new opportunities for the DePin world

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

Thanks to the “get it” feature, IoTeX users can improve the accessibility and use of this technology, making it available to the entire community.

The benefits mainly concern the ability to send tokens to web3 domains, convert the io and 0x formats and access real-time updates of the chain.

Let’s see all the details below.

IoTeX enhances DePin’s functionalities by integrating with the MetaMask wallet

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

This is a partnership 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” feature, the IoTeX community can enjoy several benefitsopening up new connections between real-world data and web3 networks.

A closer look at how these improvements relate to token transfer activity and INS (IoTeX Name Service) address conversion.

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

MetaMask Snap allows users to do just that easily and seamlessly send cryptocurrencies from the DePin network, directly to io.address or INS domains.

Besides, they can transform an INS address by changing from io to 0x (EVM world), while at the same time having access to updates from the crypto ecosystem.

This introduces greater flexibility to resource management on the platform, adding a strong interoperability component

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

Regarding the news, Raullen Chai, CEO of IoTeX, also enthusiastically said 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 advanced DePIN features with the powerful MetaMask wallet ecosystem, allowing users to experience seamless interactions and greater accessibility across DePIN networks.”

The extension 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.

Introduced in September 2023 by the Consensys team (the company that runs MetaMask), the service has seen significant expansion since its open beta release.

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

At launch it had no fewer than 34 different blockchainsfrom which users can draw to conduct cross-chain exchanges.

Today we can count more than 90 integrated chains insteadwith a wide range of choices between networks and protocols for decentralized finance.

The MetaMask team adds approximately one new connection per week, with the goal of expanding regular use of the snap service.

The latest introduction concerns the Ethereum Linea layer-2 blockchain and the ability for users to check LXP balances, LXP-L and POH statuses.

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

With Linea Voyager Snap, you can view your minted LXP and LXP-L balances, POH status, Linea ENS domain, and current LXP activations inside MetaMask.@MetaMask Snaps adds features and functionality to the MetaMask wallet. Demo 🎥👇 pic.twitter.com/ABakKylD5U

— Linea (@LineaBuild) October 18, 2024

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

Given the convenience of the service and given the strong narrative going on for decentralized physical infrastructures, we can already imagine it will be a success.

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

In the past 7 days, all great DePin tokens have recorded bleeding performance, with bear numbers reaching as high as -20%.

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

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

Also due to a Bitcoin market mired in emotions due to the US 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. Despite the continued declines in value, things are slightly better for FIL and BTT.

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

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

The IoTeX DePin blockchain has a TVL of just $17 million and positions itself behind the world’s top infrastructures.