Create Defi Wallet like MetaMask
“The market value of Decentralized Finance (DeFi) is marked USD 13.61 billion in 2022. And it is expected to reach a Compound Annual Growth Rate (CAGR) of 46.0% from 2023 to 2030” — According to Grand View Research Analysis of the Decentralized Finance Market Size & Share Report.
The Grand View Research Report claims that DeFi is a growing technology in the cryptocurrency sector. And its gradual growth will continue with the increasing market value by 2030. Many crypto nerds confirm the statement and believe decentralized finance platforms will be the future of the financial world. DeFi wallet is such a platform quickly becoming a well-known business concept.
Now starts from the basics, DeFi wallet is a digital wallet that provides a safe, convenient, and adaptable way to store and transact crypto assets. So with decentralization, the users can have full control over their assets.
Speaking of that, MetaMask is a decentralized wallet that has millions of users worldwide.
The crypto market has very few decentralized wallets like MetaMask known for their features. Attracting by its features and global reach, many startups and entrepreneurs are eager to build a deFi wallet like MetaMask.
So in this article, let us explore the fundamentals of the MetaMask Wallet, the reasons, and methods to create a DeFi wallet similar to Metamask in a detailed manner.
What is a MetaMask?
MetaMask is a decentralized wallet and a gateway for establishing a connection with Dapps. This wallet supports Ethereum-based tokens and Non-Fungible Tokens. Though this wallet gained higher reach through its mobile app, MetaMask was initially launched as a browser extension. And after capturing people’s attention for some while, the mobile app was later released.
As a renowned decentralized wallet, MetaMask allows users to interact with other Dapps and Web3 applications. And it is equipped with a key vault to provide users with a secure login. So the user can access the wallet easily and securely to manage their digital assets.
Further, this wallet allows the user to store and swap the tokens quickly. But connecting the Dapps within the app interface is an added advantage here. As a feature-rich wallet, MetaMask is a one-stop shop for buying, storing, sending, and swapping tokens. For every transaction done through this wallet, the user has to pay a fee to this wallet.
So you may now understand what is MetaMask wallet and how it is different from other crypto wallets. Yet, to get more in-depth knowledge, let us discuss the…
Characteristics of DeFi Wallet Like MetaMask
Speaking of the characteristics, it is simple features that highlight the significance of any business. The business leader may gain clarity on how to Create a DeFi wallet and meet their wallet business goals by understanding the characteristics of a decentralized wallet. So the key characteristics of a DeFi Wallet similar to a MetaMask wallet are,
Non-Custodial Nature
The Decentralized Finance wallets are non-custodial in nature. That means the user can only access the keys stored in their wallet. The wallet has no access to the user’s private keys. And they can’t even block or freeze the assets. As a result, users are protected from hacks and cryptocurrency thefts.
Platform Compatibility
Some crypto wallets support multiple blockchain platforms. One such crypto wallet, MetaMask supports numerous blockchains, including BNB chain, Polygon, Avalanche, and many more. This enables the user a simple operation and the ability to work with many blockchains. Thus this wallet has excellent compatibility while connecting to multiple platforms.
Integration to DeFi applications
Decentralized finance wallets are designed to operate with various DeFi protocols. It allows users to transfer assets between these applications easily. As previously stated, this wallet is the gateway to accessing various DeFi platforms. So they frequently add support for various Decentralized applications such as DEXs, lending protocols, and staking platforms.
Accessibility
Decentralized wallets are accessible to anyone with an internet connection. The user can access a variety of crypto assets through this DeFi wallet. So that the business associates can transact with customers and partners worldwide easily. Because of decentralization, MetaMask users can get easy accessibility.
These are the key characteristics of a decentralized finance wallet that highlight the significance of the MetaMask wallet. As a business person, you may now be curious to know about the reasons for developing a DeFi wallet. Let us take a closer look at…
Reason to Create DeFi Wallet like MetaMask in 2023
When you consider the DeFi wallet development, the foremost things that come to mind are security and popularity. Apart from these, there are several other reasons that turn the desire of several entrepreneurs and startups to create DeFi wallets like MetaMask. They are…
The Demand for DeFi Wallets
The DeFi space is moving to newer heights day to day. This indicates the higher demand for decentralized platforms and applications. In this respect, traders also look for alternative options for reputed DeFi wallets like MetaMask. So building a wallet with features similar to MetaMask lets you get success in your wallet business easily.
Increased User Interaction
As mentioned earlier, MetaMask provides users with a handful of options that a wallet user demands. Therefore, the users do not need to leave the wallet to access related services such as purchasing tokens. This connected user interaction would definitely be a positive sign for investors who prefer to build a MetaMask-like wallet.
Income Generation
MetaMask wallets can easily connect with various DeFi protocols, like DEXs, lending platforms, and other financial services. This allows the users easily access and transact with other decentralized platforms. So when you build a wallet that permits such amazing access, allows you to earn consistent contributions from your users.
Global Reach
MetaMask is a top-tier DeFi wallet quite popular in most of the countries it operates. Approximately, this wallet has 30 million users worldwide. So, when your wallet provides service more or similar to MetaMask could create a greater reach to your wallet business.
The aforementioned reasons clearly depict that business people who own DeFi wallets like MetaMask can get benefits such as revenue generation and global reach through customer satisfaction. However, user engagement is a positive factor that helps the wallet business grow further. So for startups and entrepreneurs, creating a DeFi Wallet like MetaMask would be an excellent choice. And it will be a better investment if you are looking for long time benefits.
Are you such a startup and confused about how to build a crypto wallet similar to MetaMask? Then, the following section will help you.
How to Create Defi Wallet like MetaMask?
As an entrepreneur or startup, you have two methods to develop a DeFi wallet similar to MetaMask. Hiring a Freelancer is the first method here. And the most popular one is to approach a development company.
When hiring a Freelancer, be sure that the freelancer has the necessary skills to create DeFi wallet like Metamask effectively. In addition, the freelancer should be aware of the most recent technologies and tools to bring out the wallet effectively. Speaking further, the freelancer should meet all of your business requirements. And, you might work with the freelancer from the beginning to avoid delays in development.
On the other hand, when approaching a DeFi Wallet Development Company, the team of developers should take care of the factors as mentioned earlier. You do not need to worry about the tools, technology, or method of converting your business ideas into action. Furthermore, the development team could correct any technical flaws in the development. Thus, for a better experience, a crypto startup can approach a DeFi Wallet Development Company. However, the decision all depends on your business needs.
Now you may be clear on how to build a DeFi wallet efficiently. But to make your wallet perform well, it should be crafted with supportive features.
Features of a Secure DeFi Wallet
A DeFi wallet could be unique when it is backed with appealing features. In addition, if you can determine the ability of your wallet, then it will help you to plan for possible business expansion. In this respect, you should know the features that come with your wallet. And a clear view of additional features that can be added to your wallet. The main features of a DeFi wallet are,
- Wider access to various networks
- Multichain support
- Admin panel
- Interactive user interface
- Two Factor Authentication
- Email Authentication
- Multi-language support
- Referral programs
- Multiple Cryptographic Signature Verifications
With these main features, the wallet can perform basic operations efficiently. But, to provide more attractive wallet functionalities, the DeFi wallet should have certain features additionally. Regarding that, the following list of additional features may help you.
The additional features you can integrate with your DeFi wallet are,
- Integrated QR scanner
- Inbuilt NFC support
- Push notification Support
- Provision of lending and staking protocols
- Support to Hardware cryptocurrency wallets
- Investment Guide to Admin
- Convenient Token Swapping
- Protection against Slippage
- Seamless Dapp access
- Wallet Backup features
- Specialized Key Management Facility
- Automated Conversion Rates
These features attract more users who want a wallet loaded with technological advancements. But apart from choosing eye-catching features and effective methods, your wallet should be built to deal with the market competition. In this case, building a wallet more scalable, secure, and robust is not a challenging thing when you have professional guidance from a reputed DeFi wallet development company.
Professional developers can predict what your DeFi wallet requires to perform well. By choosing appropriate tools and technology stacks, they can make your wallet technically competent to satisfy the crypto trader’s demand. As well, if you are an entrepreneur planning to complete your DeFi wallet development within a budget, then the development firm could help you in this regard. Still, worrying about the development cost, then let us explore the…
Cost to Create a DeFi Wallet like MetaMask
The cost is a varying thing based on the needs and ideology of the business. And it also varies from business to business. Furthermore, the features and functions you are going to implement in your DeFi wallet also impact the developmental cost. You can get an estimated cost when approaching a renowned DeFi Wallet Development Company. So, in this case, the approximate cost to create DeFi wallet would be around $60,000 — $75,000.
Though the company can take care of all technical and developmental requirements for your wallet. Therefore you can get a feature-rich and well-functionating DeFi wallet similar to MetaMask from a reputed DeFi wallet development firm in a budget-friendly manner.
Final Verdict
So far we have seen the fundamentals of the MetaMask wallet, reasons, and methods to create a wallet similar to MetaMask. Along with this, you get an in-depth knowledge of the main and additional features that can enhance your DeFi wallet’s look and performance. If you are an entrepreneur, you may need a waller for your business expansion. On the other hand, if you are a startup the wallet may be for your main crypto business.
So whatever the onboarding business type, the wallet should meet the business needs cost-effectively in terms of its build and performance. Therefore, to match all those things with top-notch development procedures, approach a prominent DeFi wallet development company. This should be an ideal solution for both entrepreneurs and startups to fulfill their dream business endeavors.
