Cryptocurrency News & Updates

MetaMask Will Collaborate With MyCrypto To Deploy Upgrades


Popular crypto wallet MetaMask will be merging with MyCrypto, according to a post by Consensys developer Dan Finlay. The fusion of these wallets will let the users leverage more “robust” products across multiple devices and “lead the way to Web3”.

Related Reading | MetaMask Monthly Active Users Crosses 10 Million Amid DeFi And NFT Boom

In his post, Finlay praised MyCrypto as a unique crypto wallet with plenty of features and a constant capacity to adapt and implement changes. At the same time, the application has managed to preserve its user-friendly approach.

Both entities have been collaborating for years, according to the post. Therefore, this merge seems like a logical step for Consensys and MyCrypto. The latter of which has taken important steps into integrating MetaMask into its products, something rare for a crypto wallet. Finlay said:

(…) our wallets have literally inter-operated for years. It’s a weird thought, whilemany treat wallet development as a zero-sum game, MyCrypto found a wallet niche where they have been able to bridge so many signers and essential features for Ethereum users to have access to.

The merge will allow MetaMask, per Finlay, to become “safer, stable, and feature-rich”. In addition, the teams will attempt to increase their user-centric approach and build more “decentralized products”.

Finlay emphasized the milestones MyCrypto has managed to consolidate over time with a particular focus on Web 3. Recently, this crypto wallet rollout a web product and desktop application that will be combined with Metamask’s apps and browser extensions to provide more access to Web 3 in different ways.

MetaMask Expands To Lead The Internet Of The Future

At Consensys, the team working at the crypto wallet has seen a “moment of historic growth”. Therefore, the company will start news teams dedicated to security and anti-phishing practices, a core libraries team, an API-focused team, and a developer education team. Finlay added the following about the future of MetaMask as it integrates with MyCrypto:

Our roles in the ecosystem are so aligned that I barely feel like I need to point them out: MyCrypto will help MetaMask become safer, more stable, and even more feature rich. Together, we will continue to buld increasingly user-centric, extensible, and decentralized products.

Data provided by Consensys, the blockchain software company behind the development of MetaMask, records an impressive user activity growth on the crypto wallet. Back in Q4, 2021, Metamask recorded over 20 million monthly active users.

Half of these users were onboarded from July 2020 to August 2021 when the non-custodial crypto wallet recorded 10,354,279, an impressive 1,800% or 19x growth. The explosion in monthly active users was driven by the increased levels of adoption in the DeFi and NFT sectors.

Source: Consensys

Related Reading | ConsenSys to Cut 14% of Jobs Amid Major Restructuring

Additional data provided by DeFi Pulse records an $80.83 billion in total value locked (TVL). Although the sector has been heavily impacted by the crypto market’s recent downtrend, recording a dropped in TVL from $110 billion to its current levels, it still stands way higher than its 2020 levels with a constant trend to the upside.

DeFi MetaMask crypto 1
TVL across DeFi Protocols. Source: DeFi Pulse


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