MetaMask is a non-custodial cryptocurrency wallet with which users can store, manage, send and receive their cryptocurrencies and NFTs. It is available as both a browser extension and a mobile application. MetaMask is one of the world's most popular and most recognizable wallets. Through MetaMask, users can securely connect to a plethora of decentralized applications (dapps) and perform numerous actions directly in the wallet.
MetaMask was created in 2016 by Consensys employees Dan Finlay and Aaron Davis. Consensys is a blockchain software technology company founded by Joseph Lubin, one of the co-founders of Ethereum. MetaMask development began with the goal of making it easier for users to interact with the Ethereum blockchain and its ecosystem.
The wallet's integration with popular web browsers like Google Chrome and Firefox allowed it to reach a broad audience of cryptocurrency users and developers. As the Ethereum ecosystem expanded, so did MetaMask's functionality. In 2017, the wallet began supporting ERC-20 tokens (tokens built on the Ethereum blockchain), enhancing its utility for users participating in token sales and various DeFi applications.
In 2019, MetaMask launched a beta version of its mobile application for iOS and Android, with full release on both platforms launching in 2020, enabling cross-platform synchronization and allowing users to access their wallets on their mobile phones. The rise of DeFi in 2020 and 2021 significantly boosted MetaMask's adoption, and MetaMask began supporting other blockchains, starting with Binance Smart Chain in 2020. Following Binance Smart Chain, MetaMask expanded its support to include other Ethereum Virtual Machine (EVM) compatible blockchains such as Polygon, Avalanche, and Fantom.
Consensys reported over 5 million monthly active users in April 2021. Over time, MetaMask has continued to roll out functions that can be carried out directly in-app, such as swaps, bridging, staking and cashing out to fiat. Between September 2023 and January 2024, Consensys reported over 30 million monthly active users.
MetaMask offers a range of functions designed to provide a seamless and secure experience for cryptocurrency users. It allows for secure storage, sending, and receiving of Ethereum and ERC-20 tokens, managing multiple wallet addresses and the import/export of private keys.
While MetaMask began with a focus on Ethereum, it has since expanded to provide support across a variety of blockchains, including Binance Smart Chain, Avalanche, Fantom, and Polygon and Ethereum Layer 2 solutions.
MetaMask also provides robust transaction management capabilities, including viewing and managing transaction history and customizing gas fees for transactions. Users can bridge tokens between blockchains directly in the app, carry out near-instant token swaps at current market prices, and purchase crypto with fiat, all directly within the application. Ethereum users also have staking options directly within the app without navigating to another outside application.
MetaMask has several security features, including password protection and encryption for private keys, support for hardware wallets like Ledger and Trezor, and seed phrase backup and recovery options. In 2024, MetaMask integrated security alerts from Blockaid, to assist users in preventing malicious transactions.
First, users must install MetaMask as either a mobile application or a browser extension. To install the browser extension, users can head to the MetaMask website, click “Download,” and select their preferred browser (Chrome, Firefox, Brave, or Edge). Once completed, users can follow the prompts to add the extension. Mobile users can download the MetaMask app from the App Store for iOS or Google Play Store for Android.
Once MetaMask is installed, users can open the extension or mobile app and click “Get Started.” Selecting “Create a Wallet” will begin the setup process, where users will need to create a password. This password will unlock the wallet on the user's device. After creating the password, MetaMask will provide each user with a 12-word secret recovery phrase. It is crucial to write down this phrase in the exact order presented and store it in a safe, offline location, as it is necessary for recovering a wallet if a user forgets their password or needs to restore it on a new device. Once the seed phrase is confirmed by selecting the words in the correct order, the setup is complete, and the MetaMask wallet is ready to be used.
Despite MetaMask's security features, there are risks to using cryptocurrency applications, of which users should always be mindful. Phishing is a significant risk, as attackers create fake websites or extensions that look like MetaMask or other DeFi to steal users' private keys, seed phrases, or funds.
Further, if a user accidentally loses their private keys, they cannot be recovered, and thus, the user would lose access to their wallet funds.