The time has finally come – MetaMask has another serious competitor. DeBank, a crypto data analysis platform, has released a new browser wallet specifically for DeFi.
DeFi is back and both the Total Value Locked (TVL) and the prices of most DeFi tokens have seen gains in the past seven days. On a weekly basis, over 10 billion US dollars flowed into the smart contracts of the young sector. At press time, the TVL was $ 114.69 billion.
In addition, the “DeFi ETF token” DeFi Pulse Index (DPI) from Index Coop rose by almost eight percent in the same period. Compared to BTC and ETH, the growth of the DeFi sector this week turned out to be significantly worse – BTC rose by almost 20 percent within the last week, while ETH gained more than 15 percent.
Rabby challenges MetaMask
After years of monopoly, MetaMask is facing increasing competition. DeBank, previously known primarily as the DeFi data platform, has launched Rabby, a new multi-chain browser wallet specifically aimed at DeFi users brought the market. For example, the wallet can automatically switch between the chains of different blockchains. In practice, this means that if a DeFi user has opened two tabs – one on the ETH exchange SushiSwap and one on the Binance Smart Chain exchange PancakeSwap – Rabby recognizes this and switches between the blockchains accordingly both decentralized applications.
Rabby also wants to show its users more details about transactions that they need to confirm.
Many DeFi users blindly sign transactions that they don’t really understand.
Medium contribution from Rabby
Rabby is also introducing a new transaction risk check designed to warn users when they are making potentially risky transactions. For example, if a smart contract has already been hacked, users receive a notification before they interact with it.
DeBank’s wallet is already gaining some popularity, especially in the DeFi community. Haseeb Qureshi, Managing Director at Dragonfly Capital, tweeted that the MetaMask competitor looked promising and asked:
Why did it take so long for someone to create a human readable transaction signature?
The xDai sidechain project also made an impact Twitter and praised Rabby as “a wallet developed for the DeFi era”.
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