What is MetaMask? The Blockchain Wallet Explained

Learn more about the blockchain wallet and its DeFi tools

Embarking on your Web3 journey? You can’t go far without a digital wallet like MetaMask. In fact, it plays an essential role, and obtaining one is a cost-free process. Moreover, MetaMask is not just a wallet but a multichain powerhouse with a range of DeFi tools at your disposal. Discover how to make the most out of your experience with dapps using MetaMask, whether you’re a crypto newbie or veteran. Follow through!

Contents

What is a digital wallet?

A digital wallet, just like your traditional leather wallet, in blockchain terms, is an interface that allows you to store your private key and interact with multiple digital ledgers depending on the wallet type.

Each public blockchain has its wallet, and as the industry evolves, more and more wallets are multi-chain.

What is MetaMask?

MetaMask is the most famous crypto wallet in the web3 space. The objective of its creators back in 2016 was to make ether (ETH) transactions simple and as intuitive as possible. The project grew much more than that and is today one of the biggest web3 companies.

Visit MetaMask

It was created for Ethereum tokens, but now you can use it to store tokens across an extensive range of networks. These include Ethereum, Polygon, BNB Chain, Avalanche, Fantom, Celo, Optimism, and Arbitrum.

It’s a browser wallet, meaning it’s online, easy to access, free to use, and generally user-friendly. Moreover, through MetaMask, you can also interact and use various Ethereum dapps easily – and you can also do it from your mobile app on iOS and Android devices.

How does MetaMask work?

Since their overall goal is to promote adoption, MetaMask is self-hosted, and its plugin is available for different browsers. You simply have to add an extension to your browser, whether it’s Firefox, Chrome, Opera, or Brave.

It is also non-custodial, meaning you have full control of your funds. Moreover, MetaMask has a security vault that keeps your identity secure, allowing the end-user to interact with Ethereum from different browsers and sign off transactions.

How can I install MetaMask on my Chrome browser?

Visit MetaMask’s official site and select your download option (Chrome, iOS, or Android app). Head to Chrome’s official store, and click “Get Chrome Extension.”
Follow the link, click “Add to Chrome” to add the extension, and install the MetaMask plugin. Once ready, you will be redirected to a new tab.
To get started, you can either “Import Wallet”—which applies to those who had MetaMask wallets before, or “Create Wallet” for those who want to create a new wallet. To create a new one, click on this button.
On the “Help Us Improve MetaMask”, click on agree to grant permission to MetaMask.
Create a new password.
Next, back up your seed phrases. You’ll use these phrases to recover your wallet in case of loss. Jot down these keywords on a piece of paper, and store them safely.
Click “All Done” to conclude the process.

Watch the video below for a visual explanation of what MetaMask is and how to create your own wallet.

How can I transfer funds to my Metamask wallet?

To receive funds from an external account, click “Receive” on the main window. You can copy your public address or scan the QR code to start the transaction. You can also connect your MetaMask to a hard wallet like Ledger or to another web or desktop wallet.

With a MetaMask blockchain wallet, you can also deposit or receive ETH to or from any Ethereum dapp from the comfort of your browser.

Now if you don’t own any cryptocurrencies yet and want to get started, you can buy your own tokens using real-world money in MetaMask. Either by paying with your Visa or Mastercard credit and debit cards, making a bank transfer, or using PayPal, Apple Pay, or Google Pay.

Beyond a crypto wallet: MetaMask DeFi tools

Being around the crypto space since its early days, MetaMask had to evolve from a simple wallet to a multi-tool DeFi dapp. Take a look at the main things you can do with MetaMask.

MetaMask Portfolio

First and foremost, MetaMask is the place where you store your tokens. But it doesn’t work only for cryptocurrency but also for ERC-721 non-fungible tokens (NFTs).

With the MetaMask portfolio dapp, you can easily view your digital assets in a user-friendly interface.

MetaMask Swap

Launched in 2020, MetaMask Swap is a feature that allows you to swap (or exchange) one cryptocurrency token for another. It’s one of the core parts of MetaMask. MetaMask Swap works from your desktop or mobile wallet, combining data from different decentralized exchange aggregators.

Besides, MetaMask also allows you to buy crypto with fiat money, as previously mentioned. At the time of writing, MetaMask availability included over 75 tokens from 8 different blockchains.

MetaMask Bridge

One of MetaMask’s latest features, Bridges is a cross-chain bridge aggregator that facilitates interoperability throughout Web3.

The dapp helps users find the best routes to move tokens from one blockchain to another based on integrated data from different bridge aggregators and individual bridges.

MetaMask Staking

In 2023, MetaMask expanded its DeFi offer to Staking. MetaMask users can stake the ether coins on their wallets with liquid staking providers such as Lido and Rocket Pool. This wide variety in such a popular and essential crypto product makes the DeFi experience beginner-friendly – and collaborates with the project’s mission to contribute to the mass adoption of blockchain technology.

Explore top DeFi dapps

Once you have set up your MetaMask wallet and stored your tokens, head over to DappRadar. The world of decentralized finance is ever evolving and you can keep up with it with DappRadar Top DeFi dapps Ranking.

See Top DeFi Dapps Ranking

Luckily, DappRadar’s team works hard daily to provide you with the latest news and essential tutorials. If you want to learn even more about the best Web3 projects, follow the DappRadar blog, YouTube channel, and Twitter.

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