expands the possibilities to allow for customizing the user experience. In theory, this method should have no limit and should allow the addition of any blockchain:
“Technically, it is possible for us to integrate them all. I’m sure there will be a limit. We managed to extend it to Bitcoin, to extend it to StarkNet. So, it should be possible with any other blockchain. »
Indeed, we learn that MetaMask has already developed a Snap for Bitcoin, which allows users to interact with Bitcoin from MetaMask.
However, before being the heart of DeFi, MetaMask will have to clarify certain points. Indeed, the wallet had been singled out regarding a backup of user information. The teams had subsequently justified and had made certain changes.
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