Based

Metamask

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Simply

Cosmos

<p>Based on the extensive <a href="https://twitter.com/THORmaximalist/status/1701665076896473098?t=NL-W8l7j-0DD2stCkiyL5Q&amp;s=31" target="_blank" rel="noopener noreferrer nofollow">thread</a> by TCB (@THORmaximalist), MetaMask’s new feature, Snaps, has just upped the game in decentralized finance (DeFi). Developed in collaboration with ShapeShift, MetaMask now supports a variety of cryptocurrencies besides Ethereum, including Bitcoin, Litecoin, Dogecoin, Cosmos, Bitcoin Cash, and Thorchain, with more to be added soon.</p> 
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<h3 class="wp-block-heading" id="key-features">Key Features:</h3> 
<ul> 
 <li>Ease of Use: Creating wallets for these new cryptocurrencies is simple and tied to your existing MetaMask root key. Installation takes less than a minute.</li> 
 <li>Cost-Effectiveness: According to TCB’s own test, swapping from Ethereum to Bitcoin within MetaMask could potentially be up to 20 times cheaper than using centralized services like crypto.com.</li> 
 <li>Decentralization: The feature enables permissionless, trustless, decentralized, and censorship-resistant multichain swaps, putting more power into the hands of individual users.</li> 
 <li>Technology: Under the hood, Thorchain serves as the multichain liquidity engine, while ShapeShift aggregates assets from other decentralized exchanges (DEXes) like Uniswap.</li> 
 <li>Streaming Swaps: The low fees are achieved through a feature called Streaming Swaps, which utilizes Time-Weighted Average Pricing (TWAP).</li> 
 <li>Donation-Based Fees: Unlike other platforms that include built-in fees, ShapeShift employs a donation-based model for those who can afford to contribute.</li> 
</ul> 
<h3 class="wp-block-heading" id="criticisms">Criticisms:</h3> 
<p>The primary criticism, as pointed out by TCB, is the absence of hardware wallet support for non-Ethereum Virtual Machine (EVM) keys. This is a crucial feature for users who prioritize security and hopefully, it’s something MetaMask will address soon.</p> 
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<h3 class="wp-block-heading" id="simplifying-defi">Simplifying DeFi:</h3> 
<p>The most notable takeaway is that MetaMask and ShapeShift are simplifying the DeFi experience, making it more accessible and user-friendly. A single wallet now powers all supported blockchains, streamlining the experience and potentially driving broader adoption of decentralized financial products.</p> 
<h3 class="wp-block-heading" id="final-words">Final Words:</h3> 
<p>The development is a commendable achievement for the ShapeShift team, which, as TCB highlights, is a small independent organization making a significant impact on the DeFi landscape. This shift towards decentralized, multichain capabilities is not only a technological leap but also represents a significant move towards real-world adoption of DeFi.</p> 
<p>For those interested in checking out the functionality, TCB suggests watching a <a href="https://x.com/THORmaximalist/status/1701684596973216019?s=20" target="_blank" rel="noopener noreferrer nofollow">video </a>by Eridanus that demonstrates how to install the plugin and execute a swap in less than 60 seconds.</p> 
<p>In summary, based on TCB’s insights, this is an exciting advancement in the world of decentralized finance, lowering barriers to entry and making transactions more efficient and cost-effective.</p> 
<p><em>Join us on <strong><a href="https://twitter.com/intent/follow?screen_name=captainaltcoin" data-type="link" data-id="https://twitter.com/intent/follow?screen_name=captainaltcoin" target="_blank" rel="noopener noreferrer nofollow">Twitter</a></strong> and <strong><a rel="noopener noreferrer nofollow" href="https://www.facebook.com/captainaltcoin" target="_blank">Facebook</a> </strong>for the latest insights and discussions in the world of crypto.</em></p> 
<p><em>Explore our <strong><a href="https://captainaltcoin.com/tag/news/" target="_blank" rel="noopener noreferrer nofollow">news section</a></strong> and stay ahead of the curve with our expert <strong><a href="https://captainaltcoin.com/predictions/" data-type="link" data-id="https://captainaltcoin.com/predictions/" target="_blank" rel="noopener noreferrer nofollow">price predictions</a>.</strong></em></p> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/metamask-trade-btc-ltc-doge-guide/">Metamask Now Supports BTC, LTC, DOGE, and These Cryptos: Guide on How to Use It</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Metamask Now Supports BTC, LTC, DOGE, and These Cryptos: Guide on How to Use It

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