New Non-Custodial, Cross-Chain Browser Wallet to Compete with MetaMask by Focusing on DeFi and NFTs

New Non-Custodial, Cross-Chain Browser Wallet to Compete with MetaMask by Focusing on DeFi and NFTs

XDEFI has released its rival to the popular crypto wallet MetaMask which reported more than 10 million active users in August.

Last month, XDEFI Wallet raised $6 million led by Mechanism Capital and Defiance Capital, with other investors including Alameda Research, Sino Global, and Animoca Brands.

Now it has announced the public release of its non-custodial, cross-chain wallet built with a focus on decentralized finance (DeFi) and non-fungible tokens (NFTs).

This week, the team unveiled XDEFI Wallet 7.0 and introduced the Ape Mode for the apes and degens of crypto.

The wallet uses a proprietary gas algorithm to ensure that even during times of congestion, transactions get into the next block timely, says the team.

It is also optimized for EIP-1559 allowing “users the maximum benefit from Ethereum’s London hard fork while still maintaining an accessible interface.” By adding a network activity section in-app, it reduces reliance on third-party sites. ETH 3.35% Ethereum / USD ETHUSD $ 3,608.86
$120.903.35%
Volume 16.15 b Change $120.90 Open $3,608.86 Circulating 117.91 m Market Cap 425.53 b
7 h New Non-Custodial, Cross-Chain Browser Wallet to Compete with MetaMask by Focusing on DeFi and NFTs 11 h US Dollar Hits One-Year High But Bitcoin No Longer Holds an Inverse Correlation with it 1 d BSC Is Back in the Game as Binance Announces $1 Billion Incentives Program to Pump the Ecosystem

While the wallet already offers access to chains like Terra (LUNA) and THORChain (RUNE), which are not available on MetaMask, support for other popular blockchains like Solana (SOL) and Avalanche (AVAX) along with layer 2 solutions like Arbitrum will be added along the way. LUNA 2.38% Luna Coin / USD LUNAUSD $ 0.01
$0.002.38%
Volume 0 Change $0.00 Open $0.01 Circulating 1.71 m Market Cap 12.73 K
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RUNE 1.10% THORChain / USD RUNEUSD $ 7.33
$0.081.10%
Volume 47.74 m Change $0.08 Open $7.33 Circulating 224.41 m Market Cap 1.65 b
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SOL -2.60% Solana / USD SOLUSD $ 148.26
-$3.85-2.60%
Volume 2.07 b Change -$3.85 Open $148.26 Circulating 299.9 m Market Cap 44.46 b
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AVAX 1.39% Avalanche / USD AVAXUSD $ 55.04
$0.771.39%
Volume 651.96 m Change $0.77 Open $55.04 Circulating 220.29 m Market Cap 12.12 b
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As for NFTs, the wallet offers automatic detection and a drag-and-drop NFT display grid.

Users can also buy crypto directly within the XDEFI Wallet, for which it claims not to charge a fee.

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Author: AnTy

ETH/BTC Continues its Descent as Fees Drops Under $3, ConsenSys Launching MetaMask Institutional

Etehreum’s average fees have dropped lower than Bitcoin’s, while MetaMask Institutional comes as cryptocurrency funds, family offices, and financial institutions “increasingly” seek exposure to DeFi.

The price of Ether is subdued at around $2,500, following the 60% drop in its price from the all-time high of $4,380 last month. Ether actually more than doubled its price in just over a fortnight to hit this peak.

During the recent sell-off, Eth went as low as $1,725 on Coinbase.

Much like the weakness in the USD market, ETH is also feeling the woes against BTC.

ETH/BTC started its uptrend on March 29 when it was around 0.03. After two and a half months of a continuous uptrend, climbing to 0.082, a level last seen in May 2018, ETH/BTC topped out on May 15.

The subsequent sell-off during which ETH dropped harder than Bitcoin, as it usually happens – the opposite of a bull market where Eth price typically outperforms Bitcoin, ETH/BTC fell to 0.055.

As of writing, ETH/BTC is down at under 0.063 after climbing to 0.075 momentarily as Bitcoin leads the cryptocurrency space in strength in the current “crab” market, with El Salvador declaring it a legal tender acting as a likely catalyst.

Bitcoin leading the market is seen as a bullish scenario for the rest of the market because as long as Bitcoin maintains its strength and pumps while altcoins do not, the money will eventually rotate into them and pump them higher as we saw during the end of 2020 and into 2021. BTC 3.61% Bitcoin / USD BTCUSD $ 40,526.78
$1,463.023.61%
Volume 48.51 b Change $1,463.02 Open $40,526.78 Circulating 18.73 m Market Cap 759.27 b
5 h Bitcoin (BTC) Price Trading Analysis June 14: Market Outlook Bullish Continuation, Here’s Why 5 h Ethereum (ETH) Price Trading Analysis June 14; Market Outlook Is Slightly Bearish, Here’s Why 6 h Bitcoin Surges Above $41k — MacroStrategy, PTJ, FOMC Meeting, BCIE ‘Adopting BTC for Legal Use’

Seeking Exposure

The lack of price action has the Ethereum exchanges inflow volume reaching its lowest volume since November 15, 2020.

Akin to this absence of activity, the fees on the second-largest network have fallen to a single digit, last seen before the DeFi summer. The standard gas fee is currently a mere 5 gwei, as per ETHgas station, which skyrocketed to 2,000 gwei briefly for the first time ever during the market sell-off.

Average fees have gone down to $2.7, even lower than Bitcoin’s average of about $5, as per Blockchair.

The total daily fee on Ethereum is also on a downtrend, recording about 3.7 million on June 13, last seen in December, down from 117.2 million on May 11, according to Coin Metrics.

Amidst the lack of momentum, the popular Ethereum wallet MetaMask is launching its services for institutions to help them access and engage with DeFi.

With the decentralized finance ecosystem reaching past $40 billion, cryptocurrency funds, family offices, and financial institutions are “increasingly” seeking exposure to space, and through MetaMask Institutional, the company aims to enable funds to swap tokens, borrow, lend, invest, and interact with DeFi protocols and applications using its interface.

Prior to its commercial launch, ConsenSys is collaborating with a select group of partners, custodians, and professional trading firms to give feedback throughout beta testing.

“Ideal partners have customers already deploying capital into DeFi protocols,” it noted.

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Author: AnTy

Popular Ethereum Wallet, MetaMask, Rolls Out V2 Token Swapping Feature for Smartphones

Popular Ethereum Wallet, MetaMask, Rolls Out V2 Token Swapping Feature for Smartphones

MetaMask has finally rolled out the token swap feature for iOs and Android phone users.

The company said that users can now swap tokens inside their mobile wallets using the Swaps feature.

MetaMask Brings DeFi Closer With New Add-on

MetaMask token swaps are achieved with a combination of data from automated and professional market makers and individual decentralized exchanges (DEXs).

The Swap feature includes slippage protection, fewer appeals, and reduced gas fees. On its website MetaMask stated,

“Instead of searching for the best prices between DEXs, MetaMask aggregates this information in a user-friendly interface so that users have access to the greatest liquidity, the largest selection of tokens, and the most competitive prices. The mobile version of Swaps comes with the same fees of 0.875% as the desktop version, which is automatically factored into each quote.”

Mobile users who want to access the new swaps feature would need to update or download the mobile app.

Once inside, users can tap on the new ‘Swap’ button to choose the tokens they want to exchange, select a quote, and then swap. MetaMask charges 0.875% for each swap completed.

Owned by ConsenSys, MetaMask is a popular Ethereum (ETH) wallet that was originally available as an extension for Chrome and Firefox. The company has seen its swaps feature grow substantially alongside its non-fungible tokens (NFTs).

Growing Revenue from Token Swaps

Token Swaps has helped MetaMask grow its revenue substantially over the past few months.

According to reports released by the crypto metrics platform in February, Dune Analytics, users reportedly swap between $11 million and $15 million worth of Ethereum-based tokens daily. This level of activity generates about $95,000-$131,000 in fees each day.

The MetaMask token swaps feature was announced for the first time in October 2020. The Swaps feature was first launched for its web wallet on Chrome and Firefox browsers.

Swaps basically combine data from multiple decentralized exchange aggregators, professional market makers, and individual DEXs to ensure MetaMask users always get the best price with the lowest network fees.

Before the MetaMask Swaps feature, users had to navigate many DEXs to compare prices and swap tokens. This didn’t always yield the best price for every trade, as each aggregator performs differently under different circumstances.

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Author: Jimmy Aki

ConsenSys Rolls Out MetaMask for Institutions to Bring DeFi to Crypto Funds & Custodians

Ethereum software company ConsenSys has announced a new offering of MetaMask that allows institutions, including crypto funds, custodians, and professional traders, to access decentralized finance (DeFi).

MetaMask is a popular Ethereum wallet with over 1 million monthly active users who recently introduced a token swap feature and increased privacy level.

With DeFi space exploding in 2020, growing to over $14 billion, “Custody providers increasingly seek exposure and access to the diverse, decentralized finance opportunities,” noted ConsesnSys.

According to the firm, professional trading firms’ current process to use the attractive DeFi protocols is inefficient; they are introducing an institutional-grade version of MetaMask.

ConsenSys is working with the digital asset security provider Curv which also announced Curv DeFi for institutions that will integrate MetaMask. Curv Co-Founder and CEO Itay Malinger said,

“Since there is no reliable and secure institutional solution for DeFi, organizations are reverting to retail-level use of MetaMask or custom integrations with individual apps as a workaround.”

“We believe by combining our unique multi-party computation (MPC)-based security infrastructure with MetaMask we will be able to play a significant role in the institutional adoption of DeFi.”

Curv is ConsesnSys’s first launch partner, and it will be collaborating with other custodians and professional trading firms.

Scams Promoted via Google Paid Ads

In other news, MetaMask informed its users about the new scam targeting crypto users – rotter seed phrase attack. These malicious pre-phishing scams are being promoted via paid ads on Google linked to fake versions of wallet websites.

In this attack, a malicious website mimics the original wallet’s website and imitates its onboarding flow. Toward the end of the fake onboarding process on the fake website, the user is instructed to backup their seed phrase previously generated by the scammer.

The user is then taken to the wallet’s real website, where they are instructed to install the wallet and import the rotten seed phrase whose access is with the scammer who waits for the user to add funds to their wallet and then drains the accounts.

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Author: AnTy

MetaMask Launches A ‘Token Swap’ Feature In the Battle For A Share of the DeFi Market

MetaMask, the ConsenSys backed Ethereum app, introduces a token swap feature, promising the best trading fees in the decentralized finance (DeFi) ecosystem. This aims to take a share of the market from the prevailing decentralized exchanges which used Metamask connection to transfer funds to the trading wallet.

At launch, MetaMask will release the ERC-20 token swapping feature on Firefox web browser extension with other web extensions and its mobile app to come later. The token swapping feature will source its data feeds from multiple decentralized exchanges and their aggregators to offer the best prices and gas fees on the platform.

“We get the best prices because we simultaneously aggregate the most liquidity sources (DEXs) and many different methods for splitting the order across the DEXs (aggregators),” Jacob Cantele, head of product at MetaMask.

The token swapping feature is set to open a gateway to users to directly swap their tokens without the need for a third-party service. Previously, a user needed to connect their MetaMask wallet to a DEX such as Paraswap or Uniswap to swap their ERC 20 tokens to obtain them. With the direct swap, users will not choose to transfer their tokens to another party – reducing the number of steps.

The wallet will support data feeds from Uniswap, Paraswap, Kyber Network, 0x exchange, and 1.inch exchange, among other decentralized platforms.

According to ConsenSys, the fees will range across users depending on the order size, with trading fees expected to range from 0.03% to 0.085% on the platform.

The latest developments follow the Metamask mobile wallet’s launch on iOS and Android, allowing users to buy Ethereum (ETH) using Apple Pay directly. The developments will be key to onboard more customers, recently announcing they had reached 1 million active digital wallet users.

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Author: Lujan Odera

MetaMask Active Monthly Users Grow 400% Thanks to Mobile App And ‘DeFi Revolution’

With a growth of more than 400% in the last year, crypto wallet MetaMask has reached the milestone of one million monthly active users on both mobile and desktop apps combined.

According to Talia Knowles-Rivas, Head of Marketing, Developer and Consumer Products at ConsenSys, the recent launch of MetaMask Mobile played an “important role” in bringing new users.

USA, India, Nigeria, and the Philippines are the top four countries in mobile users’ volume.

Just a couple of months back, the popular Ethereum wallet’s open-source code was taken over by ConsenSys.

On the Back of DeFi Boom

Over the last twelve months, significant growth in the adoption of Web3 games, DAOs, and the rapid consumer uptake of DeFi products and services further accelerated this growth curve.

“This 2020 curve parallels the trend in DeFi adoption, indicating that new users are coming to MetaMask specifically to participate in the decentralized finance revolution,” noted Knowles-Rivas.

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Instead of buying and storing ETH, MetaMask’s new phase of growth is powered by much more than just that. It was actually driven by providing the ability to invest, sell, lend, and borrow and use the popular DeFi protocols like Uniswap, Curve, Yearn, Aave, and Maker.

In the past few months, the Decentralized Finance (DeFi) sector has exploded into popularity, with more than $10 billion locked in it.

With most of the DeFi projects asking users to connect their wallets and MetaMask being the wallet provider the most used on them, it makes sense that just like DeFi bloom, activity on MetaMask also exploded.

With Metamask, users can not only purchase and store ETH but also browse DeFi protocols and exchanges and connect their wallets directly to start trading.

Be Careful!

MetaMask allows one to run Ethereum decentralized applications (Dapps) without running a full Ethereum node. As such, the DeFi boom especially helped in achieving this milestone.

But amidst this, one user, who professionally stops hacks from happening, shared the incident of getting hacked for $40,000 secured through his Metamask and Ledger.

He advised people to wake up and secure their funds as there are so many different easy to get hacked.

With the hackers always on the lookout to steal funds, to minimize the risk of getting your MetaMask hacked, secure it with hardware wallets like Ledger or Trezor, revoke access to apps used, and change wallets regularly.

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Author: AnTy

MetaMask Rolls Out Mobile Wallet on iOS and Android; Buy Ethereum Directly with Apple Pay

  • MetaMask launches its mobile app allowing users easy access to wallet services.
  • Available on Apple iOS and Android

Following the launch of its public V1 version, ConsenSys (who purchased MetaMask recently) announced on Thursday the launch of its MetaMask Mobile app. The app aims to provide a secure, fast, and easy-to-use wallet for Ether (ETH) and Ethereum-based tokens on the phone. The mobile app will now be available to both iOS and Android users.

According to a statement obtained by BEG, the MetaMask Mobile version will provide similar services to its web version without compromising on the security of the token vaults. However, unlike the web-based version, the mobile version is a native cryptocurrency wallet that will interact with dApps installed on the phone or entering the dApp URL on a built-in web browser.

MetaMask is a crypto wallet that functions as a web browser extension allowing users to connect to web-based dApps directly easily. The platform securely stores ETH and Ethereum based tokens allowing easy and frictionless transactions on any dApp.

The MetaMask mobile version also comes with an easy payment gateway for those who want to purchase ETH and ERC-based tokens. A report from Mashable confirms the mobile crypto wallet will allow users to buy crypto using Apple Pay, debit cards, or other payment methods (depending on the country).

MetaMask remains the DApp wallet of choice even in the rise of DeFi, with ConsenSys stating the wallet has over 4 million users. The MetaMask Mobile app was released in a closed beta version back in 2019, with 135,000 users testing it.

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Author: Lujan Odera

Ethereum Wallet MetaMask’s Open-Source Code Now Owned by ConsenSys

Popular Ethereum wallet, MetaMask, is migrating its open-source under a new license — “Copyright ConsenSys Software Inc. 2020. All rights reserved,” announced the firm.

According to MetaMask, open-source software solves critical share problems, but “fair compensation for the maintenance of these community goods remains a problem.”

Since its release, 4 million individuals have used its browser extension, but now to “compete” with products in the web3 tech stack such as web browsers, MetaMask has taken the path that is “fairly compensated.”

Originally published under an MIT license, MetaMask’s code can be used by any developer to fork it and reuse it without any limitation. But under the new license, it seeks to prevent the commercial use, those with more than 10,000 monthly active users, of its code, which is now owned by ConsenSys.

The license protects the wallet from “free-riders or upstream competitors from exerting monopolistic control.”

“Going from MIT to non-commercial freeware, commercial-use-inquire-within is a huge FOSS bait and switch. I can’t think of any other project that’s done this in the space,” said Preston Byrne, an attorney who was an early entrepreneur in the sector, on this development.

He argues that now ConsenSys “claims the right to demand” those using the code to pay them. Even license fee on non-commercial use is ultimately “determined by ConsenSys in its sole discretion.”

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Author: AnTy

Google Suspends Ethereum Wallet & Browser MetaMask’s Android Client

  • Tech giant Google bans MetaMask on the grounds that it doesn’t allow apps that mine cryptos
  • Metamask wants community to speak out and use other browsers like Firefox and Brave instead
  • MetaMask is “totally overwhelmed” and is a hierarchical company

Google has suspended the Ethereum wallet and decentralized app browser MetaMask’s Android client from its Play app store, announced the Ethereum Dapp browser on Dec. 27.

MetaMask took to Twitter to share that the tech giant cited their policy that bans mining on mobile as the reason behind this ban. Google’s policy reads,

“We don’t allow apps that mine cryptocurrency on devices. We permit apps that remotely manage the mining of cryptocurrency.”

But MetaMask says they don’t offer mining and its appeal has also been rejected. The rejection also cited the same policy that no mining is allowed on Android. The company wrote,

“It’s unclear whether the reviewer doesn’t understand the policy, or whether they are enforcing an unwritten policy. Either way, it’s time to ProtectWeb3.”

Need for Decentralized Options

This, however, hasn’t been the first time that Google has blocked the crypto wallet of MetaMask that has an estimated 200k active users. That last time the search engine delisted it from the Chrome Web Store but the community spoke out and got it re-listed.

If it is left banned, MetaMask says they will be working on other ways to bring their services to Android users.

Meanwhile, it wants the community to speak out and show their support by using other browsers Firefox and Brave.

Earlier this year, MetaMask suffered a blow when fake MetaMask apps hiding malware were found on the Google Play Store.

This week we also saw Google-owned YouTube removing videos of crypto-related content creators. But it has revealed that the removal was done in error and some of the content has been stored. However, this event sparked the need for decentralized video hosting platforms.

MetaMask is “totally overwhelmed”

In another news release, a MetaMask contributor said its team is “totally overwhelmed” and not prioritized by its parent company ConsenSys.

In a Dec. 25 Reddit post titled “Help MetaMask out of its Activity-Trap,” says the team has several unresolved issues and its workflow structure isn’t either transparent or decentralized.

The Redditor and project contributor Lazardiscom specifically criticized its structural issues despite ConsenSys founder J. Lubin,

“trying to convince everyone that ConsenSys is a non-hierarchical company. It is not.”

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Author: AnTy