MetaMask

Basics

• Announced on:
• Mainnet release:
• Based in:

• A simple guide to using MetaMask can be found here (23-9-2020).
• MetaMask is a browser extension that enables access to web Dapps through popular browsers. MetaMask injects the web3 API into a given website’s javascript context, allowing web Dapps to read from the blockchain. In addition, MetaMask lets users create and manage identities, allowing users to review web Dapp blockchain transactions through a UI before approving or rejecting them. This empowers users by removing the requirement of running a local node to access web Dapps, as well as enhancing security by requiring verification for all web Dapp transactions.
• As web browsers do not natively support interacting with the Ethereum Blockchain, a browser extension called Metamask is one way to fill that gap. Metamask will handle the users private keys and allow them to submit transactions to the network via an Ethereum node. Metamask communicates with the sites a user visits by injecting a Javascript object through which the site can communicate with the wallet and blockchain. For mobile users there are applications like Toshi and Cipher Browser that do the same thing on mobile.
• From the CoinDesk 50:

"MetaMask, a browser extension, has become a Web 3.0 gateway for over 1.5 million people worldwide. A ConsenSys product, MetaMask is an ethereum wallet that also serves as a bridge between web browsers and the Ethereum blockchain. From the world of NFTs to DeFi apps, MetaMask is one of the most frequent onramps to the variegated decentralized world. MetaMask sees approximately 1.5 million monthly transactions, with about three quarters initiated by decentralized applications and the remainder sent as payments by users. It’s browser plugin has been downloaded four million times, while MetaMask’s new mobile app has attracted more than 130,000 users in beta. "The last year has been an insane time for new programmable money apps built on Ethereum. But, you can't go on a road trip without a car and for me, MetaMask has been the most reliable vehicle on my DeFi journey,” one satisfied user, DeFi Dad, said."

Governance

DAO

• From The Defiant (17-3-2022):

"Under the plan, MetaMask will launch a DAO, although Lubin said that it “won’t govern MetaMask, but will enable the creation of novel pieces of MetaMask to be funded.”

Audits & Exploits

• Bug bounty program can be found [insert here].

Bugs/Exploits

• From Blockthreat (8-6-2022):

"Metamask patched multiple web2 vulnerabilities after they were responsibly disclosed by UGWST."

Token

Launch

• From The Defiant (17-3-2022):

"On March 16, Joe Lubin, ConsenSys co-founder, told Decrypt that MetaMask will pursue “progressive decentralization” and intends to issue a token moving forward. Under the plan, MetaMask will launch a DAO, although Lubin said that it “won’t govern MetaMask, but will enable the creation of novel pieces of MetaMask to be funded.” The comments suggest that MetaMask users who expect to receive an airdrop may be disappointed, although an airdrop was not explicitly ruled out."

• From The Defiant (8-11-2021):

"Joseph Lubin, founder of Ethereum incubator ConsenSys, set off speculation a token for the non-custodial wallet MetaMask is imminent after tweeting, “Wen $MASK? Stay tuned.”"

Token Details

• As of 10-2020 there is no specific token for MetaMask.

Technology

• Whitepaper can be found [insert here].
• Abandoned open-source prior to launch MetaMask Swap (2-8-2020).
• MetaMask is shifting away (22-8-2020) from open-source to make large-scale forks using its code pay up.
• Built on: Ethereum

How it works

• Uses Infura, and according to Infura's FAQ (13-4-2020):

"MetaMask (by default) uses Infura, but has the ability to switch to another node provider, even somebody’s own node. We continue to work with MetaMask and more Web3 browser teams."

• From this update by 0x (16-11-2020):

"MetaMask integrates 0x API for its new direct token swap functionality with over $13 million in volume sourced through 0x protocol so far."

Fees

Has built in fees for swaps and staking.

Scaling

• Uses Connext, according to their website (21-4-2020).

Privacy

Is not privacy focused. When someone creates a new wallet, all its internal addresses are known and linked together by Infura in the back.

Compliance

• Is accused of abandoning the open source ethos is favor of making a lot of money (18-8-2021):

"They charge an enormous fee versus Uniswap, Sushiswap, 0x, or 1inch — as high as 1% per trade. And unlike each of those platforms, the $10M in fees they earn each month don't go to users, instead going directly to a tightly held corporation.

The latest release includes a number of choices at odds with what's best for users, including blocking wallet access by country and increasing user surveillance."

Their Other Projects

MetaMask Card

Mastercard debit card in direct partnership (14-8-2024).

MetaMask Swaps

• From Decrypt (6-10-2020):

"Today, the Ethereum wallet and browser extension is launching MetaMask Swaps, a new feature for Firefox users (with Chrome to follow) that allows them to trade the digital assets they hold for just about any token on a decentralized exchange, all while staying within the MetaMask wallet. “We get the best prices because we simultaneously aggregate the most liquidity sources (DEXs) and many different methods for splitting the order across the DEXs (aggregators),” Jacob Cantele, head of product at MetaMask, told Decrypt. “When we started building this functionality, we planned to bring a single DEX aggregator to MetaMask. We tested every DEX aggregator available, and found that results varied wildly based on the token and size of the swap the user was making.” Working with ConsenSys Codefi, it created a system that aggregates the aggregators and the DEXs themselves. So it keeps users inside its own UI while sending business to DeFi protocols like Totle.The list includes not just Totle and Uniswap, but also Airswap (the ConsenSys DEX that worked with MetaMask on the project), 0x, 1inch.exchange, dex.ag, Kyber, Paraswap, and private market makers."

Roadmap

• Can be found [Insert link here].

Usage

• Has one million monthly active users (6-10-2020). Surpassed 5M (1-5-2021).
• Has 10M monthly active users (8-11-2021)

Competition

• For mobile users there are applications like Toshi and Cipher Browser that do the same thing on mobile.
• Tally, a MetaMask fork after JPMorgan bought into Consensys.
• XDEFI Wallet

Pros and Cons

Cons

• Is accused of abandoning the open source ethos is favor of making a lot of money (18-8-2021):

"They charge an enormous fee versus Uniswap, Sushiswap, 0x, or 1inch — as high as 1% per trade. And unlike each of those platforms, the $10M in fees they earn each month don't go to users, instead going directly to a tightly held corporation.

The latest release includes a number of choices at odds with what's best for users, including blocking wallet access by country and increasing user surveillance."

Team, Funding, Partners

Team

• Full team can be found [here].
• A ‘Core Component’ of Consensys
• Jacob Cantele; head of product

Funding

• Is part of Consensys Labs portfolio (7-2019).
• Funded by incubator ConsenSys (23-9-2020).

Partners 

• Partners with Wyre (As of 28-10-2019 on the website of Wyre).
• One of the genesis partners of Palm (31-3-2021).

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