Metamask Alternatives

Written in January 21, 2022

XDEFI

Summary

• TL;DR XDEFI is better in UI than MetaMask because of its simplicity and one page to display all the assets owned. Functionality-wise XDEFI wins over MetaMask as there is a menu where users could see all cross-chain assets owned while still able to add custom contract addresses.
• Further implementation needed for dApps to integrate with XDEFI instead of only MetaMask.

Qualitative

• XDEFI is a self-custodial multichain wallet leveraging browser extension.
• Built for NFT: customizable grid for owned displayable NFT assets.
• Has a feature called Max Gas that enables users to get into the next block 99% of the time for transacting.
• Connected Blockchains: Terra, Thorchain, Ethereum, Polygon, Bitcoin, Binance Smart Chain, Binance, Litecoin, and Bitcoin Cash.
• Downside is Layer 2 such as Arbritrum could not yet be integrated with XDEFI.
• UI is better than metamask, users could see balances without switching networks.

• Fast and affordable swaps available in-wallet..
• Brief Roadmap: Avalanche (Q1 2022), Solana (Q1 2022), and mobile app (Q1 2022).
• Token ($XDEFI) usage includes Staking, Governance, Play to (L)earn, and Building.
• Users are incentivized to learn about DeFi and discover necessary tools from P2L.
• Investors: Mechanism Capital, Delphi Digital, DeFiance Capital, Morningstar Ventures, Animoca Brands, Alameda, CoinGecko, SINO Global Capital.
• Team (haven’t been properly publicized): Émile (CEO) – extensive experience in the traditional financial industry and David (CTO).

Quantitative

• Fundings:

1. Seed Round: $1.2M (lead Multicoin Capital)
2. Series A: $6M (lead Multicoin Capital)
3. Public Sale (ICO): $14M

• Tokenomics:

1. Total Supply: 240 million
2. Public sale price: $0.65
3. Initial Supply: 40.2 million
4. Token Distribution: Ecosystem Fund (30%), Early Investors (28%), Play to (L)earn (16%), XDEFI Wallet Team (15%), Public Sale (9%), Advisors (2%).

TWT

Summary

• TL;DR Trust Wallet is a self-custodial wallet in mobile phones owned by Binance, it is not available as a browser extension. Compared to MetaMask, TWT has a staking option in-wallet and users could buy tokens directly from the wallet instead of through DEX.
• Note: most dApps on the BSC have integrated with Trust Wallet.

Qualitative

• Self custodial wallet used by Binance Smart Chain/Binance Chain
• Platform unique features are designed to be on mobile phones, buy several cryptocurrencies using credit card, token swap, and has a browser for dApps.
• As of January 2022, enables users to earn 11% APR of BNB and several other supported tokens through staking.
• Has support for displaying NFTs in Ethereum Chain or BSC.

• Important Notice: had an error during Q2 2021 when Safemoon was hyped, the balances are way off than what users own and unable to be used with cold wallets such as Ledger/Trezor.
• The whole project is acquired by Binance.
• Trust Wallet is a part of the Trust Ecosystem: Trust Browser, Trust Wallet, Collectable Marketplace, Decentralized dApp Marketplace, Trust ID, Trust SDK, and Trust API.
• To unite the ecosystem, a universal operating token is used called TWT. Its use cases include governance, discounts when holding for a period, staking and liquidity pools.
• However, users do not have a great incentive to buy the token since most fees are also paid through the blockchain’s native token.
• Trust Wallet partnered with Utrust to simplify digital payments from traditional finance to decentralized finance.
• Team: Viktor Radchenko (Co-Founder and CEO) – several years of experience in consulting and economics and Maxim Rasputin (Co-Founder) – made an Android application for the Trucker path.

Quantitative

• Tokenomics (TWT):

1. Total Supply: capped at 1 billion
2. Circulating Supply: roughly ¼ of the total supply
3. Token distribution: Users acquisition (40%), developers (15%), TWT community (15%), reserve stores (30%).

COIN98

Summary

• TL;DR COIN98 is an all-in-one platform that offers swap, stake, borrow, lend, earn, and invest. To facilitate the platform, COIN98 leverages a multi-chain wallet that allows users to transact in every blockchain without the need of exiting a specific blockchain. Compared to MetaMask, COIN98 is an ecosystem of itself (Launchpad, Markets, Terminal, Lend & Borrow, Megafarm, NFT Marketplace, Staking, Derivatives, and farming market) and the wallet unites all of the components.

Qualitative

• The wallet is a multi-chain that provides an “always-connected” state supporting numerous blockchain without entering and exiting networks.
• Not only connection between multiple blockchain, but also COIN98’s wallet has the ability to connect with Layer 2 scaling solutions.
• Users could also swap tokens across numerous integrated DEX, without opening the DEX website and entering the token, seamlessly through the wallet.
• The wallet itself when expanded in a browser tab has the historical data view of the portfolio and an Ethereum gas fee tracker.

• The wallet has a reward system – X-Point. Users could earn by doing certain tasks or referral codes and exchange them for COIN98 tokens.
• COIN98 token is used for transaction fees in the platform, product development, staking incentives, governance, and unique membership rights..
• Investors: Saber, Elrond, Band Protocol, WalletConnect, Harmony, Mercurial Finance, Heco, Persistence, Fantom, Avalaunch, Standard, Chromia, and PolkaFoundry.
• Team: Le Tanh (CEO) – experience as advisor for crypto projects

Quantitative

• The wallet is downloaded 500,000+ times with more than 400,000 users.
• To date, more than 2 million transactions were through the wallet with more than 200 million volumes.
• The wallet currently supports 26 blockchain.
• Tokenomics:

1. Total Supply: 1,000,000,000
2. Circulating Supply: 185,000,000
3. Token Distribution: Ecosystem Growth (25%), Team (20%), Community Dev (20%), Strategic (10%), Foundation Reserves (10%), Liquidity (8%), Seed (5%), and Advisor (2%).

• CoinLabs raised $1.25 million in the seed funding round.