Leading hot wallet, MetaMask, added network and bridge support for two new major networks this week, according to an official announcement on Wednesday. Optimism and Arbitrum, two thriving networks in the crypto ecosystem, are now supported on MetaMask – bringing the signature browser wallet network to six in total.
Wallet providers continue to invest in new utility-backed tools, looking to become a hub for crypto enthusiasts.
Let’s take a look at the initial details of this newly supported network support.
Continue Investing in ‘MetaMask Bridges’
The addition of Optimism and Arbitrum marks the closing stage of the MetaMask Bridges beta phase. Out of beta, the Bridges product will now include a sub-1% fee for bridging, but increased transfer limits (once $10K, now capped at $50K) and better stability.
The concept around Bridges is what MetaMask describes as a “flight aggregator” for bridges, using “a carefully curated set of bridges” to provide an all-in-one solution. The wallet calls Connext, Hop, Celer cBridge, and Polygon Bridge its bridge aggregation suite, and allows users to choose routes of their choice, or default recommended routes.
Six chains are currently supported in the Bridge product: Ethereum, Polygon, Avalanche, Binance Smart Chain, and now Optimism and Arbitrum. In addition to bridging round out the MetaMask suite which has many offerings that also include swaps, the ability to buy, staking, and of course standard wallet transactional support.
Optimism (OP) and Arbitrum are two new networks that are supported on MetaMask for bridging. | Source: OP-USD on TradingView.com
Network Navigation
Arbitrum, despite being one of the few major chains without a native token, has taken DeFi by storm. The network has been ‘quietly built,’ with currently around 200 native protocols composing an ecosystem that ranks 4th in DeFi total value locked (TVL) with nearly $2B total TVL, according to DeFiLllama. That compares to only about $700M in TVL for the ecosystem from July 2022 – signaling that bear market conditions generally have the last 6-8 months of market movement, Arbitrum has hidden hard workers and DeFi enthusiasts.
Optimism shows the same sentiment as success is more tempered; However, Optimism sits at #7 in total DeFi TVL, approaching $1B in funds currently locked (must be DeFiLlama). Unlike Arbitrum, Optimism brings native platform tokens, and the success of the ecosystem has been fueled by the support of cross-chain tools like Aave and Curve. However, in a similar vein to Arbitrum, Optimism has also seen significant growth over the past 6-8 months, seeing more than 3X in TVL compared to mid-2022.
In general, both chains are smart extensions of MetaMask to address the original DeFi audience.