Metamask is now compatible with DailyCoin’s NEAR Blockchain

Metamask is now compatible with NEAR Blockchain
  • NEAR is the first non-EVM blockchain compatible with Metamask.
  • The solution built by Proximity Labs is a smart contract called NETH that allows users to remotely control their NEAR account using their address.
  • The NETH implementation is live and users can interact with the contract on Ref Finance and Burrow.

NEAR becomes the first non-EVM chain compatible with Metamask. Developed by Proximity Labs, NETH is a smart contract that allows users to directly interact with NEAR’s native applications using their Ethereum-based wallet.

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Metamask is one of the most popular wallets in crypto with most defi activity flowing through the wallet. Most of the Ethereum and EVM-based chains benefit from this existing infrastructure while other non-EVM chains have to come up with their own wallet solutions. For example, the wallet for the Cosmos ecosystem is Keplr and for it is Phantom.

Proximity Labs built the first solution to provide “non-EVM on-chain Metamask compatibility” through a smart contract that allows users to remotely control NEAR accounts with their Ethereum accounts. Proximity Labs has also released a demo explaining the integration process.

The way it works is that the NETH contract stitches both Ethereum and NEAR accounts together. This allows users to use their Ethereum account to sign transactions while the NEAR account accepts that transaction information. The NETH smart contract is responsible for verifying the signature from the Ethereum account, recovering the public Ethereum address, and executing the transaction if it matches the address from the initial NETH setup. More details on technical implementation can be found in the article published by Proximity Labs.

The NETH implementation is open source and non-custodial with an initial cost of 0.5 NEARLY to set up a wallet. The NETH implementation is live and users can use smart contracts on two of the largest protocols on NEAR — Ref Finance and Burrow.

NEAR is a Proof-of-Stake blockchain that uses sharding to process transactions and data in parallel, instead of sequentially. This makes NEAR capable of reliably processing large amounts of transactions. NEAR was ranked 34th on Coinmarketcap and at its peak it had a TVL of over $400 million. The token is currently trading at $1.32, down more than 90% from its ATH.

On Flipside

  • NEAR raised $350 million in April earlier this year and has enough runway to drive blockchain adoption. Innovations in infrastructure like NETH will only support new users and accelerate the growth of the NEAR network.

Why should you care?

Ethereum alternatives have shown significant demand in the past, and while the bear market has affected the prices and TVLs of most of these solutions, there are real-world use cases. and innovative solutions built on these blockchains. Growth in any network will help the cryptocurrency grow.

More about scaling solutions:

Layer 1 vs Layer 2: Understanding how blockchain scaling solutions work

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