The launch of MetaMask Snap marks a new chapter for digital wallets and decentralized applications.
Author: dt, DODO Research
Editor: Lisa
MetaMask Snap is a new type of extension developed by the MetaMask wallet based on MetaMask Flask. It opens up some functions for third-party developers to extend the MetaMask wallet in the way they want, aiming to provide users with a more personalized or diverse trading experience.
In simple terms, MetaMask Snap is similar to the webstore in the Chrome browser, serving as an in-wallet app store that allows third-party developers to release various decentralized applications (DApps). Users can freely choose the plugins they need to download and use. According to public information, MetaMask is the only wallet provider that supports custom plugins to date.
MetaMask Snap Open Beta
MetaMask Snap was officially launched in Open Beta for public testing on September 12, 2023, and introduced 34 Snap applications. The Snaps currently available in the test version all need to be reviewed and approved by MetaMask before being added. According to the official website, MetaMask Snaps Open Beta is the first step in establishing this permissionless system. The ultimate vision for MetaMask Snap is to be completely permissionless, allowing anyone to freely release their own.
How to Use MetaMask Snap
The first step is to visit the Snap official website at snaps.metamask.io, where you can see various Snap plugins that have been reviewed and approved. Click on the Snap application you are interested in and press "Add to MetaMask." This will prompt a connection request from the MetaMask wallet. Accept and click "Install" to complete the download. In the MetaMask settings → Snaps page, you can manage the various Snaps you have installed.
It is important to note that due to the recent launch of MetaMask Snap, many DApps websites do not yet support connecting to the wallet using the MetaMask Snap plugin.
Affected Projects
The launch of MetaMask Snap has a significant impact on various non-EVM wallets. Among the 34 Snaps that have been released, close to one-third are plugins for non-EVM networks, such as Solana, Aptos, Sui, or Cosmos, among others, in the Layer 0 and Layer 1 public chains. Some of these are Snap plugins made by wallet DApp teams that were originally in the frontend version, such as the Solflare team for Solana and the Leap wallet team for Cosmos, both of which actively joined MetaMask Snap during the Open Beta stage.
In addition, the second most affected projects are decentralized identity (DID) chains. After the launch of MetaMask Snap, many projects have shifted from building their own DApp websites to releasing plugins on MetaMask Snap, directly integrating with the wallet, which better suits the application scenarios for these types of products.
Author's Viewpoint
The launch of MetaMask Snap is undoubtedly a great boon for Web3 users. In the past, when users needed to interact with various public chains, they had to download corresponding wallet plugins, and sometimes these plugins were incompatible with each other, leading to a poor user experience. The emergence of MetaMask Snap perfectly solves this problem. By downloading the MetaMask wallet and installing plugins for other public chains, users can freely navigate through different public chain networks. In terms of security, this approach has a major advantage, as the MetaMask team ensures security and can eliminate many unknown wallet projects.
However, on the other hand, the launch of MetaMask Snap is bad news for many wallet projects (such as Phantom, Keplr). It almost signals the end for other wallet projects, either by downgrading and joining Snap applications as one of the plugins (such as Solflare, Leap), or by choosing the same path to support all chains and compete with MetaMask. From the author's perspective, the latter option has a very low chance of winning market share. The first reason is that MetaMask already has a leading position and a large user base, and the second reason is the strong capital backing of ConsenSys, the company behind MetaMask.
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