MetaMask is one of the most popular Ethereum wallets around. First released in 2016, the wallet first took the form of a browser extension that allows users to access the blockchain from directly within Chrome while exploring the Web.
When it launched, MetaMask was one of numerous competing Ethereum wallets, but it came into its own with the emergence of DeFi and the Ethereum blockchain’s ecosystem of dApps. That’s because it doesn’t just allow users to store ERC-20 tokens but also access a range of services built on the Ethereum network from within the wallet.
By connecting to Ethereum-based dApps, it’s possible to spend ERC-20 tokens in games and other applications, stake them in DeFi to earn rewards, and trade on decentralized exchanges. Users can even borrow or lend tokens with DeFi.
There’s no doubt MetaMask is a comprehensive digital wallet, all the more so now that it’s available on Android and iOS too. It’s pretty much a permanent fixture at the top of any list of best Ethereum wallets you could care to Google. Nonetheless, a few features missing from MetaMask might make some of these alternatives worthy of consideration.
MetaMask suffers from a complete and utter lack of privacy due to its transparent nature like most cryptocurrency wallets. Every transaction on the Ethereum blockchain is out there in public, which can cause big problems for some individuals if someone can link them to a specific account. There are multiple blockchain explorer tools that people can use to track transactions and follow the money.
BlockWallet aims to prevent that. It bills itself as the most private non-custodial Ethereum wallet around. Like MetaMask, it’s available as a browser extension, and soon, it will also add DeFi functionality, at which time it will become a truly viable alternative.
BlockWallet protects users’ transactions by hiding the amounts sent, the origin, and the destination. It does this by using smart contracts to bundle its entire user base’s funds together in a single wallet. Whenever a user wants to send some ETH or another token, their funds go into the smart contract, where they might be deposited into one of the hundreds of different addresses before being transferred to the intended address. It works the same way for withdrawals too. When a user requests their funds, BlockWallet directs the amount into its smart contract first, then creates a new wallet address that receives the amount requested. Transfers in both directions are mixed within the pool with hundreds of others to ensure they’re completely untraceable.
Another of MetaMask’s complaints is it only supports Ethereum-based blockchains, meaning it can only be used to store and transact with ETH and ERC-20 tokens. In a world where DeFi and GameFi are becoming increasingly cross-chain, that simply won’t do for many users, who’re crying out for more flexibility.
The answer to that is a multi-chain wallet, and one of the best ones that also serves as a DeFi gateway is Coin98.
Coin98 is yet another browser extension-based wallet, and it supports an impressive 18 popular blockchains at present. Including Ethereum, Binance Smart Chain, Solana, Polkadot, Kusama, Avalanche, HECO Chain, Near, TomoChain, Tron, Polygon, Fanton, THORChain, Cosmos, BandChain, Terra, Kava, and Persistence.
The developers of Coin98 plan to support additional blockchains in the future and have stated that their goal is to drive DeFi towards mass adoption. To that end, the wallet supports 12 languages too and offers important safety features such as a DeFi transaction review. Hence, users have to approve each transaction, the ability to adjust transaction fees, plus a multi-send feature so users can send their tokens to multiple addresses simultaneously.
One of the most often-heard complaints about MetaMask is the standard of its customer support. Getting help when something goes wrong can be a tough ask for all of its useful functionality. As a result, there are numerous complaints about the poor customer support service MetaMask offers on Reddit and elsewhere.
For those who want a more assured backup in times of trouble, one of the better options might be the venerable Exodus wallet. Exodus is noted for its round-the-clock support, direct from its developer team. So if you have any issues with the app, you’ll certainly be able to get some help by reaching out through its live chat feature. Just don’t ask them to recover tokens sent to the wrong address – as anyone familiar with blockchain will tell you, that’s all but impossible!
Exodus also has strong security, and it’s compatible with DeFi, too, despite being the only non-browser-based wallet on our list. Instead, there are both browser and mobile apps.