Introduction: Metamask is a digital browser and mobile wallet that makes it easy for users to manage tokens and coins from EVM-based blockchains like Ethereum, BSC, Evmos and others. It allows users to easily connect and start using decentralized applications (dApps) across different ecosystems. In this breakdown, we take a look at Metamask and its main features from installation to security.
MetaMask was released in 2016 by ConsenSys, a software development company focused on Ethereum-based products. One of their products, MetaMask, is today the most popular non-custodial software wallet in the world with over 30 million monthly active users.
Based on the success of MetaMask the parent company ConsenSys has raised over $450 million in venture capital to help support the growth of its products. The source code for Metamask is available on Github, and developers are free to contribute to the project.
Metamask is an open-source Ethereum Virtual Machine (EVM) wallet that allows users to securely manage their ETH, ERC20 tokens, and ERC721 collectables. Metamask allows users to store, send, and receive ETH and other ERC20 tokens while being able to seamlessly interact with DApps directly from their browser.
MetaMask Supported Platforms
Metamask is a browser extension and mobile wallet that allows users to securely access applications across EVM-based blockchains like Ethereum, Avalanche, Polygon and others. The browser wallet has over 10 million users and a 3.25 rating based on 2,800 reviews. The browser wallet is supported on the following platforms:
Metamask also offers a mobile application for Android and iOS devices that was released in 2020. The mobile app has already amassed over 10 million downloads and has a 4.5 rating based on 160,000 reviews. Whether you are using the browser extension or the wallet, MetaMask allows users to buy, send, receive and exchange digital assets with anyone in the world. The MetaMask mobile app also supports NFTs which is currently not available via the browser extension.
With MetaMask users can swap tokens directly from their browser or mobile wallets. The swap function brings together information from decentralized exchange aggregators, market makers, and DEXs, guaranteeing users the most competitive rates. Metamask also charges an exchange fee of 0.875% which is automatically integrated with each quote that is provided.
MetaMask Supported Cryptocurrencies
With the rapid increase in the number of tokens on Ethereum and other EVM-based networks, it is hard to say exactly how many coins and tokens are available on MetaMask. We can however safely say that it’s in the 1000s considering MetaMasks support a wide range of EVM-based blockchains such as:
Aribtrum One (ARB)
Binance Smart Chain (BSC)
Kucoin Chain (KCC)
Rinkeby (Ethereum test network)
Users can easily toggle between different blockchains in the wallet so that they can connect to dApps available on different blockchains. Users can also easily add new tokens or blockchains manually to MetaMask.
MetaMask Wallet Customer Support
As a user of Metamask, you may need some help from time to time. Metamask offers customer support to users with issues or questions via their help center, community forum and chatbot. Metamask has an active community of users who are willing to help answer questions. If you have a technical issue or need to report a bug, you can reach out to the Metamask team directly by writing in the chatbox. For users who prefer to use social media, Metamask is also active on Twitter.
Is MetaMask Wallet Safe?
Metamask like other non-custodial wallets is a safe wallet option to use as the keys and assets are always locally stored on the device of users. Users have to create a password to login to their wallet and they will receive a 12-word seed phrase when they create a new wallet. This secret recovery phrase should be store somewhere safe and never shared with anyone else.
The MetaMask wallet as such has never been hacked but individual users have lost funds either via virus assaults or phishing attacks.
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.