In an attempt to enable cross-chain transactions, crypto wallet service provider MetaMask has launched a new tool for its wallet: a bridge aggregator called “MetaMask Bridges.”
The beta version of the aggregator is live to all MetaMask users via the Portfolio dApp, which was launched in September this year. Portfolio dApp allows MetaMask to view assets across multiple accounts and networks in one place.
The news about the new tool was announced by ConsenSys, the blockchain software technology company behind MetaMask, on 9 November.
Commenting on the development, ConsenSys said that the launch of Portfolio dApp and the latest integration reaffirms the company’s commitment to expanding blockchain interoperability (the ability to do cross-chain transfers).
MetaMask seems to be upping its game with a series of new features and products. In addition to the Portfolio dApp, MetaMask launched a new NFT portfolio tracking service powered by NFTBank. The new service, which saw the light of day just a few days ago, is an NFT portfolio management tool and valuation engine.
Key features of MetaMask Bridges
The primary function of the new tool, of course, is to enable users to move tokens from one blockchain network to another with little hassle. It does this by eliminating the need for research to find a reliable bridge.
MetaMask Bridges supports several blockchains compatible with the Ethereum Virtual Machine (EVM), including Ethereum, Avalanche, BNB Smart Chain, and Polygon. Ether and Wrapped Ether (wETH), major stablecoins, and native gas tokens can all be transferred using the new feature. There, however, is a limit of $10,000 per transfer applicable to bridge users.
While there are several bridges out there, users had to manually read and assess a lot of data before picking one until now. That’s because the options varied in terms of bridge costs, speed, and security properties. MetaMask Bridges’ solution is to curate bridges that are the most decentralized and secure so that users don’t have to, Angela Potter, a product manager at MetaMask Bridges, said to Cointelegraph. The service, therefore, simplifies the user experience by recommending the best bridge after taking the user’s specific needs into account.
From the variety of bridge providers, Metamask chose to integrate with two bridge aggregators, Socket and LI.FI, a blog post by the crypto wallet provider reveals. The two bridge aggregators, the company added, would support individual bridges starting with providers such as Connext, Hop, Celar cBridge, and Polygon Bridge.
MetaMask is still in its beta version. ConsenSys is yet to set a timeline for the final release.
