MetaMask

Basic Information

The MetaMask wallet is backed by a global community of developers and designers who want to contribute to improving the world through blockchain technology. This community has come up with one of the most widely used software wallets in today's cryptocurrency world. MetaMask is a browser extension or application that functions as a cryptocurrency wallet and offers a way to interact with different blockchains.

Functionality

MetaMask is a popular cryptocurrency wallet known for its ease of use and accessibility on both computers and mobile devices. The MetaMask extension is available for Google Chrome, Mozilla Firefox, Opera and Brave browsers or you can download it from the app store for your mobile device. Using the MetaMask wallet, you can work with decentralized applications (dApps), as well as buy, send and receive digital assets.

You can send your assets from the MetaMask wallet, and if you follow all the security conditions, it will always be a safer option for storing your assets than keeping them on centralized exchange (CEX). Be aware, however, that MetaMask does not support all coins in the cryptocurrency market. MetaMask only supports ERC-20 tokens and Ethereum-compatible network tokens, which means the network must be an Ethereum Virtual Machine (EVM) and therefore won’t support something like bitcoin or litecoin unless those coins have been wrapped at a bridge.

MetaMask provides, so to speak, an entry point into the world of decentralized finance (DeFi), as it provides interaction with decentralized applications (dApps) created on the blockchain Ethereum or other EVM-compatible blockchains. Interacting with dApps through MetaMask is very simple and intuitive. Just install the wallet and visit the platform of the particular DeFi application.

Pay attention to what platforms you visit and where you connect your wallet! Always use only the official links provided by the app developers.

Pros and Cons

Pros

Easy to access, download, install and link between multiple devices -The whole MetaMask wallet setup is really simple. You just need to download it from the official site and create a new wallet for which you will receive a 12-word seed phrase. Using the seed, you will be able to import your MetaMask wallet to all your devices
No data requested - You do not provide any personal data to MetaMask wallet. The developers of this wallet respect your privacy
Multiple wallets - Users can create multiple different addresses in their wallet, giving them even more anonymity and allowing them to reserve individual wallets for different types of transactions
Support - all ERC-20 tokens, NFTs, and the possibility to be used on all EVM blockchains
Compatibility - Compatible with the top two hardware wallets (HW) - Trezor and Ledger
Open source - MetaMask's code can be seen and checked by anyone on GitHub

Cons

How to restore MetaMask - The only way to restore MetaMask wallet is through seed. If you've lost your seed phrase and need to restore your wallet, then you and your digital assets in it are out of luck. You can't access them without a seed. No one will be able to help you, not even MetaMask tech support.

Supported Chains

Ethereum, Binance Smart Chain, Polygon, Avalanche C-Chain, Arbitrum One, Optimism, Fantom, Cronos, Kava, Aurora, Moonriver, Celo, OKXChain, Theta, Harmony, Evmos, Tomb Chain, Astar...

The full list of EVM chains supported by MetaMask wallet can be found here.

Tips from an Analyst

Safety tips to protect your MetaMask wallet

‍Never share your seeds or private keys with anyone. Do not share them on websites or save them on your computer or in online documents.
Never respond to a direct messages (DM) from someone who just wants to help you out of the blue or tells you that you have won cryptocurrencies. The developers of MetaMask or other DeFi projects would never DM you on their own, ask you for money, or for your seed phrases and private keys.
Do not trust anyone who asks you to "verify your wallet."
Never import seeds or private keys into wallets you received somewhere or downloaded them outside of the official platform.
If possible, avoid Telegram groups. This platform has the largest presence of scammers of the entire crypto world.
Always report scammers. This will help the community stay safe.
Beware of fake websites! Visit only websites through official links, which you can find e.g. on the Discord of the specific project.
For better security, link your software cryptocurrency wallet to your hardware wallet.

In case of any problems, please contact the MetaMask support centre here.

Personal Opinion

MetaMask has quickly become one of the most popular software crypto wallets thanks to its simple concept, great functionality across devices, support for the Ethereum blockchain as well as all other EVM blockchains. You can store your digital assets in all supported blockchains, whether they are cryptocurrencies or non-fungible tokens (NFTs). It can be said that the MetaMask wallet represents an entry point into the world of decentralized finance (DeFi). Through this wallet, you can connect to decentralized applications (dApps) built on the Ethereum blockchain or other supported EVM blockchains. MetaMask will serve as a connector that will ensure interaction with the application, confirmation of individual transactions, display of token inventory, etc.

You can secure your MetaMask with a hardware wallet, or put another way, you should absolutely secure it if you care about your digital assets and want to provide them with the best possible security. A big advantage possessed by MetaMask is that the software wallet supports both Ledger and Trezor hardware wallets. If you want to better secure your MetaMask wallet, go back to a previous point in this article, and read our security tips. Alternatively, you may copy them and store them wherever you can be regularly reminded of them.