Metamask now compatible with NEAR Blockchain By DailyCoin
Metamask 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 the user to remotely manage their NEAR account using their address.
- The NETH implementation is live and users can interact with the contract on Ref Finance and Burrow.
NEAR will be the first non-EVM chain compatible with Metamask. Developed by Proximity Labs, NETH is a smart contract that will allow users to interact directly with NEAR native apps using their Ethereum-based wallets.
.tweet-container,.twitter-tweet.twitter-tweet-rendered,blockquote.twitter-tweet{min-height:261px}.tweet-container{position:relative}blockquote.twitter-tweet{display:flex;max-width :550px;margin-top:10px;margin-bottom:10px}blockquote.twitter-tweet p{font:20px -apple-system,BlinkMacSystemFont,”Segoe UI”,Roboto,Helvetica,Arial,sans-serif}.tweet- container div:first-child{ position:absolute!Important }.tweet-container div:last-child{ position:relative!Important }
Hey Ethereum – #NEAR is now compatible with @MetaMask Powered by Proximity, #NETH is the first solution to offer MetaMask compatibility on a non-EVM chain through a smart contract that allows you to remotely manage a #NEAR account using your Ethereum Account Photo .twitter.com/s3g09rT35J
— Proximity Labs (@proximityfi) December 19, 2022
Metamask is one of the most popular wallets in crypto, with most of the defi activity flowing through the wallet. Most of the Ethereum and EVM-based chains take advantage of this existing infrastructure, while other non-EVM chains have to come up with their own wallet solutions. For example, the go-to wallet for the Cosmos ecosystem is Keplr and for that is Phantom.
Proximity Labs has built the first solution that offers “Metamask compatibility on a non-EVM chain” via a smart contract that allows a user to remotely manage a NEAR account using their Ethereum account. Proximity Labs has also released a demo that explains the onboarding process.
The way it works is that the NETH contract pairs both the Ethereum and NEAR account together. This allows a user to use their Ethereum account to sign transactions with while the NEAR account accepts this transaction information. The NETH smart contract is responsible for verifying the signature from the Ethereum account, retrieving the public Ethereum address and executing the transaction if it matches the address from the initial NETH setup. Further details on the 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 NEAR to set up the wallet. The NETH implementation is live and users can use the smart contract on two of the biggest protocols on NEAR — Ref Finance and Burrow.
5/ #NETH features:• Open source• The entire process is non-custodial: you are in charge of your keys at all times• The NETH account setup flow is completely client-side: it runs only on your computer and does not communicate with a server or third party
— Res (@resdegen) December 19, 2022
NEAR is a Proof-of-Stake blockchain that uses sharding to process transactions and data in parallel, rather than sequentially. This enables NEAR to reliably handle a large volume of transactions. NEAR is ranked 34th on Coinmarketcap and at its peak had a TVL of over $400 million. The token is currently trading at a price of $1.32, down more than 90% from ATH.
On the other side
- NEAR raised $350 million in April earlier this year and has enough runway to drive blockchain adoption. Innovations in infrastructure like NETH are only going to help new users and drive the growth of the NEAR network.
Why you should care
Ethereum alternatives have shown significant demand recently, and while the bear market has taken a toll on the price and TVL of most of these solutions, there are still real use cases and innovative solutions being built on these blockchains. The growth of any network is going to help crypto growth.
Other information about scaling solutions:
Layer 1 vs Layer 2: Understanding How Blockchain Scaling Solutions Work
See the original on DailyCoin
