Cryptocurrency investors have become more cautious towards centralized crypto exchanges, especially after the collapse of FTX. The exchange facilitated the trading of non-existent cryptocurrencies and had already gone bankrupt when the scam was exposed. As a result, investors turned their attention to the DeFi sector.
MetaMask Wallet
The increased interest in decentralized finance following the FTX collapse has contributed to the growth of this sector even during the bear market. Binance CEO sees greater growth potential in the DeFi sector compared to centralized exchanges. Consequently, they have invested in more than 5 innovative DeFi ventures in the past 2 months. MetaMask is the most widely used non-custodial wallet that supports multiple networks. Yesterday, an important update expanded the wallet’s capabilities even further.
Consensys, the founder of MetaMask, announced a new feature, MetaMask Snaps, which allows users to customize their wallets with extensions.
The company’s announcement about the Snaps feature stated:
“Snaps are new features and functionalities created by third-party developers that MetaMask users can directly install into their wallets worldwide.”
Previously, MetaMask users could only choose new features created by the MetaMask developers. However, this new development has increased the number of options available to users.
What Can You Do with MetaMask Snaps?
MetaMask Snaps opens up a wide range of possibilities and solutions. For example, through MinaPortal, MetaMask Snaps seamlessly integrates the Mina Protocol, allowing users to create Mina Protocol addresses, send and receive Mina coins, manage public and private keys, and view transaction histories.
For Mina investors using Auro Wallet, MetaMask Snaps provides a great alternative. In the future, Snaps will play a crucial role in transforming MetaMask into a comprehensive portal. As seen with Mina, it addresses a crucial need, and MetaMask has taken an important step forward.
