Is the next battleground for cryptocurrency wallets moving from mobile to browser extensions?

This article is sourced from ChainNews, authored by Karen.

In the wave of mobile internet, mobile wallets like imToken, Trust Wallet, and Argent are flourishing, while MetaMask once became the only choice for Ethereum browser extension wallets.

However, as the number and scenarios of multi-chain DeFi applications continue to expand, the advantages of browser extension wallets in terms of iteration speed, configuration convenience, and composability have become increasingly prominent, making it another popular track pursued by capital. Recently, Silicon Valley venture capital giant a16z led the investment in the upcoming Phantom wallet extension that will support Ethereum, and the Vietnamese project Coin98, which covers wallet extensions, has also completed a $11.25 million financing led by Hashed and Spartan Group.

With Coinbase's wallet joining the competition led by MetaMask for browser extensions, and continuous exploration and optimization of features such as multi-chain or cross-chain exchanges, composability, built-in functions like staking and integrated DApps, and user interaction experiences by wallets like MaiZi Wallet, Coin98 Wallet, XDEFI Wallet, Phantom, etc., the competition for wallet extensions has quietly begun.

ChainNews will provide you with a comprehensive understanding of Coinbase Wallet, Coin98 Wallet, Liquality Wallet, MaiZi Wallet Extension, Phantom, DeBank's Rabby, XDEFI Wallet, and GasNow (currently supports connecting hardware wallets) among several Ethereum-supported wallet extensions and their core features.

Coinbase Wallet

Coinbase's wallet, Coinbase Wallet, launched a Chrome-based desktop browser extension in May this year, allowing users to access DEX, DeFi protocols, and other applications like collectibles. At launch, mainstream applications such as Uniswap, Compound, Rarible, Aave, Synthetix, Matcha, dYdX, Oasis, Instadapp, SushiSwap, Zora, ZapperFi, and OpenSea already supported the Coinbase extension wallet.

After downloading the extension, users can scan the QR code on the extension wallet through the Coinbase Wallet mobile app to connect and access DApps and DeFi applications on their desktops with one click.

However, currently, the Coinbase extension wallet page is too simple, and transaction records can only be viewed on the app side. Additionally, for security reasons, users must confirm all transactions in the extension through the mobile app.

The Coinbase Wallet app is a decentralized non-custodial wallet product, allowing users to store their cryptocurrencies and NFTs in one place and conduct token transactions without needing to register a Coinbase account.

In mid-July, Coinbase Wallet also announced support for the Polygon network, enabling users to trade and access DApps on the Polygon network through Coinbase Wallet. In the coming months, Coinbase Wallet will support more Layer 2 scaling solutions. As of now, Coinbase Wallet supports Ethereum, Polygon, and Optimism.

Coin98 Wallet

Coin98 Wallet is a multi-chain wallet under the Vietnamese project Coin98, available in both mobile and wallet extension (for Google Chrome and Firefox) versions, aiming to be a non-custodial multi-chain wallet and DeFi gateway. It has currently integrated 18 blockchain networks, including Ethereum, Binance Smart Chain, Solana, Polkadot, Kusama, Avalanche C-Chain, Huobi Eco Chain, Near, TomoChain, Tron, Polygon, and Fantom, with plans to integrate more blockchains in the future.

In addition, the Coin98 wallet extension supports a feature called Multi-Send, allowing users to transfer to multiple addresses with one click. Currently, this feature is only available for Solana, Binance Smart Chain, and Ethereum.

The Coin98 wallet also automatically optimizes gas fees and allows users to adjust gas fees by sliding the gas progress bar.

Moreover, the Coin98 mobile wallet has built-in DEXs like LunaSwap (Solana), PancakeSwap (Binance Smart Chain), Uniswap, and SushiSwap for users to trade. Similar to MaiZi Wallet, it also provides a DApp entry point, allowing users to access multiple DEXs, lending protocols, IDO platforms, liquidity staking platforms, and games (DApps will also be integrated into the extension later).

Another important feature of the Coin98 mobile wallet is its support for connecting accounts from different exchange platforms to the Coin98 wallet, such as FTX, Binance, Huobi, and OKEx, transforming the wallet function into an asset portfolio management tool.

In addition to the wallet, Coin98 also encompasses an exchange (aggregator), portfolio management tools, and cross-chain exchange products like Space Gate, which will support cross-network transfers between Ethereum, Solana, Binance Smart Chain, Near, Avalanche, and later Layer 2 solutions.

This month, Coin98 completed a $11.25 million strategic round of financing led by Hashed and Spartan Group, with participation from ParaFi Capital, IOSG Ventures, GBV Capital, Nascent, SNZ, Asymm Ventures, NGC Ventures, and others. In April this year, Coin98 also received a $4 million investment from Alameda Research and a $1.25 million seed round financing led by Hashed and others.

MaiZi Wallet Extension

MaiZi Wallet launched its extension wallet as early as 2019, currently compatible with Chrome, 360 Browser, Brave, and Firefox, with a rich integration of networks, supporting over 60 blockchain networks (including fork chains, side chains, and Layer 2 scaling networks) and their DApp ecosystems, and also supports connecting hardware wallets like Ledger. However, transfers need to be performed through the Web Wallet.

The MaiZi Wallet extension focuses on enhancing user interaction and exploration experience with DApp applications, allowing users to access the DApp app store with one click. The app also provides cross-chain exchange, staking, and other services.

MaiZi Wallet has previously raised nearly $20 million through two rounds of financing, with major investors including Alameda Research, Multicoin Capital, Binance Labs, and NGC Ventures, among others.

Liquality Wallet

Liquality Wallet is a non-custodial multi-chain wallet with built-in atomic swap functionality, incubated by the Ethereum technology development company ConsenSys, which also incubated MetaMask, and has passed ConsenSys Diligenced audits.

An important feature of Liquality is its composability, allowing users who have not downloaded MetaMask to interact with DApps.

Atomic swap is a technology that enables the quick exchange of two cryptocurrencies running on different blockchain networks, essentially facilitating cross-chain peer-to-peer transactions.

Currently, the wallet allows users to access applications on Bitcoin, Ethereum, Rootstock, NEAR, and Polygon. According to an update from ConsenSys in March, Liquality Wallet provides atomic swap services between BTC, ETH, and some ERC20 tokens (including DAI, USDC, USDT, WBTC, and UNI), RBTC (Rootstock), SOC (Sovryn), BNB, NEAR, MATIC, and PWETC (Polygon Wrapped Ether) tokens.

Liquality wallet extension atomic swap page

In addition to the wallet, Liquality has also built an atomic swap interface for users, allowing them to perform atomic swaps using Ledger or MetaMask wallets.

Rabby

The DeBank team released an open-source browser extension wallet called Rabby this week, which now supports seven public chains, including Ethereum, Binance Smart Chain (BSC), xDai, Polygon, Fantom, OKExChain, and Heco.

Notably, to enhance user experience and fund security, Rabby also supports automatic network switching, transaction risk scanning, and balance change notifications before and after transactions.

This means that when users access relevant DeFi sites, the wallet will automatically recognize and switch to the corresponding network, conduct a pre-transaction risk scan based on a security rule engine, and explain the transaction content on the signature page, helping users understand the changes in their account balance before the transaction.

The risk scanning feature is still uncommon in other extension wallets. Rabby will alert users when it detects potential vulnerabilities or activities that could lead to financial loss, such as previously attacked interactive contracts or non-existent recipient addresses on-chain, thereby identifying potential risks or security vulnerabilities as much as possible.

Additionally, DeBank stated that Rabby, as an independent third party, does not participate in building any transactions but only helps users confirm and sign transactions, with transfer and exchange functions switching to the DeBank webpage. Some users have reported that they are not accustomed to transferring and exchanging needing to switch to DeBank; in response, DeBank stated that the intention was to streamline the extension itself, thus separating complex functions as much as possible.

In addition to supporting hardware wallet imports and address imports via mnemonic phrases, Rabby also supports watcher mode, allowing users to experience Rabby functions without importing private keys.

XDEFI Wallet

XDEFI Wallet is a decentralized cross-chain wallet extension incubated by THORChain in the second half of last year. It has since built a cross-chain wallet extension compatible with Brave and Chrome browsers (with plans to support Firefox later) and is currently still in closed testing, requiring a referral code for access, with a mobile version to be released in the future.

Although it is still in the internal testing phase, the XDEFI Wallet community is very active, and users need to complete multiple tasks in the community to obtain the internal testing referral code. This internal testing code, known as the "Golden Token," has been in high demand.

The wallet completed a $1.2 million seed round of financing led by Mechanism Capital at the end of last year, with participation from Delphi Ventures, Morningstar Ventures, Alameda Research, ShapeShift CEO Erik Voorhees, Zapper co-founder Sebastien Audet, Suhail Gangji, and Aave integration lead Marc Zeller.

XDEFI Wallet supports connecting hardware wallets like Ledger to manage assets and will support Trezor in the future. It has integrated multiple blockchains or networks, including Ethereum, Bitcoin, Binance Smart Chain (BSC), Litecoin, Bitcoin Cash, Thorchain, and Polygon, with plans to support xDAI, Fantom, Terra, Near, Cosmos, Solana, Polkadot, and Avalanche in the future.

Notably, XDEFI Wallet added several key upgrades in the 3.0 version released this month, one of which is support for hierarchical deterministic wallets (HD Wallet) to simplify backup and migration processes. Wallets like MetaMask and MyEtherWallet are mostly HD Wallets, allowing users to derive multiple addresses (or accounts) from a single seed mnemonic.

Due to the integration of the cross-chain trading platform ASGARDEX launched by THORChain, XDEFI Wallet allows users to conduct cross-chain exchanges directly.

GasNow

GasNow was launched by Spark Pool in August last year, initially as a Gas price prediction tool based on the Ethereum pending transaction memory pool. In May this year, its browser extension added support for connecting hardware wallets like Ledger and Trezor and is compatible with MetaMask.

GasNow started as a Gas prediction tool, and its Gas pricing system has since been integrated and adopted by wallets like imToken, MaiZi Wallet, MYKEY, TokenPocket, and Trust Wallet. It has gradually deepened its layout in the wallet field by supporting connections to leading hardware wallets like Ledger and Trezor.

Phantom

Phantom is currently a wallet extension for accessing DeFi applications deployed on the Solana blockchain, allowing users to create or manage their accounts through private keys, mnemonic phrases, and hardware wallets like Ledger, and also supports transfer and exchange functions within the extension wallet.

In addition to focusing on the Solana ecosystem, Phantom will also add staking functionality and introduce a Solana-Ethereum bridge within the wallet this year, as well as support for Ethereum and Ethereum-based L2 and sidechains.

The Phantom application can currently be installed on Google Chrome, Microsoft Edge, Brave, or Firefox, with plans to release standalone iOS or Android applications in the future.

During the testing phase, Phantom received a $500,000 grant from Serum and Solana, and announced the completion of a $9 million Series A financing led by a16z in mid-month, with participation from Variant Fund, Jump Capital, DeFi Alliance, and the Solana Foundation.

Summary

For most Chinese users, mobile wallets are the more commonly used wallet form, while for overseas users, browser extension wallets are the most important entry point for managing cryptocurrency assets. Until today, this field has only MetaMask as the sole core product.

With more and more new products emerging, whether they can break MetaMask's monopoly is worth watching.

Currently, the newly emerged products each have their own characteristics, which is encouraging:

• The Coin98 Wallet extension supports multi-chain and exchange address imports and provides a one-click transfer feature to multiple addresses, with plans to integrate DApps in the future, opening up the imagination for extension functions;

• Liquality, which has built-in atomic swap functionality, XDEFI, which is still in the testing phase, and Phantom, which will soon support Ethereum (including L2 or sidechains), have made certain progress in (cross-chain) exchanges;

• DeBank's newly launched Rabby significantly enhances security and user experience through automatic network switching, transaction risk alerts, and balance change notifications before and after transactions, although transfers and exchanges need to be conducted on DeBank;

• The MaiZi Wallet extension focuses more on multi-chain support and enhancing user interaction and exploration experience with DApp applications;

• GasNow's transition from a Gas prediction tool to supporting wallet connections may capture a significant market share;

• Whether the Coinbase Wallet extension can rise above the competition still requires continuous optimization in extension experience and support for more blockchain networks.

Another point worth noting is that if applications built on Bitcoin can emerge in large numbers, the advantages of the MaiZi Wallet extension, Liquality, and XDEFI supporting the Bitcoin network will be strengthened and emphasized.