Decentralized Finance (DeFi) is the trending way of managing assets with fewer fees and more opportunities as opposed to traditional financial instruments.
Decentralized Finance is all about connecting to DApps, to be able to tap into the numerous offers available such as staking, holding, swapping, and performing a whole lot of other transactions.
Cryptocurrency wallets are built specifically to secure and store cryptocurrencies, but also need to be actively used for DeFi transactions.
DApps exist on the web and this requires a way to easily link a wallet from the other end, a gateway for making transactions when needed.
WalletConnect and MetaMask offer a connectivity gateway for wallets to the DeFi ecosystem. I will explain how this works.
Key Takeaways
• Add extra functionality to your regular browser to explore the world of DeFi.
• Analyze DApp transactions from your wallet before accepting or declining.
• Establish a connection between your mobile wallet and DApps by scanning a QR code or a deep link.
• Push notifications to notify you of incoming transactions.
• Increases the amount of Dapps you can use with a mobile wallet.
SEE ALSO: How To Bridge WalletConnect with Web3.0
SEE ALSO: How to Link WalletConnect to Binance (Quick Steps)
SEE ALSO: How to Connect Binance Smart Chain to MetaMask
SEE ALSO: How to Connect Binance Smart Chain Extension to Trust Wallet
What is MetaMask?
MetaMask is a cryptocurrency wallet that supports Ethereum based coins and tokens while also integrating with the Ethereum blockchain. By utilizing an in-built browser, MetaMask can also be used to connect to DApps (Decentralised Applications), aside from sending and receiving Ethereum based cryptocurrencies.
Launched 6 years ago (2016), MetaMask is available as a browser extension on Mozilla Firefox and Google Chrome-based browsers, and as an app for iOS and Android platforms.
What is WalletConnect?
WalletConnect is an open-source tool that is used to connect mobile cryptocurrency wallets to Decentralized Applications (DApps). It acts as a communication link between mobile wallets, especially those without Web3 features, and DApps that need to connect with a wallet.
WalletConnect only acts as a bridge between your mobile wallet and DApps. Approving a WalletConnect connection request from a DApp does not automatically authorize other processes between the two ends. You still have to manually authorize a transaction request from the DApp in your mobile wallet, giving you total control.
SEE ALSO: WalletConnect TrustWallet Not Working – How to Fix
SEE ALSO: BitBox02 Vs Ledger Nano X (Which Supports More Coins)?
WalletConnect Vs. MetaMask
Both WalletConnect and MetaMask serve as gateways from crypto wallets to DApps in the DeFi ecosystem. Let’s see what and what each offers in serving as a link for your wallet.
Supported Blockchains
WalletConnect is independent of blockchains. It is not built on any Blockchain, and also is not backed by any cryptocurrency. This makes it able to support a lot of DApps.
MetaMask is built for integrating with the Ethereum blockchain.
MetaMask can link and interact with DApps on Ethereum blockchain and other blockchain networks like Binance, Arbitrum, Optimism, and Polygon that are Ethereum compatible.
Polkadot, Solana, and the rest are not supported. You can store their tokens but not link to them.
Pricing
Both WalletConnect and MetaMask are free-to-use services. Link wallet and DApps without extra charges.
Usage
WalletConnect serves only the purpose of linking. Connecting DApps to mobile wallets for easy and secured transactions.
MetaMask serves as a dual capacity software. Serving as a Crypto wallet and also a gateway for accessing DApps on blockchains. Store broadcast transactions, and securely connect to decentralized applications with MetaMask
Coverage
Anyone looking for an open-source protocol for connecting decentralized applications to mobile wallets
Downloadable Software App
MetaMask is available for download as a browser extension for Chromium and Mozilla Firefox-based browsers, and as an app on mobile for iOS and Android devices.
WalletConnect does not have an app and can only be accessed for use using codes embedded by developers in DApps and Crypto Wallets.
Supported Platforms
MetaMask is available as an app for download on iPad, iPhone, and Android platforms, and also as SaaS Software.
WalletConnect is only available as SaaS (Software as a service)
Support
Both MetaMask and WalletConnect lack the presence of 24/7 Live Support. Instead, there is online support for receiving queries and complaints.
However, MetaMask seems to have a slow response.
Security
WalletConnect utilizes an end to end encryption for its connection, giving DApps only the privilege of viewing the contents of your crypto wallet. Private keys are never shared and stay safely within your wallet.
Every transaction request on WalletConnect needs to be authorized by the user on the mobile wallet, making it safe to use.
For MetaMask, the wallet is protected with 12-character encryption that can only be decrypted by the user’s password. It is purely a user custodial service. Private keys are not stored by the service but on your mobile or browser cache, only accessible by the user using a password.
MetaMask lacks the security offered by the use of 2FA (Two Factor Authentication), making it a bit less secure, as the safety of your wallet lies solely on the safety of your password.
MetaMask needs the authorization to write and read to any webpage. For a DApp to implement a transaction, it has to be authorized first by the user from the interface in the wallet.
Frequently Asked Questions (FAQs)
Q1. Is MetaMask compatible with WalletConnect?
WalletConnect is an open-source protocol that is supported by many wallets including MetaMask. You can connect your MetaMask wallet to DApps on a browser using WalletConnect.
Q2. Is WalletConnect and trust wallet the same?
WalletConnect and Trust wallet are not the same. Trust wallet is a mobile crypto wallet app while WalletConnect is an open protocol that allows users to connect mobile crypto wallets, such as Trust Wallet, to DApps.
Q3. Does WalletConnect have an app?
WalletConnect does not have an app, but you can use it via wallet apps which are downloadable for iOS and Android.
MetaMask is a hot wallet, and hot wallets are not the most secure kind of wallet. Besides, 64-character private keys are harder to crack than the 12-character keys which MetaMask offers.
WalletConnect offers a more secure way to connect to Dapps from a wide choice of wallets. So you can choose any wallet that you feel is the safest and secure for you and explore DApps using WalletConnect. However, both services support integration with some hardware wallets too.
On the other hand, MetaMask offers more functionality and ease. Having an inbuilt DApp browser in its downloadable mobile app.
Both services have their perks and also some features that need improvement. So you can decide which you want to use depending on your style and the blockchain you like using.
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