Space Summary
The Twitter Space Metamask Snaps: Innovation for Mendi & Web3 hosted by MendiFinance. Metamask Snaps brings forth a new wave of innovation in the decentralized finance (DeFi) space, particularly focusing on lending protocols within LineaBuild. The space emphasizes earning opportunities with high yields and profit-sharing through the unique bribe-reward tokenomics. Staking $MENDI plays a crucial role in allowing individuals to partake in the protocol's profit-sharing model. Ascend acts as a gateway for individuals seeking a deeper understanding of the space and exploring potential opportunities. Stay informed and engaged in the evolving landscape of DeFi with Metamask Snaps.
For more spaces, visit the DeFi page.
Space Statistics
For more stats visit the full Live report
Questions
Q: What is the main focus of Metamask Snaps in the space?
A: Metamask Snaps primarily concentrates on innovating lending protocols on LineaBuild.
Q: How can individuals earn in this space?
A: Individuals can earn high yields and share in protocol profits through bribe-reward tokenomics.
Q: What is the significance of staking $MENDI?
A: Staking $MENDI allows individuals to participate in the profit-sharing model of the protocol.
Q: Where can individuals find more insights and opportunities related to this space?
A: Ascend provides a platform for additional information and potential opportunities within the space.
Highlights
Time: 00:15:29
Introduction to Metamask Snaps Learn about the innovative features of Metamask Snaps in the lending protocol space.
Time: 00:25:17
Bribe-Reward Tokenomics Exploring how bribe-reward tokenomics enable high yields and profit-sharing.
Time: 00:35:40
Staking $MENDI for Profit Sharing Understanding the process and benefits of staking $MENDI in the protocol.
Key Takeaways
- Metamask Snaps focuses on innovation in lending protocols on LineaBuild.
- Earning high yields and profit-sharing through bribe-reward tokenomics are key aspects of the space.
- Staking $MENDI allows individuals to become part of the protocol's profit-sharing model.
- Ascend offers a platform for more in-depth information and potential opportunities within the space.
Behind the Mic
Introduction and Welcome
Hey, Chris, I sent you a speaking request. I think if you accept that, then we'll be able to come up here. Hello, everyone. Yep, can hear you fine. Nice. Well, welcome. Should I call you up? What? Can I call you up here? Christian is fine. Christian's fine. All right. Awesome. Well, great to have you here, Christian. Finally be able to speak with you in person as well. I've been chatting in the groups about metamask snaps, so thanks for coming and joining us today for a live space to talk about metamask snap, to talk about how that has a role to play in mendy, in linea, and all of web three as a whole as well. So this space will be recorded so people can check it out later.
Recording and Content Creation Plans
And tomorrow I'll be making some snippets, highlights of the space, using a tool that actually your colleague showed me in Saskia, actually just recommended me this AI tool for video editing. So I'm planning to use it to make content from this space. But, yeah, anyways, let's jump right into it. Christian, please tell us a little bit about yourself, about how you got started with Metamask and how you got specifically assigned to the Metamask snap teams.
Christian's Background
Christian, I think your mic is muted. Not sure if you're speaking now. Sure thing. Yeah. Am I coming through clearly? Yeah, I can hear you clearly. Maybe. Okay, awesome. So, yeah, I've been with Metamask for two and a half years, and in my first two years, I led the launch of the Metamask Snaps platform, which is a way for anyone to safely extend the capabilities of metamask and to build, essentially, apps that run inside of the Metamask extension. And these apps can do all sorts of things like add support for new blockchain networks, send notifications, warn users about malicious transactions, and add new features like verifiable credentials, decentralized identity, things like that.
Launch and Impact of Metamask Snaps
We launched this last September of last year, a little over a year ago, and it's been a really amazing thing to see. We've had over a million snaps have been installed by users into metamask. We have over 50 different snaps on the platform. And since then, I've been working on quite a few different multi chain topics within metamask that I can't get into too much. But, you know, we'll talk about another time. And, yeah, before that, I mean, I've been a user of Ethereum since late 2016. Metamask is actually my first role in the web three space, but have been a fan of Ethereum for, you know, multiple years. And yeah, I have a background in, you know, full stack development and then being a product manager for over ten years, and just a big fan of all kinds of developer platforms.
Customizability with Metamask Snaps
Right. Nice. It's awesome. And you brought up a really cool point here, that with the metamask snap, it actually allows a bunch of customizability into the metamask wallet itself. So you brought up a few examples here to allow you to connect to other chains to warn people about malicious transactions. And of course, the menu finance snap. That, for those who don't know, what the metamask snap does on Mendy, is that you're able to set a specific borrow limit percentage that you feel like you want to be notified at. And once you hit that, the metamask will send you a notification warning you that you're close to liquidation. This way you can stay safe without having to worry too much about liquidations.
Future Improvements and User Experience
Of course, getting an email would be the next step, I assume, but we're not quite there yet. So browser notification is cool. But yeah. Can you, can you talk a little bit about what kind of other snaps there actually are? Because I feel like for a lot of people here, including myself, it's kind of a difficult concept to grasp, especially since it's so broad and open ended.
Diverse Functionality of Snaps
Absolutely. And that's one of the things that's really interesting about snaps, is that you really can do a lot of different things with it. To give you some examples, there's a few snaps that I'll mention. Like there's a Solana wallet, a cosmos wallet, a tezos wallet, a filecoin wallet. They add support for blockchain networks that normally wouldn't work with metamask. So these different networks are different from Ethereum. Metamask is primarily an ethereum wallet, but these snaps add all the functionality necessary to support the different types of addresses and contracts and transactions that exist on those chains.
Installation and Utility of Snaps
So you install one of those snaps, and now you have metamask becomes a cosmos wallet alongside all the things that you can do on Ethereum and Linia, for example. Another example is there are snaps that do transaction insights. So they actually warn you when you're going to interact, when you might be about to confirm a transaction that would potentially cause you to lose funds or expose your account to scammers. So they actually warn you in the transaction insights flow and can try to help prevent you from making a mistake confirming a dangerous transaction.
Notifications and User Interaction
And then one of the things that snaps can do is store data in metamask. So they store different types of data, like information about, again, like your positions on Mendy finance, for example. And then in terms of notifications, yeah, I get emails from some dapps that I use in web three, but I don't necessarily want to rely on email for all the different apps that I use, and that's not really convenient for me. So the idea of getting notifications in your metamask wallet that are actionable, it's like, okay, I'm using a Dap. I'm using metamask with that Dap. I want to be notified inside of metamask when something happens that's actually super powerful.
Optimized User Experience
It's actually a much better place to get notifications when I'm interacting with different apps in the ecosystem.
Introduction to Metamask Snaps
Right? Yeah, that's awesome. And I mean, I have been doing my DD on the metamask snaps, but I did not know that you can connect to other chains like Solana and Cosmos as well. That's a really cool aspect. I'm wondering if, because Metamask does this really well, this is something that, as someone on the marketing side, really look up to metamask. You guys have really good mission and vision statements on the things that you guys do. Can you talk a little bit about the base ideals and values that actually inspired the metamask nat program to get it started in the first place?
The Success of Metamask
Yeah. So, I mean, one of the things that's part of, like, the history of Metamask is that part of the reason that metamask became so successful was because it made it so easy for Dapp developers to interact with the wallet. So a big part of the success of Metamask was the success of the developer ecosystem. That was one of the motivations behind snaps, was if we could give developers a way to expand the features of the metamask wallet itself, then we could potentially have even more developer ecosystem growth and even more success in the long term as developers are essentially helping to make metamask itself even better. Alongside with that, there are certain things that adapt wants to do with metamask that it really can't do unless it has some ability to integrate more deeply with metamask itself.
Integration Features of Snaps
You basically have things like adapt is able to create custom types of transactions or signatures. Again, notifications, as well as essentially store data that maybe is useful to the Dapp, maybe helps the Dapp interoperate with other dapps like XMTP built a snap that helps you to sign in with XMTP on any DAP that uses XMTP, right? So it's a really cool interoperability feature. So things like that have been really important. And, yeah, I mean, part of the motivation is just there's only so much that the metamask team can do internally. There's only so many features that we can build ourselves. And so giving a way for external developers to build the features that they think are most important and then be able to help users get access to those features really expands what metamask as a whole can accomplish.
Outsourcing Innovation
So we're not just one internal team trying to make a really great wallet. We're basically hand in hand with the entire ecosystem who can help us build a great wallet together. Right? And that's awesome. I love the idea of outsourcing innovation per se because I guess you made it a good point in the beginning that the end goal of Metamask is to make it the easiest for developers to connect to the blockchain through a wallet. And with so many different advancements happening all the time, it pretty much never ends. You always have to keep building. You always need to be able to integrate new features and functions. And yeah, I really do like this idea that you open up the possibilities for people to be metamask per se. Unfortunately, I'm not a dev, so I wouldn't be able to take part in this, but if I were, then I would definitely be working on building a snaps.
Major Protocols and Snaps
That's awesome. Can you tell us about some major protocols that you've worked with for snaps? I'm sure people have come up with some pretty cool snaps already. Yeah, some of the ones I already mentioned, you know, Solana, Cosmos, XMTP, for example, we also recently, within the past couple weeks, a lot listed a snap for XRP. So that was pretty cool. That was one of those things that for years and years, users were like, what if you had support for XRP? And now it's like, well, now we have it. Like, there it is. Then along with that, internally, we built a snap for Linea called Linia Voyager. So that was really cool because Lineia has a lot of users and that's, I think, the third biggest snap on the platform now because it has some really cool features for linear users.
Additional Snap Features
And then, yeah, we did one. There's one snap for push protocol, which is really cool to see because that's a decentralized messaging and notifications protocol. So that incorporates a lot of different apps that are able to do messages through this app. And yeah, there's probably a bunch more than I'm forgetting, but yeah, we've gotten to work with a lot of really cool projects in the space through this whole program. Nice, nice. That's awesome. And is there one or a few specific snaps that you could say is your favorite or has been memorable to you in the past? Pass that. So that would be a little unfair. But I will say that, like, you know, I really like the, I mentioned the tezos one a lot because I like it.
Tezos Snap Experience
I think it does a really good job of incorporating everything that you can do on tazos. And I have like, affinity for tezos because, you know, I collect nfts on there. So like, I have my own, my whole, like, tezos, what do you want to call it? Portfolio of nfts. So I think that's like a nice platform for artists and it's cool to see that there. So, yeah, that's probably the one that I would mention. Yeah, for sure. Awesome. Is there, is there any, like, how do you actually measure success of the Snaps program itself? I'm wondering if there's any metrics that you can share here with us.
Measuring Success
Yeah, we mainly look at, you know, how many are users installing across the entire platform. So it isn't necessarily that each individual snap has to be successful, but if a decent portion of metamask users are interacting with snaps and using them on a regular basis, then that shows that there's value to the platform and that there's value to having developers able to build these types of snaps. So far we've seen, like I said, over a million installs, getting close to a million, 1.1 million. And I can't speak to, I can't mention or speak to the weekly active or daily active users, but we have really consistent usage across all the different snaps that are currently available.
Third Party Snap Success
And in some cases, some of our third party snaps have even reported their own revenue numbers. The fact that they're seeing revenue from users using these snaps, for example, on Solana or Cosmos, they're actually bridging to those chains and using swaps or other features on those chains through those snapsh. that's really powerful, right? That means that like, you know, there's a potential for someone to build a sustainable business, which is very important for a platform, right? Because in the end of the day, like, you know, even though we talk about blockchain and decentralization protocol has to be profitable in the end for it to survive.
Conclusion
just a side note, everyone. I did just, hide a, one of the replies under the snap space because that was a fake, Mendy account. Commenting under the space.
Introduction and Context
So I hope nobody clicked on that link, but I've hidden that reply under the space. Sorry, guys, about that intermission. But, yeah, so back to the actual talk, right? So, yeah, I really like this idea that you have. And Metamask is one of the biggest players that web three has to offer. I'm pretty sure, like most of the people who have any kind of exposure to crypto and web three, they have to know about metamask. So you guys are kind of like the leaders and the big dogs in this space. What kind of responsibilities do you feel that lies upon you, especially when it comes to metamask snap and the customizability? What responsibilities do you feel that metamask and metamask snaps have advancing web three as a whole?
Ensuring User Safety
Yeah, that's a great question. One of the things that I think is a part of our responsibility at Metamask is keeping users safe in this ecosystem. Aside from, obviously, there's multiple snaps that help with security, we also have various internal projects that help to spot scams before they affect users and keep track of malicious accounts, addresses, websites, things like that, to try to prevent users from potentially interacting with something that may be a scam or a wallet drainer or something like that. Alongside that, we have a big responsibility to helping to increase transparency in the ecosystem and making sure that as we're onboarding users to blockchains into the web three ecosystem, that they really understand what it is that they're doing. And so we want to help to educate them and also, you know, help them to learn as they use these products, what it is that they’re actually doing, and to have a really clear sense of what they’re signing, the transactions they’re making, whats going to happen to their funds, things like that.
Educational Initiatives
Right. So we have various educational programs like Metamask learn and our knowledge base, where users can go and learn about all these different things that they can do. And we also design our interfaces to be highly readable so users really can understand what it is that they're doing as they're interacting with various dapps. That's a responsibility that we have, and it's part of how we built the Snaps platform as well, to be secure and to be really transparent about when you're installing a snap. Here's what the snap can do, here's what you can expect, and here's what you should expect to get out of it. As you're interacting with the snap, you're really informed about what it is that you're installing and whether or not it's safe to use, right?
Challenges of User Experience and Security
Most definitely. Which I guess is something that definitely sounds much easier than it actually is, because there's so many different iterations of scams that exist and malicious contract and malicious players in the field that it just makes it really difficult. Yeah, I'm sure the clean ux is definitely something that you guys do really well. I remember when metamask portfolio was in its early stages, when it first came in. I do remember going through, like, the educational material that you guys had on there. And I mean, I've been web three and crypto for like almost four years now, so I'm pretty familiar with all this stuff, but I feel like it's. They're really great educational material for someone who is really starting from zero, so. Yeah, that's really great to hear. You also mentioned some things that the metamask snap teams are using privately on the backend.
Internal Tools and Launches
Has it ever occurred that, or has it ever happened that some tool that you were using internally on the backend turned out to be so useful that you guys were like, oh, we have to launch this? This has to see the light of the world. That's a good question. It's hard to say. I'm trying to think of a specific example. Oh, I'll give you one example. So this is a bit of a preview. Up until today, for the longest time, we have Ens names are supported in metamask, but they only work if you're on Ethereum Mainnet, and if you're using an Ethereum name that's deployed to another chain, and then you're trying to enter that in and the send flow, it won't resolve to the address because you're on the wrong chain and it's not able to get the address resolution. So we've been working on this feature called name resolution, which is a snaps API which allows a snap to essentially do what we do internally for Ens names.
Enhancements in ENS Functionality
And so it allows Ens names to be resolved to addresses and to work in the send flow regardless of what chain you're on. We actually, internally at Metamask, decided to use the snaps API to rewrite our Ens resolution that we did internally. So we actually built a snap for ens, and it actually can resolve on any chain. So if you're on Ethereum mainnet or arbitrum or something else, you can use like your linea name, like Montoya linea eth, and it can resolve it even though it's not on the correct chain, and resolve it to the correct address. For you. So we're going to have, like, full multi chain ens names within a couple of weeks. We're really excited about that. And that was just one of those like, hey, snaps makes this easier, so let's just launch a snap to use it.
Cross-Chain Issues
Yeah. Right. And that sounds just, I don't know, it was meant to because I feel like my biggest issue with EnS is that it's so difficult to get it to go cross chain. Like, you purchase an Ens, which is kind of like supposed to be your name on the blockchain, but then you have to go and purchase multiple ones on different chains and it becomes a little bit of a hassle. So that's really cool to hear that snap actually fixes that. That's really cool. I like that. Yeah. And next, I want to talk a little bit about snaps and linear. You did mention that you guys have a metamask snap for the linear.
Future of Linea Integration
I haven't dug in too deep about it. All I see that is you can check your LXP earnings and standings and such. Can you talk a little bit about maybe that snaps and perhaps any future outlook towards linea as a whole? Yeah, so, I mean, one of the great things about Linea, right, is that you have this default integration with Metamask and it's compatible with Ethereum, so you can launch your dapps on Linea and everything works as it should with Metamask, and you get the benefits of cheaper fees on a layer two network and faster execution and things like that. So all of that is really advantageous for developers looking for a home where they want to launch their dapps.
Support for Developers
Also, because you have this integration with Metamask and you have this linea ecosystem team that's so supportive of Dapps launching on Linea. And it's really meant to be a home for developers where they can be successful. What we've been encouraging developers to do is build a dapp, build a destination where users can do something exciting and also build a snap that enhances the functionality of what your dapp can do. Right. So Mendy finance is a perfect example of this, right? It's adapt. You can go to Mendy finance and take advantage of the different things that you can do there.
Engagement with DApps
And then you can install the snap and have even more engagement. Right. And be notified and be able to stay up to date with what's happening with your positions on Mendy finance.
Deeper Integration for Users
And that way it gives, like, a much deeper integration for users. Right. Right. That's awesome. Excuse me. That's awesome. And, yeah, so I want to talk also a little bit about the fact of how linea and metamask is all connected under the same big brother umbrella of consensus. And, yeah, so how is that three way connection feel from your end? As a developer of snaps, is there anything that feels special about the connection? Do you perhaps put more attention on linea, or. I just want to speak a little bit about how this actually works on your end.
Team Collaboration
So we're all part of consensus. Right? So we're all one big team, and we look at ways that we can work together. I mean, these are different products, but ways that these products can work together and be more effective. Right. You may have heard about the metamask card pilot. Metamask card is right now being piloted in Europe, and it uses linea for users to set up their account with the metamask card. Right. I use it. Perfect. I'm sorry, I lost you there. I was asking if you used the card. Yeah, yeah. I just said that I use it and I love it. It's great. Yeah.
Product Roadmaps
So that's, like, a perfect example. So, I mean, you know, it's really just a matter of, like, you know, we have our different roadmaps, right. And, you know, things don't always line up, but for the most part, we're always looking at ways that we can work together and, you know, really benefit our users together. Right. Yeah. That's great. That's nice to hear. I didn't know that, you know, the metamask and consensus like this should kind of be viewed as one big team in the end. That's. That's pretty cool, actually. So what is, what are some of the most exciting things of having this connection with consensus and metamask and Lydia, which are pretty big players, and some of the biggest challenges that comes with those excitements.
Exciting Benefits of Collaboration
I don't know if there's any specific challenges, but I would say that one of the big, exciting benefits is we have different programs to support developers from our different brands. There's the linea grants and ecosystem support from Linia. We also have the Metamask grants program, and you have the Snaps program. And so it's like, you could potentially get support from Linia to build a Dap and launch it on Linia and also get a grant to build a snap that works with your dapp. That's a perfect example of the kinds of opportunities that you have working with Consensus and the different brands that we have.
Synergies and Developer Support
So there's a lot of areas where there's synergies. And we like to work with developers and essentially help them find different ways that they can benefit from all the things that consensus offers. Nice. That's awesome. I feel like that's a nice and round, nice way to round off the entire thing. Yeah. Just for some closing thoughts, I want to know if on your end there are some thoughts or insight towards how snaps is actually playing an overall bigger role to make web three more interconnected and more interactive. Maybe if you can say something. I'm thinking ahead. I'm sorry.
Future of Interoperability
So this is something that I might want to put in the snapshot for tomorrow's content. So please go ahead if you want to. Yeah, I think a perfect. Yeah. What I'll say is that there's a lot of talk right now about abstraction and interoperability and how we can make all these different networks work better together, help users interact with the ecosystem in a more seamless way. And a lot of that really has to happen at the wallet level, like the ways that we build these interfaces into the wallet to help users interact with these different things.
Opportunities for Developers
And so what I would say is that this is a huge opportunity for developers to build really cool abstractions and interoperability features into metamask and to work with us to make those things work even better. Right? Nice. Awesome. Well, I think that was a perfect conclusion to the entire space. Christian, thanks for joining me here today for the live space. Talk a little bit about the metamask snap. For those who have just arrived, the space will be recorded, so you can go ahead and check it out afterwards. But anyways, thank you very much, Christian, and have a nice rest of the day.
Closing Remarks
Thank you. You too. Goodbye.
