As Ethereum Stagnates, MetaMask Expands to Bitcoin and Beyond
MetaMask is expanding beyond Ethereum as users explore a wider range of crypto ecosystems, beginning with Bitcoin. According to Christian Montoya, product lead for MetaMask Multichain, this strategy was in development for some time amid shifting trends in the crypto market. Recently, Consensys, the parent company, advertised for a product manager focused on MetaMask’s Bitcoin initiatives. This includes both essential Bitcoin functionalities and potential future expansions. Since its inception in 2016, MetaMask has primarily served as an Ethereum wallet, gaining popularity during Ethereum's peak valuation in 2021. However, the recent decline in Ethereum's engagement and transaction volume has prompted a focus on multi-chain capabilities. MetaMask previously launched a feature called Snaps, allowing for community-developed functionalities on other networks, including those for Solana. A cross-chain API will also be introduced, facilitating interactions across multiple blockchains. MetaMask, with 30 million monthly active users, aims to compete with multi-chain wallets such as Phantom and Magic Eden, which have also seen significant user growth. This multi-chain drive indicates a recognition of the fragmented ecosystem and a move towards mass adoption of decentralized applications.
Source 🔗