MetaMask Set to Launch Major Update with Smart Contract Capabilities and Multi-Chain Support

Enhanced Features and Cross-Chain Functionality

MetaMask, a leading self-custody wallet, has announced a significant update that will bring smart contract capabilities and provide native support for Bitcoin and Solana networks. This update marks a major milestone for the wallet, which has primarily focused on the Ethereum ecosystem.

The update will include a redesigned user interface, the ability to manage several seed phrases in a single wallet, and abstracted gas fees, which will enable users to pay for transactions using any token rather than ETH.

Smart Transactions and Smart Account Features

In addition to the new features, MetaMask plans to launch smart transactions, a feature designed to prevent unsuccessful transactions and restrict MEV assaults. After Ethereum’s next Pectra upgrade, MetaMask will also introduce smart account features that will enhance the self-custody procedure.

These updates will make MetaMask a cross-chain wallet that prioritizes security and usability while managing assets from multiple blockchains.

Regulatory Victory and Growing Competition

The announcement follows a regulatory victory for Consensys, the parent company of MetaMask. The U.S. Securities and Exchange Commission has dropped its investigation on the Ethereum development company, which was accused of operating as an unregistered securities broker.

“I’m pleased to announce that Consensys and the SEC have agreed in principle that the securities enforcement case concerning MetaMask should be dismissed.”

Joseph Lubin, Consensys founder and Ethereum co-creator, called the decision a victory for the cryptocurrency industry.

Despite MetaMask’s continued dominance in the self-custody wallet market, competition is intensifying. Phantom, the most popular wallet on Solana, has grown to 15 million users since its launch in 2021.

Key Takeaways:

  • MetaMask is launching a major update with smart contract capabilities and multi-chain support.
  • The update will include a redesigned user interface, abstracted gas fees, and smart transaction features.
  • MetaMask will become a cross-chain wallet, prioritizing security and usability.
  • Consensys, the parent company of MetaMask, has secured a regulatory victory with the SEC.
  • Competition in the self-custody wallet market is growing, with Phantom expanding to 15 million users.

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