Start Working With MetaMask Wallet
Basics
MetaMask, a crypto wallet developed by ConsenSys, serves as a versatile tool for managing and transferring cryptocurrencies and NFTs across Ethereum and EVM-compatible blockchains. Its browser extension is particularly popular, facilitating seamless interaction with decentralized applications and smart contracts directly through web interfaces. MetaMask is widely favored in the realm of decentralized finance (DeFi) and non-fungible tokens (NFTs) applications.
How to Access MetaMask?
MetaMask, developed by ConsenSys co-founder Joseph Lubin, debuted back in 2016, predating the rise of DeFi. Initially available only as a browser extension for Google Chrome and Firefox until 2020. Today, MetaMask is downloadable as a mobile app for iOS and Android, and as a browser extension for Google Chrome, Firefox, Brave, and Microsoft Edge. The latter seamlessly integrates with decentralized application smart contracts upon visiting their pages, enabling protocol usage and cryptocurrency transfers without needing a separate wallet registration.
Supported Blockchains by MetaMask
Initially focused solely on Ethereum, MetaMask has expanded to include all major networks compatible with Ethereum Virtual Machine (EVM). Users can integrate new mainnets through the app's settings. As of June 2024, MetaMask supports cryptocurrencies across several networks, including Ethereum, Polygon, Fantom, Avalanche, Optimistic Ethereum, Arbitrum One, and others.
How to Add Other Blockchains to Metamask
To add additional networks to MetaMask, connect your wallet to the ChainList website and locate the desired network. On the network's page, click "Add to MetaMask" and approve its addition in the MetaMask pop-up window.
Transaction Fees on MetaMask
MetaMask operates on the Ethereum network by default, charging transaction fees in ETH (gas). The fee amount varies based on network congestion at the time of transaction. Recently, Ethereum transaction fees have been prohibitively high. To reduce transaction costs, consider using alternative networks such as Polygon, Fantom, or BNB Chain.
In the advanced app version, users can adjust transaction fees. Higher fees prioritize transaction speed, but setting fees too low may result in delays or failed transactions. Adjust wisely to optimize transaction efficiency.
MetaMask Swaps: A DeFi Exchange Service
MetaMask features an integrated DeFi service developed in collaboration with Codefi, enabling users to swap various digital assets seamlessly. Operating as an aggregator, the service dynamically gathers quotes from leading decentralized exchanges in real-time to offer optimal prices. Included platforms are Uniswap, Totle, AirSwap, 0x, and 1inch.exchange. MetaMask Swaps also provides additional functionalities such as reduced swap fees and protection against slippage.
Advantages of MetaMask
MetaMask offers several clear benefits: reputable development, extensive cryptocurrency support, customer service, additional features, and a streamlined design.
Moreover, MetaMask operates as a non-custodial wallet, ensuring users retain full control over their funds without developers collecting private keys or seed phrases. The MetaMask plugin features partially open-source code, encouraging independent developers to contribute to its evolution, audit the software, and identify potential vulnerabilities.
In February 2024, the MetaMask wallet developer officially launched transaction security alerts to enhance user protection against phishing and hacking attacks. This new feature notifies users of suspicious transactions before they are signed. It supports networks including Ethereum, BNB Chain, Linea, Polygon, Arbitrum, Optimism, and Avalanche.
Challenges of MetaMask
MetaMask has not experienced major hacking incidents due to code exploits. However, a significant drawback of MetaMask is its internet connectivity, which exposes individual users to vulnerabilities. To address this issue, MetaMask introduced Ledger hardware wallet integration in 2018, combining the security of a "cold" wallet with the convenience of a "hot" wallet.
By late 2021, some MetaMask users fell victim to a large-scale phishing attack through a fake wallet website.
In April 2022, the wallet team cautioned about disruptions caused by issues with the Ethereum infrastructure provider Infura, advising users to disable iCloud backups for MetaMask.
Conclusion
MetaMask, developed by ConsenSys, is a versatile tool for managing cryptocurrencies and NFTs on Ethereum and EVM-compatible blockchains. Its browser extension and mobile app facilitate seamless interaction with decentralized applications. MetaMask supports various networks, including Ethereum, Polygon, and Avalanche, and offers customizable transaction fees and integrated DeFi services. Despite internet connectivity and phishing vulnerabilities, security measures like Ledger integration and transaction alerts enhance user safety. Overall, MetaMask is a robust choice in the DeFi and NFT space.