MetaMask is set to launch a key update that will bring smart contract capabilities and provide native support for Bitcoin and Solana networks.
The announcement, made on Feb. 28 through Metamask’s official X account, marks a major update for the wallet, which has primarily focused on the Ethereum (ETH) ecosystem.
The update will include a redesigned user interface, the ability to manage several seed phrases in a single wallet, and abstracted gas fees, which will enable users to pay for transactions using any token rather than ETH.
In addition, the platform plans to launch smart transactions, a feature designed to prevent unsuccessful transactions and restrict MEV assaults. After Ethereum’s next Pectra upgrade, MetaMask will also introduce smart account features that will enhance the self-custody procedure.
This version will make MetaMask a cross-chain wallet that prioritizes security and usability while managing assets from many blockchains.
The announcement follows a regulatory victory for Consensys, the parent company of MetaMask. As previously reported by crypto.news on Feb. 27, the U.S. Securities and Exchange Commission has dropped its investigation on the Ethereum development company.
Consensys was accused of operating as an unregistered securities broker, as part of a larger crackdown led by former SEC Chair Gary Gensler. However, the agency has softened its position and dismissed cases against Uniswap, Gemini, Coinbase, OpenSea, and Robinhood since interim Chair Mark Uyeda assumed office.
Consensys founder and Ethereum co-creator Joseph Lubin called the decision a victory for the cryptocurrency industry.
Despite MetaMask’s continued dominance in the self-custody wallet market, competition is intensifying. Phantom, the most popular wallet on Solana (SOL), has grown to 15 million users since its launch in 2021.
Phantom began as a Solana-only wallet but has since branched out to the Ethereum ecosystem. MetaMask’s recent roadmap indicates an attempt to hold on to its top spot in the rapidly changing cryptocurrency wallet space.
