5 Alternatives to MetaMask for Accessing DeFi

With the development of Web3 and Decentralized Finance, there are now more options available to access the DeFi ecosystem besides the popular MetaMask. This article will introduce 5 alternative wallets to MetaMask that can interact with decentralized applications on Ethereum and other blockchains.

MetaMask, as one of the most popular Web3 wallets, has millions of users. Its main advantages are its ease of use, open-source nature, and good integration with most Decentralized Finance protocols. However, MetaMask also has some drawbacks, such as the security risks associated with storing private keys in the browser, potential connection interruptions due to reliance on Infura to connect to the Ethereum network, and the lack of detailed analysis during transaction confirmations.

Let's learn about five Web3 wallets that can replace MetaMask, all of which support multi-chain interactions:

Frame

Frame is a privacy-focused Ethereum wallet that runs on MacOS, Windows, and Linux systems. It allows users to manage all accounts, tokens, and projects while supporting connections to various decentralized applications. One of Frame's key features is that it stores private keys outside the browser, enhancing security. Additionally, it supports mainstream hardware wallets.

After users download and install Frame, they can conduct seamless transactions on EVM-compatible chains, including Ethereum, Optimism, Arbitrum, Polygon, and xDai, via the browser extension.

Rabby

Rabby is an open-source Web3 wallet developed by the DeFi portfolio tracking tool DeBank. It offers an excellent multi-chain experience, automatically switching to the corresponding blockchain network based on the websites users visit.

To enhance security, Rabby will provide a detailed analysis of the transaction content in the transaction confirmation pop-up. When users confirm a transaction, the wallet will clearly explain the specific operations of the transaction and display the estimated balance changes.

Rabby has also made improvements in security. Every transaction is checked by a security engine, and if there are potential risks, the wallet will issue a warning before the user signs. This helps users identify possible security hazards.

XDEFI Wallet

XDEFI Wallet is a cross-chain extension that natively integrates THORChain, Ethereum, and multiple EVM networks (such as Polygon) and Terra. Users can conduct cross-chain transactions directly within the wallet, utilizing THORChain technology to achieve asset transfers without the need for centralized intermediaries or custodians.

The XDEFI wallet also integrates Ramp services, allowing users to purchase cryptocurrencies directly with fiat. However, the wallet has not yet been open-sourced, which may be a drawback. According to the development plan, more blockchains such as Avalanche, Cosmos, Fantom, and Solana will be supported in the first quarter of 2022.

Web3Auth

Web3Auth (formerly Torus) is an open-source browser extension that allows users to authenticate their identity directly with decentralized applications, exchanges, or blockchains using their Google account.

When using Web3Auth, users can log in with a single click through their Google account, automatically accessing the browser's built-in wallet without the need to remember complex mnemonic phrases. During the first authentication, Web3Auth will automatically create an account using threshold signatures and Torus's distributed key generation network, balancing the security of self-custody with convenience.

Web3Auth is an improvement based on MetaMask, integrating tKey technology and using Shamir's secret sharing scheme to manage keys. The user's private key is divided into three parts, and as long as two parts can be accessed, the private key can be recovered.

Wallet 3

Wallet 3 is an open-source non-custodial wallet that supports connecting to DeFi applications via the WalletConnect protocol. When users access DeFi applications such as Perpetual Protocol, they can connect through WalletConnect and copy the URI. If Wallet 3 is open and the manual connection feature is enabled, users will automatically connect to the application.

A standout feature of Wallet 3 is that users can quickly switch accounts, perform cross-chain transfers, and interact directly with top DeFi protocols like Aave and Yearn within the wallet. Additionally, Wallet 3 provides users with a portfolio dashboard that supports multiple networks including Ethereum, Binance Smart Chain, Polygon, Avalanche, and Fantom.

These MetaMask alternatives each have their unique features, providing users with more options to meet different security needs, cross-chain operations, and user experiences. As the Web3 ecosystem continues to evolve, we can expect to see more innovative wallet solutions emerge.