MetaMask, a popular digital wallet known for its association with Ethereum, is expanding to other networks, starting with Bitcoin. This expansion is a response to the growing interest in decentralized finance (DeFi) beyond Ethereum.
Consensys, the company behind MetaMask, is hiring a product manager for MetaMask's "end-to-end Bitcoin experience," reflecting the platform's intention to embrace the broader crypto ecosystem.
MetaMask's move to support multiple networks, including Solana and Bitcoin, aims to address the evolving landscape of cryptocurrency and decentralized applications. While MetaMask faces competition from other multi-chain wallets, its shift is seen as a strategic step towards meeting the demands of a multi-chain ecosystem.
MetaMask may already be a go-to name for millions of crypto users, but the popular digital wallet could potentially reach a much wider audience as it begins to expand beyond Ethereum—starting with Bitcoin.
Christian Montoya, Consensys’ product lead for MetaMask Multichain, acknowledged the trend in an interview with Decrypt—and said MetaMask has been building in this direction for some time. “Obviously, MetaMask is the O.G. Ethereum wallet, and it was built for Ethereum,” he said. “But we've been exploring for quite a while how we can expand beyond that.”
Created by Consensys in 2016, MetaMask became a mainstay for many in the cryptosphere when Ethereum NFTs sold at eye-popping valuations in 2021 and 2022. But Ethereum isn't necessarily the epicenter of the crypto ecosystem anymore.
Investors and builders alike are frustrated at the languid price action, with some pointing to a lack of engagement by the Ethereum Foundation or the unexpected value drain of layer-2 networks contributing to the situation. Just recently, the Foundation committed to various changes, with Ethereum creator Vitalik Buterin adopting a more "degen" personality—a "wartime" vibe, as some have described it.
This isn't the first time that MetaMask has enabled exploration of other crypto ecosystems, though previous efforts were fueled by external developers. In 2023, the digital wallet launched its MetaMask Snaps feature.
While MetaMask started moving full steam ahead with its multi-chain approach around two years ago, the strategy was validated by projects issuing assets across different networks within the past year.
But after being the Ethereum wallet for so long, will this shift be too little too late for MetaMask? Multi-chain rivals have taken hold in recent years and are gaining steam.
Attempts to forge a path forward across a multi-chain ecosystem remain fragmented, with more development needed to scale toward mass adoption. But one analyst said that MetaMask's shift could be a step in the right direction. “No single chain can currently handle the throughput needed for a global, simultaneous, viral event,” VanEck Head of Digital Asset Research Matthew Sigel told Decrypt. “move seems an acknowledgment of that reality.”