MetaMask is set to launch a key update that will bring smart contract capabilities and provide native support for Bitcoin and Solana networks.
The announcement, which was announced on February 28 on the official X account of MetaMask, represents a significant development for the wallet, which has mostly concentrated on the Ethereum ecosystem.
The update will include, among other things, a revamped user interface, the capability to handle multiple seed phrases within a single wallet, and abstracted gas fees, which will allow users to pay for transactions using any token rather than ETH.
Furthermore, the platform intends to introduce smart transactions, a function that will work to avoid unsuccessful transactions and restrict MEV assaults. In addition, MetaMask will include smart account capabilities that will improve the self-custody method after the next Pectra upgrade that Ethereum will implement.
MetaMask Becomes a Cross-Chain Wallet
This release will transform MetaMask into a cross-chain wallet that places a premium on usability and security while simultaneously managing assets from many blockchains. Consensys, the parent company of MetaMask, has recently achieved a regulatory success, which led to the official announcement.
Previously, on February 27, it was announced that the United States Securities and Exchange Commission has decided to withdraw its inquiry into the Ethereum development business. The allegations against Consensys were made as part of a larger investigation that was directed by Gary Gensler, who had previously served as the chair of the Securities and Exchange Commission.
However, since temporary Chair Mark Uyeda took office, the agency has shifted its stance and dismissed cases against Uniswap, Gemini, Coinbase, OpenSea, and Robinhood. This represents a significant shift from the agency’s previous stance.
Joseph Lubin, the founder of ConsenSys and one of the co-creators of Ethereum, referred to the decision as a step forward for the cryptocurrency industry. Despite MetaMask’s continued dominance in the self-custody wallet market, the competition is intensifying.
Since its introduction in 2021, Phantom, the most widely used wallet on Solana (SOL -8.61%), has amassed a total of 15 million users. Phantom started out as a wallet that was solely compatible with Solana, but it has now expanded its functionality to include the Ethereum ecosystem.
In the fast-evolving cryptocurrency wallet field, MetaMask’s most recent roadmap suggests that the company is making an effort to maintain its position as the industry leader.
