MetaMask Snap: Wallet revolution, a new paradise for developers

Metamask Snap is a new extension kit launched by Metamask wallet based on Metamask Flask. It makes some functions open source so that third-party developers can extend MetaMask wallet in the way they want, aiming to make users more personal or diverse. trading experience.

To put it simply, Metamask Snap is similar to the chrome browser’s webstore **. It is an app store built into the wallet, allowing third-party developers to launch various decentralized applications (DApps). **Users are free to choose the plug-ins they need to download and use. According to public information, MetaMask is the only wallet provider that supports custom plug-ins so far.

MetaMask Snap Open Beta

MetaMask Snap has officially launched the Open Beta public test version last week on September 12, 2023, and launched 34 Snaps applications. Snaps currently online in the beta version must be reviewed and approved by MetaMask before they can be added. According to the official website, MetaMask Snaps Open Beta is the first step in establishing this permissionless system. The ultimate vision of MetaMask Snap is that it is completely permissionless and anyone can launch it freely.

How to use MetaMask Snap

The first step is to go to Snap official website snaps.metamask.io. You can see the various Snaps plug-ins that have been reviewed and launched online. Click on the Snap application you are interested in and press Add to MetaMask. Then the MetaMask wallet will pop up. Connect the permission request, Accept and click Install to complete the download, and you can manage the various Snaps you have installed on the MetaMask Settings → Snaps page.

It should be noted that because MetaMask Snap has just been launched, many Dapps websites do not yet support connecting to wallets through the MetaMask Snap plug-in.

Source:

Source: Metamask

Affected Items

The first to be affected by the launch of MetaMask Snap are various non-EVM wallets. Nearly one-third of the 34 Snaps launched are plug-ins for non-EVM networks, such as Layer 0 and Layer 1 public chains such as Solana, Aptos, Sui or Cosmos. Several of them are Snaps produced by wallet Dapp teams that were already in the front-end version. For example, Solana’s Solflare team and Cosmos’ Leap wallet team actively joined MetaMask Snap during the Open Beta stage.

In addition, the second most affected project track is DID on-chain identity. After the launch of MetaMask Snap, many projects have shifted from building their own Dapp websites to publishing plug-ins on MetaMask Snap. Direct integration with wallets is more in line with the application scenarios of this type of product.

Source:

Author’s opinion

The launch of MetaMask Snap is undoubtedly a great benefit to Web3 Users. In the past, when users wanted to interact with the entire chain and visit each public chain, they had to download the corresponding wallet plug-in. Sometimes, there would be incompatibility between plug-ins. The situation cannot coexist, and the user experience is not good. The emergence of MetaMask Snap can perfectly solve this type of scenario. You only need to download the MetaMask wallet and install other public chain plug-ins, and you can freely move freely in various public chain networks. Shuttle has a major advantage in terms of security. The MetaMask team’s security control can eliminate many wallet projects with unknown origins.

However, on the other hand, I think it is bad news for many wallet projects (such as Phantom, Keplr). The launch of MetaMask Snap almost announced that the death of other wallet projects is imminent, or they will downgrade and choose to join the Snap application and become one of the plug-ins. (such as Solflare, Leap), or choose the same route to support the whole chain and compete with MetaMask. However, from the author’s point of view, the probability of the latter plan to win market share is extremely low. The first reason is that MetaMask is now the leader. The second reason for having a large user base is that ConsenSys, the company behind MetaMask, has strong capital.

Disclaimer

The information in this research report comes from publicly disclosed materials, and the opinions expressed in this article are for research purposes only and do not represent any investment opinions. The opinions and forecasts issued in the report are only the analysis and judgment on the date of issuance and do not have permanent validity.