MetaMask Launches Beta Portfolio dApp To Compete With Zapper, DeBank, ApeBoard

Software cryptocurrency wallet MetaMask has launched its Portfolio dApp in beta to aggregate multiple performance tracking tools and platforms in a seamless way under one roof. This comes after MetaMask received feedback from users who are unable to view their assets in one place. This upgrade will no longer require MetaMask users to hunt applications for wallet updates.

The news came on the back of MetaMask becoming the latest global crypto player to integrate with Brazil’s Pix payment system. Two weeks ago, MetaMask integrated with the local government’s payment system via MoonPay according to CoinDesk Brazil.

Introduction To MetaMask Portfolio dApp

The portfolio dApp is available to browser extension and mobile users. To start using it, users can simply click the “Portfolio” link on their browser extension’s home screen to connect multiple accounts.

In addition to that, users can also add an offline wallet or hardware wallet using the “watch any wallet” feature and name them to their liking. For instance, users can add “vitalik.eth” and name it “Cosmic Treasure Chest” in the dapp, and can remove, rename, and add as many accounts as they would like from the view.

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It allows for a friend’s ENS domain or public address to be added to your list. Various crypto tokens can also be added to the watchlist so that users can keep an eye on important market data.

While connecting to the dApp only works for MetaMask users, non-MetaMask users can still utilise Portfolio View by using the “watch any account” feature.

The portfolio dApp supports networks such as Ethereum, Optimism, BNB Smart Chain, Polygon, Fantom, Abritrum, and Avalanche. Once the accounts from any of these chains are connected to the portfolio, users will be able to see their assets across these chains in one place.

The portfolio dApp also includes a toggle to the NFT side where users can get a holistic view of their digital art collection and other utility NFTs on Ethereum and Polygon.

MetaMask plans to add new features to the portfolio dApp in the future.

There Are Still Risks Involved

While the platform will release more features in the coming weeks, users need to be aware of the risk with the decentralized platform. NordVPN highlighted earlier this year a serious privacy flaw involving user IP leaks citing a security expert and cryptographer. It noted that a malicious actor can get access to a user’s IP address by sending an NFT to MetaMask users who are using mobile wallets. The cyber security platform noted that it happens when MetaMask retrieves IP address information from a centralized server.

A research by co-creator of the OMNIA protocol and security expert Alexandru Lupascu noted weakness in the well-known web3 wallet in January. It remarked that users of the cryptocurrency wallet may be at risk of physical threats as well as the loss of all of their digital assets. Lupascu added, "if malicious actors derive more information from the IP address (think geolocation, GSM carrier, etc.), they can turn it into physical risks, such as kidnapping.”

Also Read: How Your MetaMask May Be Compromised – Even Without Approving Smart Contracts

In addition, the platform also holds risks associated with a hot wallet and browser extension. A few months back, phishing assaults were targeted at users of CoinGecko and Etherscan as they were asked to connect their MetaMask wallets to a scammy NFT site.

With that, MetaMask has also issued several security warnings in the past. In April, a trader reportedly had his MetaMask wiped in just 2 seconds and lost a whopping USD $650,000 at the hands of scammers who hacked into his iCloud account.

[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]

Featured Image Credit: Chain Debrief