MetaMask, the popular Ethereum wallet, is gearing up for a significant update that will expand its capabilities beyond the Ethereum ecosystem. The upcoming update, announced on Feb. 28 via MetaMask’s official X account, will introduce smart contract functionalities and provide native support for Bitcoin and Solana networks.
One of the key features of the update is a redesigned user interface that aims to enhance the user experience. Users will also have the ability to manage multiple seed phrases within a single wallet, simplifying the process of accessing different accounts. Additionally, abstracted gas fees will allow users to pay for transactions using any token, rather than being restricted to using only ETH.
MetaMask is also set to introduce smart transactions, a feature designed to prevent unsuccessful transactions and mitigate the risks of MEV assaults. Following Ethereum’s next upgrade, known as Pectra, MetaMask will roll out smart account features that will further enhance the security of self-custody procedures.
With this update, MetaMask is positioning itself as a cross-chain wallet that prioritizes security and usability while enabling users to manage assets across multiple blockchains.
In a regulatory victory for Consensys, the parent company of MetaMask, the U.S. Securities and Exchange Commission has dropped its investigation into the Ethereum development company. This decision comes as part of a broader trend of regulatory leniency towards cryptocurrency companies, with cases against other industry players like Uniswap, Gemini, Coinbase, OpenSea, and Robinhood also being dismissed.
Consensys founder and Ethereum co-creator Joseph Lubin hailed the decision as a win for the cryptocurrency industry, signaling a positive outlook for the future of decentralized finance.
Despite MetaMask’s dominant position in the self-custody wallet market, competition is intensifying. Phantom, a popular wallet on the Solana network, has rapidly gained traction with 15 million users since its launch in 2021. While initially focused on Solana, Phantom has expanded to support the Ethereum ecosystem as well.
MetaMask’s latest roadmap reflects its efforts to stay ahead in the rapidly evolving cryptocurrency wallet space, as it prepares to roll out new features and support for additional networks. This update signifies MetaMask’s commitment to innovation and adaptability in an increasingly competitive landscape.