Metamask supports 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 accounts using their addresses.
- The NETH implementation is live and users can interact with contracts in 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 allows users to interact directly with his NEAR native app using his Ethereum-based wallet.
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Hi Ethereum – #NEAR is compatible with @MetaMask Developed by Proximity. #NETH is the first solution to provide MetaMask compatibility on non-EVM chains through smart contracts. This allows you to remotely control your #NEAR account using your Ethereum account pic. .twitter.com/s3g09rT35J
— Proximity Labs (@proximityfi) December 19, 2022
Metamask is one of the most popular wallets in cryptocurrency, with most defi activity flowing through the wallet. Ethereum and most of his EVM-based chains benefit from this existing infrastructure, but other non-EVM chains will have to come up with their own wallet solutions. For example, the go-to wallets for the Cosmos ecosystem are Keplr and Phantom.
Proximity Labs built the first solution to provide “Metamask compatibility on non-EVM chains” via smart contracts that allow users to remotely control their NEAR accounts using their Ethereum accounts. Proximity Labs has also released a demo that walks you through the onboarding process.
The way it works is that the NETH contract pairs both Ethereum and NEAR accounts. This allows the user to sign transactions using her Ethereum account 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 in his initial NETH setup. For technical implementation details, see the article published by Proximity Labs.
The NETH implementation is open source, with an initial cost of 0.5 NEAR to set up a wallet and no administration required. The implementation of NETH is live, allowing users to use smart contracts on two of the largest protocols on NEAR: Ref Finance and Burrow.
5/ #NETH Features: • Open source • The whole process is non-administrative: you are always in charge of the keys • NETH account setup flow is completely client-side: it only runs on your computer , does not communicate with servers or third parties
— Lesbian (@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 allows NEAR to reliably handle high volumes of transactions. NEAR ranked 34th on Coinmarketcap and his TVL at its peak surpassed his $400 million. The token is currently trading at a price of $1.32, down more than 90% from ATH.
on the flipside
- NEAR raised $350 million in April of this year, and has enough runway to drive blockchain adoption. Infrastructure innovations like NETH will only help onboard new users and drive the growth of the NEAR network.
why you should care
Ethereum alternatives have shown great demand in the past, and bear markets have hit the prices and TVLs of most of these solutions, but real-world use cases and There are still innovative solutions. The growth of either network will help crypto grow.
More information about scaling your solution:
Layer 1 and Layer 2: Understand how blockchain scaling solutions work
Watch the original on DailyCoin
