Due to the enormous growth of DeFi and a lack of direct competitors, Ethereum wallet and browser extension MetaMask recently surpassed 10 million active users, a major milestone for the ConsenSys-led protocol. Now, a new browser wallet is looking to provide an alternative to MetaMask by doing something that most developers are shying away from — creating a web-based experience as opposed to a mobile client.
Emile Dubié, the CEO of XDEFI Wallet, explained to Cointelegraph why MetaMask’s growth has previously gone unperturbed by competitors:
“I think developers decided to get on mobile being the next client for blockchain users while the reality is that most of the volume in DeFi is still going via web client. Why? Because you have more real estate from a UI point of view and browser wallets give much more flexibility to users.”
This flexibility, Dubié said, eliminates the need for native integrations with specific protocols within the mobile wallet, making any decentralized application accessible with an extension.
So, whereas most developers are placing the future of DeFi growth in the mobile experience, Dubié said web-based extensions currently offer more usability.
XDEFI Wallet, which operates a browser wallet that seeks to integrate with Web 3 technologies, recently concluded a $6 million funding round backed by some of the biggest venture funds in crypto. The investment round was led by Mechanism Capital, with participation from DeFiance Capital, Alameda Research, Sino Global Capital, Animoca Brands, Morningstar Ventures and CoinGecko.
Dubié explained to Cointelegraph how XDEFI plans to fully utilize the Web 3 experience:
“If you want to unleash the full potential of web 3 you need to have a wallet that allows [you] to interact with web applications built on different blockchains. No need to switch from a wallet to another, no need to deal with several seed phrases — just use the same vehicle to access different destinations.”
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XDEFI currently integrates with nine blockchains: Ethereum, Polygon, Terra, THORChain, Bitcoin, Binance chain, Binance Smart Chain, Bitcoin Cash and Litecoin. Support for Arbitrum, Solana and Avalanche are coming next, the CEO said.