MetaMask is an Ethereum-backed wallet that has grown in popularity as the preferred gateway to access Ethereum dApps, while also facilitating transactions and writing on the blockchain. However, as a cryptocurrency wallet that currently only allows users to interact with the Ethereum blockchain, is MetaMask likely to support Solana in the future?
MetaMask currently only supports Ethereum and Ethereum-backed assets. While there is no official information about whether MetaMask will support Solana in the future, the signs suggest that MetaMask will likely expand the blockchains it supports to include other blockchain networks such as Solana.
This article will discuss some queries related to MataMask, including the blockchains it supports, whether it only supports Etherium, and if it will ever support Solana. Read on for more.
What Is MetaMask?
MetaMask is essentially a digital cryptocurrency wallet for Ethereum-backed cryptocurrency and tokens. It acts as an add-on or plug-in on your browser to simplify access to the Ethereum dApps ecosystem while also doubling as a digital wallet for ether and Ethereum-based tokens.
Therefore, MetaMask is essentially a digital wallet application that makes buying and selling ether or tokens easy while also making it simple to access and interact with the numerous decentralized apps hosted on the Ethereum blockchain.
This platform also aims to make it easy for people to use decentralized apps by lowering access barriers.
Which Blockchains Does MetaMask Support?
MetaMask currently only supports the Ethereum blockchain. Essentially, it is an Ethereum wallet that allows the user to either send or receive ether or tokens backed by the blockchain.
MetaMask does not support any other major blockchain, including Bitcoin, Litecoin, Solana, and other popular options. It is currently simply a solution to optimize the number of transactions on the Ethereum blockchain and stimulate the use of dApps on a greater level on this network. Still, its applications can be extended to other blockchain networks.
Naturally, one of the questions that most users and experts have is why MetaMask only supports Ethereum and has not expanded to support other popular blockchains. The answer to this question is that MetaMask is only focussing on Ethereum currently. Therefore, its functionality is only limited to crypto and tokens under Ethereum.
Will MetaMask Expand To Include More Blockchains?
MetaMask is a relatively new tool that seeks to improve the convenience of cryptocurrency trading while offering a more fluid online experience. Therefore, its focus on Ethereum is bound to shift as more users sign on to the platform, subject to the success that it will have on Ether.
To understand the current focus on the Ethereum Blockchain, consider Ethereum as MetaMask’s first foray into the blockchain space. The need to increase online transactions and interactions with dApps is not a goal limited to Ethereum but is instead a challenge that faces most blockchains.
As explained on the Decrypt website, Ethereum has been facing the challenge of dwindling members since it enjoyed close to 2 million transactions in December of 2017. These dwindling numbers have been linked with the complexity of using decentralized apps. Like Ethereum, other platforms such as Solana, Bitcoin, and others also have an ecosystem of Decentralized apps that would benefit from the optimization that MetaMask provides.
Accordingly, if MetaMask can stimulate user engagement and use of these decentralized apps through its easy-to-use interface, it is only expected that other blockchains also looking to enjoy the same benefits will want to come on board.
MetaMask has numerous advantages, including providing a secure interface, allowing users to own their data as it has an open-source code, and offering accessible and affordable transaction costs. These selling points are expected to support the growth and popularity of the digital wallet browser extension among cryptocurrency buyers and sellers.
Given the wide possibilities and new opportunities that are bound to arise as more users sign on to it, it is unlikely that MetaMask will only support Ethereum and Ethereum-backed assets.
There is definitely a great deal of potential for this browser extension across the entire blockchain industry, as most of the major players grapple with how to make transactions and interaction with smart contracts much easier for the regular Joe or Jane.
However, this is largely speculative, and there is currently no official information suggesting that MetaMask will expand the platforms it currently supports.
The Case for Solana on MetaMask
Solana is one of the most popular blockchain networks globally, and some analysts claim that it is even faster than Ethereum. Solana and Ethereum are both fascinating options for investors and are more alike than most people think.
Connie Loizos from TechCrunch explains that Ethereum is getting a lot of attention for its transition to what the author refers to as ‘proof of stake’ systems. These are systems that allow users to store data, write on the blockchain and process their transactions without the need for sophisticated hardware or equipment. This is forecasted to create greater participation.
You are right if you think that these ‘proof of stake’ systems sound like the MetaMask platforms. MetaMask is generating greater attention and interest to the Ethereum network and is simplifying and revolutionizing how users interact with the blockchains.
Unlike Ethereum, Solana has adopted a different strategy to optimize confirmation speed and increase the number of transactions that can be handled on the blockchain simultaneously. This notwithstanding, some factors indicate that perhaps Solana will likely adopt the Ethereum path, as I will discuss below.
Challenges Facing Solana That MetaMask Could Solve
As reported by Bloomberg, the Solana blockchain has faced numerous challenges that caused instability, relating to network congestion and mounting strain on the ability of this blockchain to handle the multiple and complex user transactions on the network.
Bitcoin News also echoes this, the author noting that this high network traffic has hindered network performance. It is important to note that Solana is among the top 10 blockchains in terms of smart-contracts-enabled cryptocurrency. Remember, MetaMask is also geared towards increasing user participation and interaction with smart contracts.
The Bloomberg news article also notes that Solana has also experienced increased volatility and lost as much as 30% of its value in January 2022. Cumulatively, the cryptocurrency market has lost up to $1 trillion in value from November 2021 to January 2022.
The authors of Bitcoin News note that this is not the first time Solana has faced these issues, which continue to put massive strain on its resources. Nasdaq notes that Solana’s edge in the market over Ethereum was anchored on its ability to support numerous transactions at speed, a central selling point because Ethereum is relatively slower.
Solana’s inability to live up to its hype as the fastest blockchain could pose significant issues, especially as Ethereum adopts a different strategy for simplifying user interaction. Considering that Ethereum’s approach will potentially make it a more preferable option to users who are unhappy with Solana’s network issues, it only makes sense for Solana to re-evaluate its current strategy.
To put it simply, Solana is facing massive challenges on how it processes transactions and how it approaches user interactions on its smart contracts. MetaMask offers a solution by creating a much simpler and less complex approach for buying and selling assets while also easily and conveniently interacting with the smart contracts on its dApp ecosystem to respond to the above challenges.
Therefore, it is not outside the realm of possibilities that Solana may consider MetaMask or a similar browser extension to increase total transactions without compromising convenience, reliability, and security. However, whether MetaMask will support Solana remains to be seen because there is no official information backing this up.
Whether MetaMask will ever support Solana is primarily a matter of speculation as MetaMask currently only supports Ethereum and Ethereum-backed assets. However, this system is essentially still in its early stages, and it is likely that as more users register on the platform, it will expand its support for other popular blockchains.
- Chrome Web Store: MetaMask
- Toptal: MetaMask Tutorial: One-Click Login With Blockchain Made Easy
- MetaMask: Getting Started, Payment, Assets, Swaps & Security FAQs
- Decrypt: What is Metamas? | The Beginner’s Guide
- Bitcasino: Is the MetaMask Wallet for Ethereum Only?
- TechCrunch: Solana, a Blockchain Platform Followed by Top Crypto Investors, Says It’s Faster Than Ethereum
- Bloomberg: Solana Network Hit by Excessive Duplicate Transactions in Brutal Week for Crypto
- Bitcoin News: Solana Formally Acknowledges Problems with ‘High Compute’ Transactions Clogging the Network
- Nasdaq: Why Solana Was Facing a Major Challenge Today