new opportunities for the DePin world

The DePin IoTeX blockchain has just announced the integration with the MetaMask wallet to enhance its set of decentralized physical infrastructures.

Thanks to the “snap” function, IoTeX users will be able to improve the accessibility and use of this technology, making it available to the entire community.

Specifically, the advantages concern the possibility of sending tokens to web3 domains, converting io and 0x formats, and accessing real-time updates of the chain.

Let’s see all the details below.

IoTeX enhances DePin functionalities by integrating with the MetaMask wallet

IoTeX, one of the leading DePin blockchains in the crypto sector, has revealed a strategic partnership with the famous wallet provider MetaMask.

This is a collaboration that brings the more than 30 million monthly active MetaMask users into the ecosystem of decentralized physical infrastructures.

Thanks to the introduction of the “Snap” function, the IoTeX community can take advantage of several benefits, unlocking new connections between real-world data and web3 networks.

More closely, we see how these improvements concern the activity of token transfer and conversion of INS (IoTeX Name Service) addresses.

This is a decentralized naming service on the IoTeX blockchain designed to provide human-readable names for devices, services, and DePIN wallets.

With MetaMask Snap, users can easily send cryptocurrencies from the DePin network seamlessly, directly to io.address or INS domains.

Furthermore, they can transform an INS address by changing from io to 0x (EVM world), while simultaneously accessing updates of the crypto ecosystem.

In this way, greater flexibility is introduced for resource management on the platform, adding a strong component of interoperability

The IoTeX community has actively supported the integration with the MetaMask wallet from the very beginning, demonstrating their dedication and passion for the project.
For the moment, the new functionality has received positive feedback from governance discussions, reflecting public interest in streamlining access to the network.

Regarding the news, Raullen Chai, CEO of IoTeX, also commented, enthusiastically stating the following verbatim at the press conference:

“IoTeX Snap represents our commitment to bringing the IoTeX ecosystem closer to the broader Web3 community. We are excited to connect IoTeX’s cutting-edge DePIN features with the powerful MetaMask wallet ecosystem, allowing users to experience seamless interactions and greater accessibility in DePIN networks.”

The expansion of the MetaMask Snap service

The latest integration between MetaMask Snap and the DePin IoTeX network represents just the tip of the iceberg of a much broader growth path for the web3 wallet.

The service, introduced in September 2023 by the Consensys team (the company that manages MetaMask), has experienced a strong expansion since its open beta version.

Initially, it was designed to connect the Solana world with the EVM versions of Ethereum, eliminating the need for bridges or third-party entities.

At launch, it boasted the presence of as many as 34 different blockchains, from which users could draw to perform cross-chain exchanges.

Today we can count instead over 90 integrated chains, with a wide range of choices among networks and protocols of decentralized finance.

The MetaMask team adds approximately one new connection per week, aiming to expand the mainstream use of its snap service.

The latest introduction concerns the Ethereum Linea layer-2 blockchain and the possibility for users to monitor LXP balances, LXP-L, and POH states.

By doing so, the crypto community can easily observe through the wallet infrastructure the points accumulated during the various activities, in preparation for the anticipated airdrop.

https://twitter.com/LineaBuild/status/1847222292641923406

We will see if with the arrival of IoTeX, MetaMask Snap will make another leap in quality by expanding its reach to DePin services.

Given the convenience of the service, and considering the strong narrative that is ongoing for decentralized physical infrastructures, we can already imagine that it will be a success.

While the DePin sector improves its interoperability with the outside world thanks to the Metmask wallet and IoTeX, market speculation follows other directions.

In the last 7 days, all the top DePin tokens have recorded bleeding performances, with bear numbers reaching up to -20%.

While on one hand these coins had their moment of glory in the first half of 2024, now the interest seems to have dropped drastically.

The DePin theme (along with RWA and AI) is still receiving a lot of attention from the public, but the associated tokens offer disappointing returns.

Also due to a Bitcoin market caught up in emotions for the USA presidential elections, almost everyone reported double-digit percentage declines during the week.

The worst were TAO, AR, and HNT, with declines of -20.91%, -20.67%, and -16.03%, respectively. It is slightly better for FIL and BTT despite the ongoing depreciations.

The first positive performance of the last 7 days can be found at rank #171 on CoinMarketCap with OriginTrail (TRAC). This project has grown by 11% in the same period, bringing its market capitalization to 237 million dollars.

Overall, this niche is still worth over 17.5 billion dollars, with trading volumes in the last 24 hours of 959 million dollars.

The IoTeX DePin blockchain has a TVL of just 17 million dollars, positioning itself behind the top infrastructures of this world.