ConsenSys CEO Joe Lubin said in an interview that MetaMask will soon launch a decentralized autonomous organization (DAO). The new DAO will not participate in the management of MetaMask, but will only provide funds for MetaMask updates and plans to issue Tokens.
Basic Information
Basic Information
MetaMask is a tool wallet that can be accessed using an Internet browser and interacts with the Ethereum network with a low threshold. With the rise of popular sectors such as DEFI, NFT, and Layer2, the frequency of wallet interaction has increased, and Metamask, as the earliest interaction tool, has begun to be widely used. According to public data, as of now, the monthly active users of MetaMask have reached 30 million.
The peak number of active addresses on the entire Ethereum network is around 8 million, while the monthly active number of Meta Wallet far exceeds this, which shows that MetaMask Wallet has now become the first choice for a large number of encryptions. In the huge Ethereum ecosystem, any application will support MetaMask. Using MetaMask has become a very daily thing. The wallet in the blockchain has begun to become a status symbol, and the wallet address is a personal identity.
According to data from Dune Analytics, MetaMask Swaps revenue in 2021 has exceeded 250 million US dollars, and it may be one of the best encryption products in 2021. In contrast, Sushiswap and Curve have revenues of $70 million and $12 million respectively this year, and the combined revenue of these two DEXs is less than half of MetaMasks total revenue.
background
background
The original vision of Metamask was not as a consumer project like a wallet plugin, but as a development tool.
According to ConsenSys CEO Joe Lubin, MetaMask is pursuing “progressive decentralization,” while also prioritizing security and improving an interface that some have found inconvenient. As part of its plans to achieve its various goals, MetaMask will soon launch a decentralized autonomous organization that will provide funding for the creation of new MetaMasks.
The parent company of MetaMask is ConsenSys, one of the blockchain giants founded by Ethereum co-founder Joseph Lubin. Over the years since its establishment, ConsenSys has incubated more than 50 well-known projects that contribute to the ecological growth of Ethereum. At the same time, it has established cooperation with governments and Internet giants, making Ethereum a boom. Its MetaMask is a key project of ConsenSys six major business segments and infrastructure segments.
Introduction to ConsenSys
ConsenSys is a business incubator for Ethereum-focused projects, using a hub-and-spoke model, with more than 50 projects currently affiliated with ConsenSys in some way. This grid is made up of DApps like Airswap and Gnosis, as well as infrastructure-focused projects like MetaMask and Infura.
Projects not only benefit from the accumulated developer knowledge, but also receive varying degrees of financial support. ConsenSys started out as a venture production studio designed to incubate companies around MVPs before taking them out for external investment. An early example is the spin-off BlockApps. Additionally, if Lubins comments on Episode 1 of the State Change podcast stand (the company declined to comment), the grid project will also receive equity in all other ConsenSys projects, even if their own projects fail. Give them the upside.
However, Mesh, while important, is only one part of ConsenSys. The business scope has been expanded to:
Academy: The Educational Heart of the Ethereum Movement
Capital: venture capital and token sale consulting
Catalyst: Full-service marketing and branding agency
Design: product designers, design thinking facilitators, design researchers and strategists
Diligence: Smart Contract Auditing and Ethereum Security
Lab: incubates projects and provides them with funding, mentorship and access (this is where the grid project lives)
Social Impact: Projects with Social Impact
The Solution: Enterprise Ethereum and Blockchain
team
team
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Metamask development history
In 2016, MetaMask was officially launched.
On October 14, 2020, ConsenSys announced the launch of the aggregated DEX service MetaMask Swaps. The new feature allows users to directly compare prices and exchange tokens based on MetaMask. The team launched the Swap feature, which allows users to exchange their tokens, using a separate exchange. At the same time, MetaMask will use 0.875% of the transaction amount as a handling fee.
In April 2021, ConsenSys stated that the monthly active users of the MetaMask wallet exceeded 5 million, a five-fold increase in six months.
On August 19, 2021, MetaMask officially stated that a new version adapted to EIP-1559 has been enabled for all users.
In September 2021, Consensys indicated that MetaMask had more than 10 million active users in August, a 19-fold increase from a year ago.
2021-11-05, MetaMask announced that its new mobile version V3.6.0 supports the display of NFT based on EIP-1155 to reduce Gas fees and support complex smart contracts.
On November 15, 2021, according to data from Dune Analytics, the total transaction volume of MetaMask Swap reached 23.8 billion US dollars, and the number of users reached 809,000. At the same time, MetaMask Swap’s fee income in October reached US$19.9 million.
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Product advantages
Compatible with most blockchain network Dapps (including Ethereum, Binance, Polygon);
Integrated escrow solutions to manage key storage and multi-signature approvals;
Optimized the transaction process, etc., reducing transaction costs, signing procedures, etc.;
Prospect Analysis
Prospect Analysis
The development of the cryptocurrency industry is changing with each passing day. If you do not keep up with the changes in the development of the field, you will be easily eliminated. At present, the encryption wallet is in its infancy and has not yet established system rules. It is easy to be adjusted in terms of technology and practical use.
May be affected by the following aspects:
1. Explosive increase in usage: As of March 2022, MetaMask plugins have been downloaded more than 1,000,000 times. Currently, the daily active users are about 6k-8k, and the daily new users exceed 2K+. At present, the number of cryptocurrency wallet users has already exceeded 8,000 million, which has brought many difficulties to the development team and maintainers, and compared to the 4.6 billion active users of the Internet, this number is still dwarfed. So the future penetration rate of cryptocurrencies will never stop there.
2. Cross-network requirements: The future blockchain is multi-ecological. Although adding a new chain to the wallet requires a lot of work, it not only increases the technical complexity, but also increases the possibility of user confusion, but this is also the current area. The inevitable trend of blockchain development. At present, MetaMask mainly supports Ethereum and various EVM chains. Whether it is possible to connect to non-EVM ecosystems such as Solana and Terra in the future, it needs to continue to expand its application scope.
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Why Metamask Issues Tokens
Most projects need to issue their own tokens for the following reasons:
Fund raising:Many projects issue tokens for the purpose of project financing, to help teams that currently lack sufficient operating funds to continue to develop and operate products, and at the same time allow users to participate in the construction of the project, but since there are advantages, this method There will definitely be shortcomings, such as whether the project that the team lacks sufficient funds to operate can develop sustainably? Does the project have refreshing functions and practical scenarios without the help of well-known partners and fundraising agencies?
Giving back to contributors:Many projects will release the corresponding test network, and encourage everyone to actively participate in simulating the real operation status of the project. The advantage of this is that the participation of users provides a guarantee for the security performance of the official release of the project, reducing the possibility of errors during official operation, and the project In order to give back to these participants, Fang will also carry out airdrops of project tokens to thank early users.
Raise the heat:Some of the more popular NFT market projects in the early days of the encryption market, such as Rarible, Looksrare, etc., can temporarily dominate the market by issuing tokens corresponding to airdrops, but the results are also obvious, which means that a project wants to issue It is unrealistic to use tokens for sustainable development projects. Premature issuance of tokens and other decisions can only serve as icing on the cake. The essence is to return to the professional performance, convenience, and practical use of the product.
MetaMask officially stated:
DAO is only used as a funding mechanism, and it is not mandatory funding.
It is not desirable for a token to have no application instance.
For a project like Metamask that is relatively well-developed, well-funded, and not lacking in market enthusiasm, the author believes that in addition to giving back to early participants and supporters, part of the reason is to be compatible with concepts such as Web3.0 decentralization. As the infrastructure of the blockchain world, the functions of encrypted wallets are limited to tools, so users hope to realize more application scenarios.
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Comparison of similar products
Argent
This product is also a smart contract wallet, but it is not the same as MetaMask. Although Argent is also a non-custodial type wallet, it is not managed by means of private keys/mnemonic words, etc., but a Guardian guardian.
Guardians are divided into three categories:
1. Email address and mobile phone number;
2. Other trusted users (add other peoples Argent account/mobile phone number/wallet) verification;
3. Others (hardware wallet, MetaMask), etc.
If the device where the Argent wallet is installed is lost, you can apply to the Argent smart contract on other devices to restore the wallet. Argent will send a verification to the guardian, and it will be restored only after half or more of the guardians confirm.
Phantom
Phantom is a browser extension-enabled wallet that can be used to manage digital assets and access Dapps on Solana.
It has a good reputation in terms of user experience, and it can directly view its own NFT assets in the wallet. Phantom also supports exchanging assets within the wallet, allowing users to buy and sell tokens without using Sol’s other Dex.
Not only that, Phantom has many other advantages and functions:
1. Phantom cannot directly access user data and funds;
2. The built-in Dex can exchange tokens at the lowest price and can connect to hardware wallets;
3. You can directly pledge Sol with your wallet to bet to get rewards;
4. Support Web3.0, access Dapp built on Sol.
Summarize
Summarize
According to the Consensys report, the most frequently used function of MetaMask users is Swap, and the purchase of NFT is the second most used function of Metamask. Although MetaMask is currently the first choice for Ethereum wallets, with the advent of the multi-chain era and the continuous innovation and iteration of DeFi applications and scenarios, the new generation of wallets may become competitors that MetaMask cannot ignore.
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References
support.argent.xyz/hc/en-us/articles/360008828238-Guardian-approvals-needed-
hackernoon.com/consensys-understanding-one-of-the-most-important-firms-in-crypto-7e1d66533d4a
Certain statements involved in this article may be assumptions about future expectations and other forward-looking opinions, and known and unknown risks and uncertainties may cause actual results, performance or events to be different from opinions and assumptions in the statements There are substantial differences.
The above content analysis only provides reference information, and does not serve as the basis for investment decisions. Please do not make any investment decisions based on this report. The report author is not responsible for the users investment results.
Reports have been prepared as of the date indicated and as subsequent market or economic conditions may change, the contents of the report do not necessarily reflect these changes. Graphs, charts and other visual aids are provided for informational purposes only. None of these graphs, charts or visual aids should be used to make investment decisions. It is not intended to assist anyone in making an investment decision, and no graph, chart or other visual aid can capture all of the factors and variables necessary to make such a decision.
Certain statements involved in this article may be assumptions about future expectations and other forward-looking opinions, and known and unknown risks and uncertainties may cause actual results, performance or events to be different from opinions and assumptions in the statements There are substantial differences.
This article is copyrighted by D-Tiger Research Institute. Without permission, any organization or individual shall not reprint, copy or redistribute others, etc.
Copyright Information
This article is copyrighted by D-Tiger Research Institute. Without permission, any organization or individual shall not reprint, copy or redistribute others, etc.
