Exodus, a pioneering cryptocurrency wallet, already has a Web3 browser extension, challenging Metamask, the leading application in this market.
How is it possible?
Well, because Exodus is one of the most popular wallets in the cryptocurrency network ecosystem, providing access to more than 100 assets since 2015. Its mobile application on the Google Play store has surpassed 1 million downloads and even has a desktop version which is very popular in the community. Thanks to this reputation, his foray into the Web3 wallet industry is astonishing.
For the uninitiated: a Web3 wallet is a wallet that allows you to interact with decentralized funds and applications, connecting e-money protocols with Internet applications. Put simply, they are those apps that allow you to exchange and store NFT artwork, play-to-earn video game characters or cryptocurrency funds.
In this sector, Metamask is one of the most important companies, as it allows you to use its wallet from a browser to transact on networks such as Ethereum, Solana, Tron and Play-2-Earn games such as Axie Infinity. However, in light of Exodus' plans to expand into the DeFi market, the portfolio could shape itself as a new competitor to Metamask.
What does the new company extension offer?
In principle, it will only work for cryptocurrencies and tokens on the Solana network, being available for browsers such as Google Chrome and Brave. Among its most important functions, they explain that the Exodus browser wallet will allow users to buy, sell and trade cryptocurrencies, as well as issue, sell and view NFTs.
Likewise, users will be able to browse Web3 projects, point to Solana and view the history of their cryptocurrency savings, as well as being able to purchase cryptocurrencies with debit cards, credit cards or bank accounts.
While Exodus will initially focus on the Solana market, it does not rule out the possibility of extending to other DeFi networks. In this sense, if the wallet manages to integrate with blockchains such as Binance Smart Chain, Ethereum and Avalanche, it could become a renowned company in this sector.
This is especially true when you consider that although Metamask is one of the heavyweights in the industry, it can be a complicated wallet for beginners looking to take their first steps into the world of Web3. Additionally, Metamask has had some performance issues this year, a scenario that opens the door to other vendors that Exodus could take advantage of if its new extension were to succeed.
Exodus prefers Solana to Ethereum (for now)
As already mentioned, it should be noted that the new Exodus wallet does not currently work with Ethereum, but will focus on the Solana market. A striking decision, given the importance of the aforementioned network in the decentralized finance market and the fact that it is one of the most popular networks in this sector.
While not ruling out the possibility of incorporating this network into portfolio functions in the future, they explained why they did not prefer it at launch. The Exodus board of directors said in a statement that the reason they started with Solana is that the high fees of the Ethereum network make it difficult for new users to access the ecosystem, adding:
“[Ethereum] browsing is unpredictable and expensive fees can be restrictive for the average person looking to experiment with small amounts of money. Although Exodus plans to add Ethereum soon, launching 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 up to hundreds of thousands of transactions per second at such a low cost that you would have to send thousands of transactions to spend just $ 1 in fees ”- Exodus.
While this is not a definitive rejection, Ethereum had a negative outcome, with Exodus receiving criticism from the company. Meanwhile, other blockchains that have dedicated themselves to exploring the decentralized finance ecosystem continue to grow in the eyes of cryptocurrencies, gaining more and more users and followers, as in the case of Solana, which has been awarded the opportunity to debut the features. of the first Exodus Web3 wallet.