Can Uniswap's new crypto wallet take MetaMask's throne?

Uniswap’s new crypto wallet has attracted much attention recently and has been praised for its functionality and security. As the DeFi field continues to develop, many people have begun to speculate whether this can replace MetaMask as the industry’s dominant player. In this article, php editor Xigua will explore the advantages and possible challenges of Uniswap’s new crypto wallet, and whether it is possible to seize MetaMask’s throne.

•Uniswap announced the launch of a new wallet that will be located in the browser sidebar and provide a more granular transaction process.

•The wallet will provide a limit order function to automatically execute transactions to meet the user's preset price.

•This launch follows the launch of the Ethereum ETF, which has renewed excitement for holdings. Since September 2023, Uniswap’s price increase has reached 111%.

Uniswap recently launched a browser sidebar crypto wallet to enhance user experience. The development comes against the backdrop of growing interest in restaking and the potential for Ethereum exchange-traded funds (ETFs), making Uniswap a potential competitor to the established MetaMask.

Following the release of Uniswap V4, the platform has launched this new non-custodial wallet. The move is part of Uniswap’s broader strategy to innovate in the cryptocurrency wallet space.

Uniswap vs. MetaMask: Preface to a new chapter

In response to governance proposals, Uniswap has launched its new browser-based self-hosted crypto wallet waiting list. The wallet aims to modernize the trading process and user interface, offering features such as setting limit orders for up to one year on any coin. This feature is designed to facilitate automated trade execution at user-specified prices without the need for constant market monitoring.

Registration for the waitlist is now open and holders of the uni.eth username will receive early access. As of the time of publication, Uniswap Labs has not responded to a request for comment on this release.

The wallet announced the news shortly after Uniswap proposed changes to its governance structure. The proposal involves staking tokens to delegated parties who have a say in the direction of the protocol.

Uniswap Liquidity Supply | Source: Uniswap

Following this governance proposal, the price of Uniswap token (UNI) increased by 50% in 24 hours. As of last update, the coin’s price has increased by 2.3% over the past day and is currently trading at $11.14.

The highly competitive cryptocurrency wallet industry

The launch of the Uniswap wallet comes at a time of significant growth for MetaMask’s user base, with a 55% increase in new users from September 2023 to January 2024. Cryptocurrency markets have also been affected by excitement over the approval of Bitcoin and Ethereum spot ETFs, which has led to significant price swings in these assets.

Since the U.S. Securities and Exchange Commission approved 11 Bitcoin ETFs on January 11, 2024, the price of Bitcoin has exceeded $60,000. Meanwhile, the price of Ethereum has doubled since September 2023 and is now trading at $3,477.60. The increase represents a 111.3% increase in prices since September last year.

Despite market optimism, Bloomberg analyst James Seyffart is cautious about the imminent approval of an Ethereum ETF in 2024.

Seyffart said,

"I am cautiously optimistic about the approval of an Ethereum ETF this year, but I would not be surprised if it was rejected in May. Compared to the Bitcoin ETF, my level of confidence is far less than before."

As the cryptocurrency market evolves, the Ethereum network is approaching the important milestone of 1 million validators. This growth has been driven in part by the popularity of “re-staking” services such as EigenLayer, which allows ETH-derived tokens to be reinvested from crypto staking services such as Lido Finance to earn additional rewards.

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