MetaMask, the largest application in the 5 million monthly currency circle, actually considers issuing coins

The news of the cryptocurrency wallet MetaMask’s currency issuance spread to the industry again after a community conference call. On August 27, according to foreign media reports, in a community conference call, MetaMask developer Erik Marks mentioned that “I am open to the idea of ​​introducing tokens to make MetaMask community-owned”.

An open attitude means the possibility of issuing coins. A few years ago, rumors of MetaMask issuing currency circulated in the industry, and they were eventually confirmed as false news. The open attitude expressed by the team in the community conference call may trigger an industry-wide climax.

In the first half of 2021, a total of 404 companies in the cryptocurrency field received financing, with a total financing of 7.271 billion U.S. dollars. Among them, nine crypto wallet-related companies received US$863 million in financing, far exceeding the industry average. According to public statistics, 13 crypto wallet-related companies will raise funds in 2021, raising a total of US$890 million from the market. One of the largest financings was the $380 million Series C financing of crypto hardware wallet manufacturer Ledger. This was the second largest single financing in the cryptocurrency industry at the time, second only to Bitmain’s $400 million financing in 2018.

Among all wallet applications, MetaMask is the absolute leader on the same track.

Industry’s largest application

In our daily social interactions, we take out our mobile phone and add WeChat, which is already the default operation. No one will think that there is anything abnormal with WeChat chat.

In the blockchain world, MetaMask is like WeChat. I have seen some opinions that define WeChat as an Internet ID card. In the same way, MetaMask is a blockchain ID card.

In large Ethernet Square ecology, the application will support any link MetaMask wallet, whether or NFT DeFi application, without exception. Just as every Microsoft computer defaults to IE browser, in the world of blockchain, MetaMask is already the default option. Open the application and link to MetaMask, which has been a routine operation for everyone in the currency circle.

According to MetaMask parent company ConsenSys at the end of April this year, the monthly active users of MetaMask wallet exceeded 5 million, a five-fold increase in 6 months. You should know that the active addresses of the entire Ethereum network are at the historical peak of 9 million. If you calculate that each user has only one address, the market share of MetaMask will exceed 50%, and each user does not have only one address. It can be said that MetaMask monopolizes half of the crypto wallet.

MetaMask, the largest application in the 5 million monthly currency circle, actually considers issuing coins

Everyone will not forget the lively scene of Uniswap , the industry’s largest decentralized trading platform, which announced the issuance of tokens in September last year . This is the DEX with the largest traffic in the industry. Almost everyone knows Uniswap. At that time, the official statistics from the establishment of Uniswap, a total of 250,000 addresses have used Uniswap.

250,000 users, this is the result of top DeFi applications. And MetaMask is 5 million monthly lives.

Full experience of MetaMask

According to Jacob Cantele, product director of MetaMask, on the current Internet, user data is tracked, collected, and sold without permission on hundreds of websites. After entering the Web3 era, users will have more control over data and privacy, and MetaMask will undoubtedly help people accelerate this process. Dan Finlay, the lead developer of MetaMask and a former Apple engineer, described MetaMask this way, “It feels like a natural and critical step on the road to people all over the world.”

Since Uniswap officially announced the airdrop of high-value tokens to 250,000 addresses that have used the platform, it has become an unspoken rule to airdrop tokens to former users. At present, it is impossible to guess what method MetaMask will use to screen airdrop users, after all, it is unknown whether or not to issue coins. But everyone has begun to fully explore all the features of MetaMask.

In addition to simple application interaction, MetaMask has two functions that some users may not have experienced, one is the Swap (transaction) function, and the other is the RPC setting to change the network. After all, you have to experience all the functions of the tool and make sure that your address is strong enough to qualify for the airdrop.

MetaMask, the largest application in the 5 million monthly currency circle, actually considers issuing coins

(MetaMask page)

Purchase function:

In addition to direct collection and transfer, MetaMask also integrates third-party purchasing functions. This feature is provided by wyre and transak, allowing fiat currencies to directly purchase cryptocurrencies.

Send function:

The most basic point-to-point transfer function of encrypted wallets is also the most forgotten function. Browser wallets are mostly used by users for DeFi activities, and many people do not have the use of peer-to-peer transfers. If the transfer has not been done yet, users can try the transfer operation between their own wallets. In the transaction, users can customize the gas fee, and most users usually only use the default gas fee to initiate a transaction.

Redemption function:

This feature was launched in March this year. MetaMask integrates other DEXs to provide users with a decentralized cryptocurrency exchange service. It should be noted that the exchange rate for this function is higher than that of mainstream DEX.

More features:

In the “More” (three dots) menu in the upper right corner, you can view and delete MetaMask’s connected websites. Most users do not take the initiative to delete after connecting to the website, and this feature is usually not used by people. It should be noted that there is no gas fee for deleting the connection, and it does not mean canceling the contract authorization.

Click on the avatar in the upper right corner to create new accounts, import old accounts, etc. MetaMask also supports two hardware wallets, Ledger and TREZOR. If the user owns the hardware wallet, he can try to connect and perform some operations.

Click “Settings” in the avatar pop-up menu to adjust more options. Some advanced functions are equally useful, but not well-known to most users:

Mobile device synchronization: After downloading MetaMask on the App side for the first time, manually importing the private key is a common operation, and MetaMask provides a more convenient method. Use “Mobile Device Synchronization” on the Web side and scan the pop-up QR code on the App side to accurately import your own wallet without entering the private key or mnemonic.

Reset account: This function does not log out of your account, and does not need to re-import private keys and mnemonics. Instead, it clears all local transaction records (including transactions in progress) and resets the account to the state just imported. This feature is usually used by people to cancel transactions that have been submitted locally but have not been broadcast to the chain.

Contact: This function can save frequently used addresses locally, and can be directly selected when transferring money, without having to enter a lengthy wallet address.

Network: Other EVM compatible networks can be added, such as BSC, Polygon, etc.

Luxury team

On August 20, there was market news that MetaMask was suspected of being acquired by JPMorgan Chase. On August 21, MetaMask officially tweeted to refute rumors that no financial institution had acquired MetaMask. There are currently 17 investors holding a small amount of non-controlling equity in ConsenSys, and the MetaMask team has never directly communicated with JPMorgan Chase, let alone an oligarch Manipulate MetaMask.

In 2016, under the leadership of MetaMask founder Aaron Davis, this little fox that swept the blockchain world was born. Although MetaMask’s reputation in the blockchain world is almost universally known, few people have known MetaMask’s parent company-ConsenSys.

ConsenSys is headquartered in New York and was founded in 2014 by Joseph Lubin, the co-founder of Ethereum. The company has incubated more than 50 projects including MetaMask. Consensys is committed to providing a strong blockchain infrastructure. In addition to MetaMask, the company also has a number of blockchain infrastructure products, such as the blockchain application suite Codefi, smart contract audit agency Diligence, Ethereum and IPFS network API Infura , Smart contract development and testing environment Truffle, open source blockchain protocol Quorum and many other products.

Interestingly, although MetaMask denied the rumors of JPMorgan Chase’s acquisition, ConsenSys does have business relationships with JPMorgan Chase. Its Quorum was developed by JPMorgan Chase and was acquired by ConsenSys in 2020. In April of this year, ConsenSys announced the completion of a US$65 million financing from institutions such as JPMorgan Chase, MasterCard, UBS, Protocol Labs, Maker, Fenbushi, Alameda Research and others.

Although MetaMask is extremely popular in the blockchain world, the relationship between the team and the parent company ConsenSys does not seem to be smooth sailing. In December 2019, MetaMask had close to 200,000 monthly active users. At the same time, a person who claimed to be a MetaMask developer posted on Reddit that his team was “completely overwhelmed” and ConsenSys did not list the project as a high priority and invested the resources needed for its development.

MetaMask, the largest application in the 5 million monthly currency circle, actually considers issuing coins

(MetaMask team)

According to his statement, the relationship between ConsenSys and the MetaMask team seems to be more complicated. MetaMask is actually maintaining the team leadership-ConsenSys and MetaMask lead the team together, and ConsenSys founder Joseph Lubin “trying to convince everyone that ConsenSys is a company without hierarchy Institutional company”. But MetaMask’s internal workflow is neither transparent nor decentralized. “Team members cannot track the progress of the project. This is neither transparent nor decentralized.” And a worse problem is that developers are paid and not able to make people Satisfied, “Some of these bonuses are equivalent to less than $1 per hour.”

In March of this year, MetaMask launched the DEX function built into the wallet. According to DeBank data, the 24-hour trading volume of MetaMask Swaps is 56.9 million U.S. dollars, ranking tenth among all DEXs. This data is about 4.6% of Uniswap (the sum of V2 and V3), which is the number one trading volume, and 6.1% of PancakeSwap, the second. If MetaMask issues a currency, its transaction data is also an important factor in measuring valuation.

In the past few years, there have been repeated rumors of MetaMask issuance in the market, but they have been falsified one by one. The team’s statement on the possibility of currency issuance finally responded to the market’s expectations for many years. But this also raises new questions-what is the use of its currency?

As the infrastructure of the blockchain world, the functions of encrypted wallets are more limited to tools. There are few precedents of currency issuance for instrumental applications, and even if the currency is issued, its tokens lack effective usage scenarios. The MetaMask team also publicly stated, “I don’t want tokens to have no application examples.” On the contrary, “I hope the application examples will be eye-catching.”

In the bull market sentiment, everything can be issued coins. The reasons for MetaMask’s currency is not ruled out partly due to financial considerations. If the issued currency can be used effectively, MetaMask may transform into a new species that we have never seen before. 


Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-08-27 12:15
Next 2021-08-27 12:16

Related articles