Competition for Metamask? Exodus enters the Web3 wallet market

Exodus, a pioneering wallet in the cryptocurrency industry, already has an extension to surf the Web3, facing Metamask, the main application in this market.

How is this possible? Well, for the fact that Exodus is one of the wallets most popular in the cryptocurrency network ecosystem by facilitating access to more than 100 assets since 2015. Its mobile application in the Google Play store has more than 1 million downloads and also has its desktop version that is quite popular in the community. Due to this reputation, his foray into the Web wallet industry3 is striking.

For those who don’t know it: A Web3 wallet is a wallet that allows you to interact with decentralized funds and applications, connecting electronic money protocols with Internet applications. Simply put, they are those apps that make it possible to exchange and store NFT artworks, play-to-earn video game characters or cryptocurrency funds.

In this industry, Metamask is one of the most important companies, well, it allows you to use your wallet from a browser to make transactions on networks such as Ethereum, Solana, Tron and Play-2-Earn games such as Axie Infinity. However, in view of Exodus’ plans to expand into the DeFi market, the wallet could be emerging as a new competitor to Metamask.

And what does the new extension of this firm offer? In principle, it will work only for cryptocurrencies and tokens of the Solana network, being available for browsers such as Google Chrome and Brave. Among its most outstanding functions, they explain that the Exodus navigator wallet will allow you to buy, sell and exchange (swap) cryptocurrencies; as well as issuing, selling and viewing NFTs.

In the same way, users will be able to browse through Web3 projects, make staking of Solana and view the history of your savings in cryptocurrencies, in addition to being able to buy cryptocurrencies with debit, credit or bank account cards.

Although Exodus will initially remain focused on the Solana market, they do not rule out the possibility of extending to other DeFi networks. In this sense, if the wallet manages to integrate into blockchains such as Binance Smart Chain, Ethereum and Avalanche, it could become a renowned firm in this industry.

This, above all, if we take that although Metamask is one of the heavyweights of the industry, it can become a complicated wallet for beginners who want to take their first steps in the world of Web3. In addition, Metamask has had some operating problems this year, a panorama that opens the doors to other perpetrators and that Exodus could take advantage of if its new extension is successful.

Exodus prefers Solana over Ethereum (for now)

As we mentioned before, it is noteworthy that the new Exodus wallet does not work with Ethereum at the moment, but will be focused on the Solana market. A decision that is striking, in view of the importance of the aforementioned network in the decentralized finance market and being one of the most popular networks in this industry.

Although they are not closed to the opportunity that in the future they will incorporate this network to the functions of the wallet, they explained their reasons for not preferring it at the time of its launch. The Exodus board noted in a post that the reason for starting with Solana is that the high commissions of the Ethereum network they make it difficult for new users to access this ecosystem, add:

“Navigate [Ethereum] it’s unpredictable and expensive commissions can be restrictive for the average person looking to experiment with small sums of money. While Exodus plans to add Ethereum soon, making the launch with Solana made more sense.

Like Ethereum, Solana is a smart contract platform that hosts a world of Web3 applications, such as decentralized exchanges and lending platforms. Unlike Ethereum, Solana can scale to hundreds of thousands of transactions per second at such a small cost that you would have to send thousands of transactions to spend just $1 in commissions.”

Exodus

Although it is not a definitive rejection, Ethereum has been left very badly off with Exodus by receiving criticism of the company. Meanwhile, other blockchains that have been dedicated to exploring the decentralized finance ecosystem continue to grow in the eyes of cryptocurrency companies, gaining more and more users and followers, as is the case of Solana that earned the opportunity to debut the functions of the first Exodus Web3 wallet.