Key Points
MetaMask, a popular digital wallet, is preparing for a significant update.
This update will introduce smart contract functionalities and offer native support for the Bitcoin and Solana networks.
The announcement was made on February 28 through MetaMask’s official account.
MetaMask’s Major Update
The wallet has primarily been focused on the Ethereum ecosystem.
The upcoming update, however, marks a shift in this focus.
It will feature a redesigned user interface and the ability to manage multiple seed phrases in one wallet.
Additionally, the update will introduce abstracted gas fees.
This feature will allow users to pay for transactions using any token, not just ETH.
The platform also plans to introduce smart transactions.
This feature is designed to prevent unsuccessful transactions and restrict MEV attacks.
After the next Ethereum upgrade, MetaMask will introduce smart account features to improve the self-custody process.
This update will transform MetaMask into a cross-chain wallet.
It will prioritize security and usability while managing assets from various blockchains.
This announcement comes after a regulatory win for Consensys, the parent company of MetaMask.
As reported earlier, the U.S. Securities and Exchange Commission has concluded its investigation into the Ethereum development company.
Consensys was accused of operating as an unregistered securities broker.
This was part of a larger crackdown led by former SEC Chair Gary Gensler.
However, the agency has since softened its stance and dismissed cases against Uniswap, Gemini, Coinbase, OpenSea, and Robinhood under the interim Chair Mark Uyeda.
Joseph Lubin, the founder of Consensys and co-creator of Ethereum, hailed this decision as a victory for the cryptocurrency industry.
Despite MetaMask’s dominance in the self-custody wallet market, competition is growing.
Phantom, the most popular wallet on the Solana network, has amassed 15 million users since its 2021 launch.
Initially, Phantom was a Solana-only wallet, but it has since expanded to the Ethereum ecosystem.
MetaMask’s recent roadmap suggests an effort to maintain its leading position in the fast-evolving cryptocurrency wallet space.