MetaMask has announced new features on its wallet extension as competitors challenge the throne of the market leader.
The FTX collapse made crypto investors realize what can go wrong when handing over custody of their assets to a centralized exchange. “Not your keys, not your crypto,” as the saying goes.
However, security challenges exist when users have custody of their assets. Hence, MetaMask has announced new features to enhance the security of users’ funds, considering the frequency of crypto scams and phishing attacks.
MetaMask Brings in Phishing Detection Alerts
MetaMask has introduced new features such as phishing detection, showing balance, token price, and incoming transactions. Usage of these features will be optional, providing users the freedom to opt out for any reason.
Crypto drainer contracts like Monkey Drainer trick unaware users into connecting their wallets to phishing websites. After the users connect their wallet, the drainer contract would steal the assets from the wallet. With phishing detection, users might get an alert when they connect their wallet to suspicious websites.
However, in return for these optional features, users would have to relinquish their privacy, as some features require access to IP addresses. The community criticized the collection of IP addresses.
Some believe there are better wallets than MetaMask, available in the market. So, is MetaMask’s crown in danger?
Competition Increases for Non-Custody Solutions
As the demand for non-custody solutions increased, more players entered the segments to challenge the monopoly of established brands. Last month, the DeFi wallet Frontier announced a browser extension of its wallet that works across 35 different chains.
MetaMask competitors like Frontier already had features like fraud and phishing attack detection before the market leader announced its solution today.
The competition is rising with hardware wallets too. The decentralized exchange aggregator 1Inch entered the segment with a wallet as compact as a bank card to compete with Ledger and Trezor.
The rising competition will lead to better innovations in the segment of non-custody solutions. At last, the industry wins as Web3 participants will get the best possible infrastructure for self-custody.
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