Uniswap New Web3 Wallet: Will It Outshine MetaMask?

Uniswap recently launched a browser sidebar crypto wallet to enhance the user experience. This development emerges amidst heightened interest in restaking and the potential for Ethereum exchange-traded funds (ETFs), positioning Uniswap as a potential rival to the well-established MetaMask.

Following the announcement of Uniswap V4, the platform has introduced this new non-custodial wallet. This move is part of Uniswap’s broader strategy to innovate within the cryptocurrency wallet space.

In response to a governance proposal, Uniswap has initiated a waiting list for its new browser-based self-custodial crypto wallet. This wallet seeks to modernize the transaction process and user interface, offering features such as setting limit orders for any token for up to a year. This functionality aims to facilitate automatic trade executions at user-specified prices without the need for continuous market monitoring.

Registration for the waitlist is now open, with uni.eth username holders being granted early access. Attempts to obtain comments from Uniswap Labs regarding this launch were not responded to by the time of publication.

The wallet’s announcement was made shortly after the Uniswap Foundation proposed changes to the decentralized exchange’s governance structure. This proposal involves staking tokens with delegated parties with a say in the protocol’s direction.

Read more: 16 Best Web3 Wallets

Following this governance proposal, the Uniswap token (UNI), among the top cryptocurrencies by market capitalization, experienced a 50% increase in value within 24 hours. As of the last update, the token’s price has risen 2.3% in the past day, now trading at $11.14.

The Competitive Crypto Wallet Sector

The introduction of Uniswap’s wallet comes at a time when MetaMask has reported a significant increase in its user base, with a 55% rise in new users from September 2023 to January 2024. The cryptocurrency market has also been influenced by the excitement surrounding the approval of spot ETFs for Bitcoin and Ethereum, leading to notable price movements for these assets.

Since the approval of 11 Bitcoin ETFs by the US Securities and Exchange Commission on January 11, 2024, Bitcoin’s price exceeded $60,000. Meanwhile, Ethereum’s price has more than doubled since September 1, 2023, and is now trading at $3,477.60. This increase represents a 111.3% rise from its price in September.

Despite the optimistic market movements, Bloomberg analyst James Seyffart maintains a cautious outlook regarding the approval of Ethereum ETFs in 2024.

“I’m cautiously optimistic on ETH ETF approval this year but I wouldn’t be remotely surprised if they’re denied in May. Confidence level is no where near where we were for Bitcoin ETFs,” Seyffart said.

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

As the cryptocurrency market evolves, the Ethereum network is nearing a significant milestone of one million validators. This growth is partly driven by the popularity of ‘re-staking’ services, such as EigenLayer, which allow for the reinvestment of ETH derivative tokens from crypto-staking services like Lido Finance for additional rewards.