While MetaMask has enjoyed the status of being the go-to web-based crypto wallet since the early days of the industry, of late, it has been facing both strong criticism and competition.
To begin, MetaMask has been on the receiving end of dissatisfied users who complain about issues such as transactions getting stuck on the wallet, a lack of integrations with crypto platforms, or succumbing to sophisticated phishing attacks.
Further, being an Ethereum-native browser means MetaMask is primarily geared toward ETH-based crypto-assets and, at large, toward EVM-compatible smart contracts. This leaves enough room for competition to rise and attempt to capture the market for the rest of the blockchains and also try to snatch some of MetaMask’s market share within the Ethereum ecosystem.
In this article, we discuss two such browser-based crypto wallets that promise a seamless user experience with minimal transaction fees and support a wide array of crypto assets. We will take a look at Phantom and XDEFI Wallets, two of the upcoming crypto wallets that could potentially challenge MetaMask’s virtual monopoly in the browser-based crypto wallets space.
Although its functionality is currently limited to the Solana blockchain, Phantom has emerged as an impressive, user-friendly, web3 crypto wallet that helps users easily store their crypto assets safely and securely.
Positioned as an alternative to MetaMask, Phantom offers a wide range of services to users that make it a strong force in the crypto wallet space. For instance, Phantom boasts of a built-in token swap functionality, an NFT collection tab, and staking features, among other things.
Notably, Phantom’s token swap functionality allows users to swap tokens without having to integrate the wallet with any outside decentralized application or dApp. Instead, users are only required to ensure they have enough SOL in the wallet to pay for the gas fees for the transactions.
In terms of security, users must note down the 12-word seed phrase in case they happen to forget the password for the wallet. Further, Phantom can also be integrated with the leading hardware crypto wallet Ledger to add an extra layer of security.
As the Phantom Wallet only supports Solana blockchain at present, it charges way less fees compared to Ethereum-based MetaMask for executing transactions. For the uninitiated, all transactions in the Solana ecosystem are paid for in the form of SOL tokens.
Phantom is currently only available as a web-based crypto wallet. However, the team has cleared multiple times that it is working on developing a mobile version of the wallet to further increase its reach among users. In addition, Phantom is also mulling introducing support for the Ethereum blockchain which could potentially threaten MetaMask’s firm grip over the ETH ecosystem.
Similar to Phantom, XDEFI Wallet is an emerging, intuitive browser-based crypto wallet that seeks to offer users a seamless experience while managing, storing, and swapping their crypto assets.
Unlike both MetaMask and Phantom, XDEFI is a chain-agnostic crypto wallet which means that it supports all blockchains or smart contract platforms. XDEFI’s chain-agnostic nature implies that users can store all and every cryptocurrency on the wallet regardless of the token’s underlying blockchain.
In addition, users can also integrate XDEFI to any dApp irrespective of what blockchain the dApp might be built on. For example, a user can provide liquidity on Ethereum-based Uniswap DEX while simultaneously swapping tokens on Solana-based Orca DEX without having to change their wallet.
A fascinating feature offered by XDEFI is the “ape mode” that guarantees the user that their transaction will be executed in the next block on the blockchain, thereby enabling near-instant transactions irrespective of the blockchain. Such a time-sensitive feature could come in extremely handy during NFT mints where even a few seconds’ delay could leave the NFT minter empty-handed.
Notably, in September this year, XDEFI Wallet raised $6 million from several reputed crypto VC firms including Alameda Research, Sino Global Cap, and others.
Most recently, XDEFI announced that it would conduct an initial DEX offering (IDO) on SushiSwap’s MISO platform with a target to raise $12 million by selling its new utility token, $XDEFI.