Are There Any Good Alternatives to MetaMask for DeFi?
MetaMask has managed to establish itself as the primary wallet for DeFi, to the extent that it’s almost taken as a given that all DeFi users will have a MetaMask account. We feel it’s worth asking whether MetaMask is really deserving of its dominant position, and whether or not there are any better DeFi wallets out there.
Before we look at the contenders, it’s worth making clear that we’re purely talking about wallets for DeFi, and not just crypto wallets in general. If you just want to buy and hold, there’s a wide range of ultra-secure hardware wallets and other solutions to choose from, but in this article we’re looking for a wallet that you can easily connect with dapps and use on range of different networks.
Coinbase Wallet
Not to be confused with the main Coinbase exchange, Coinbase Wallet (now branded simply as “Wallet”) is a completely separate thing. While on Coinbase itself your crypto is being held on your behalf, in Coinbase wallet you have total custody, for both good and bad (make sure to store your recovery key securely!).
In some areas, Coinbase wallet clearly exceeds MetaMask. The most obvious one is the interface, which is slick and professional-looking, particularly on mobile. This contrasts with the bare-bones and slightly dated look of MetaMask.
Some may find the close connection with a reputable firm like Coinbase reassuring, and it’s generally a much more user-friendly experience than MetaMask. For example, in MetaMask you have to add new networks and tokens manually, and beginners are constantly confused when they don’t see a token they received appear. In Coinbase wallet, everything is much more intuitive and user-friendly for those who don’t have a deep understanding of blockchain networks.
The wallet also contains lots of in-built features that MetaMask lacks, such as a trade function and a simple way to make fiat purchases.
You can also get direct access a wide range of the most popular DeFi dapps, such as Uniswap, Compound, and Yearn Finance, as well as NFT platforms.
The downside is that the supported DeFi platforms are mostly on the Ethereum blockchain, meaning that gas fees are likely to be high (something that’s usually very off-putting to beginners). There is also no support at all for the second-most popular DeFi network — Binance Smart Chain. This is likely purely for competitive reasons, given that Binance is Coinbase’s main rival. You can easily find posts online of people inadvertently sending BSC tokens (BEP-20) to Coinbase Wallet and then losing them. On MetaMask this wouldn’t happen because you could simply add BSC manually and retrieve the tokens.
The biggest weakness of Coinbase Wallet relative to MetaMask is that it’s far from universally supported across the DeFi ecosystem. While any dapp worth its salt will support MetaMask, not all dapps allow connection with Coinbase Wallet, meaning you’ll still need a MetaMask wallet if you’re serious about DeFi. Having said that, Coinbase Wallet is probably the second-most supported DeFi wallet, and if you stick mainly to Ethereum and Ethereum layer 2s like Polygon and Fantom there’s a good chance your preferred dapp will support it.
Pros:
· Slick interface — more attractive and user-friendly than MetaMask.
· Very secure.
· Includes both web browser and mobile versions.
· Links with main the Coinbase exchange to allow for easy fiat purchases.
· Contains dapps within the wallet itself.
· Includes a trade function.
· Supports a wide range of tokens and networks, including layer 2s like Polygon and Arbitrum.
Cons:
· Not as versatile and customisable as MetaMask.
· Internal dapps are mainly limited to the Ethereum network.
· Doesn’t support the BSC network at all. BEP-20 tokens sent to Coinbase Wallet will be lost.
· Not as widely supported as MetaMask for connecting to DeFi platforms.
· Crypto purists won’t like the close connection to centralised Coinbase.
Conclusion:
A very well-made wallet that’s a real contender to MetaMask. Lacks the versatility of MetaMask though.
TrustWallet
TrustWallet is to Binance what Coinbase Wallet is to Coinbase. Actually, TrustWallet was originally and independent project, but was purchased by Binance and has now become the official Binance wallet.
TrustWallet supports basically any token you would want to hold, and like Coinbase Wallet, the interface is a lot prettier than on MetaMask.
One of TrustWallet’s best features is the ability to stake right from within the wallet itself. For example, at the time of writing you can get 14% interest on Binance Coin (BNB), which is pretty attractive. This kind of staking is also a lot more user-friendly than having to connect your wallet with third-party dapps, so it’s a good starting point for beginners.
It also integrates plenty of great dapps, including all the most popular ones from Binance Smart Chain like PancakeSwap. Interestingly, it also supports Ethereum dapps like AAVE and UniSwap, so it’s not purely limited to the Binance Smart Chain network despite being the official Binance wallet. That said, there’s a clear bias towards BSC at the expense of other networks.
One of TrustWallet’s biggest drawbacks is that it’s currently only a mobile wallet, meaning you can’t use it as a browser extension. Most DeFi platforms are best used on a desktop computer, and the experience is a lot more seamless when you can approve transactions directly in the browser (albeit slightly less secure).
And although it’s quite widely supported, there are still a significant number of major dapps that don’t support TrustWallet, particularly outside the BSC ecosystem.
Pros:
· Highly secure. Backing by Binance could reassure some users.
· Very nice interface. Both attractive and intuitive.
· Supports a wide range of tokens.
· Contains a highly functional DEX within the wallet itself.
· Allows for seamless and direct access to popular dapps.
· Offers simple high-yield staking that’s ideal for beginners.
Cons:
· Mobile only. Lacks the convenience of a browser extension.
· Not as versatile and customisable as MetaMask.
· Closely connected with BSC at the expense of other networks.
· Close ties with Binance make it not fully decentralised in some people’s eyes.
Conclusion:
Good choice for DeFi beginners who are mainly interested in using the Binance Smart Chain.
Other Mentions
There are plenty of other DeFi wallet projects out there, such as Coin 98, TokenPocket, and many more. However, it’s hard to recommend any of them as a DeFi replacement for MetaMask since support for them is so patchy.
There are of course situations where you can’t use MetaMask, such as on the Solana and Terra networks. In these cases you can use the excellent Phantom and Terra Station wallets, but these are single-network wallets that can’t really be compared to the ultra-versatile MetaMask.
In Conclusion
In truth, at the moment nothing can really compete with MetaMask for DeFi convenience. The interface is basic and it’s not very user-friendly for beginners, but the simple fact is that almost every DeFi protocol supports it. And until that changes, it’s hard to recommend that you transfer your DeFi capital to any other wallet.
