Yesterday, the crypto wallet Metamask launched a very interesting feature, called “snaps,” which allows non-EVM-compatible chains such as Solana to be used within the crypto wallet, offering users an all-in-one solution.
Solana will not be the only network to join the Metamask family: other snaps allow for native interaction with blockchain assets Starknet, Tezos, Sui, Aptos, Cosmos, Algorand and Bitcoin.
A real revolution for the world of web3 and decentralized finance.
Full details below.
Summary
Metamask and the introduction of “snaps” to bring non-EVM compatible chains like Solana inside the crypto wallet
Consensys, a blockchain software technology company that owns the Metamask wallet, announced yesterday the launch of the “snaps” feature that revolutionizes the interoperability side of Web3 by enabling interaction with compatible non-EVM chains such as Solana in a single solution.
Hence, the fragmentation of cryptocurrencies across multiple crypto networks and wallets is no longer an issue after the launch of this fantastic innovation that allows users to natively store and exchange coins of various types within Metamask.
Solana for instance lives (or rather lived) in a separate ecosystem from Metamask, as it is a chain that is not compatible with the features of the Ethereum Virtual Machine.
Multi-party linking is possible through third-party services such as Shapeshift, Cosmos Extension, Solflare, Zion, and many others.
A total of 34 snaps have been added to a special section on the official Metamask website.
In order to use these services, it is necessary to add them individually on the cryptographic protocol extension by approving the classic pop-up that pops up for each transaction request.
The snaps also enable notifications for decentralized apps (dApps).The notification API exists only in the MetaMask browser extension, which means that users will not yet be able to receive push notifications on mobile devices.
At the moment, interaction with these protocols is somewhat cumbersome and difficult for novice users who are unfamiliar with this complex world.
However, Christian Montoya, senior product owner of “Metamask Snaps2, said in an interview with Blockwords that this feature will become more user friendly and that his team is working to make the process permission-free.
At the moment, parent company Consensys has control over all providers that supply their technology to the crypto wallet. This means that to publish a Snap, Consensys must approve it.
The whole thing is still in open beta, hence improvements will surely be made by making the snaps more convenient, intuitive and secure to use.
These are Montoya’s words about the launch of this innovation:
“We’re building systems […] where we can have smart contracts that feed into our approach to the ledger and we can offer users, reviewers or respected entities within the community ways to participate in monitoring the snaps that developers publish. We are in the early stages.
We want users to try Snaps, give us feedback and help us design these types of systems in the future that will allow everything to be fully decentralized.”
Soflare, Solana’s native wallet, launches integration for “snaps”
Solflare, a dedicated extension to the Solana universe, also announced its debut on the Metamask wallet via snaps, making it possible to natively exchange SOL and other crypto assets from the related blockchain within the wallet from Consensys.
Solana-based NFTs can also be held and managed directly on Metamask.
This approach, according to Solflare co-founder Filip Dragoslavic, will enable a development phase for the entire industry, especially considering that Metamask is the most popular software wallet with over 100 million users.
Previously, many stakeholders in the Solana world and other non-EVM compatible networks have found it difficult and tedious to have to install a new wallet, with all the complications related to housing a new seed phrase and managing assets across multiple extensions.
Dragoslavic, enthusiastic about this revolution, commented on the potential of snaps in these words:
“Solana has an incredibly vibrant ecosystem of apps, many of which are only possible on Solana. This integration could be a turning point to introduce the largest user base in Web3 to try Solana and see for themselves.”
Also of note is how Solana is not the only blockchain incompatible with the Ethereum Virtual Machine that can connect with Metamask: Starknet, Cosmos, Sui, Aptos, Tezos, Algorand and even Bitcoin fall within the capabilities of Snaps.
Speaking of Bitcoin, it is worth noting that this is the first time that BTC can be natively stored and exchanged in an EVM wallet without relying on bridge solutions with wBTC and ckBTC.
Hence, BTC can be traded with ETH and other coins in a decentralized (and native) way without having to turn to classic CEXs, which are now in danger of being increasingly abandoned given the new potential on the blockchain interoperability front.
Should there be no future problems on this front, the world of Web3 and DeFi will most likely grow exponentially in the coming years, faster than centralized platforms will be able to do.
