Competition is heating up in the DeFi browser extension wallet category.
DeBank, previously known primarily as a data provider, is the latest to announce a browser extension wallet geared especially for DeFi users. The wallet, called Rabby, will automatically switch between chains, according to the launch post. In practice, this means if a DeFi user has two tabs open — one on Uniswap and one on PancakeSwap — Rabby will recognize that and flip between each app’s blockchain accordingly, in this case, Ethereum and Binance Smart Chain.
“Traditional MetaMask-like extension wallets are designed with [a] single-chain scenario initially, making it hard to bring a truly user-friendly multi-chain experience to you,” Rabby’s release post reads.
In a sign of the DeFi’s increased complexity, Rabby also promises to display more details regarding the contracts users are signing. “DeFi users are blindly signing transactions they don’t really understand,” the post states.
The project also highlighted a pre-transaction risk-scanning feature, which will alert users if it finds potential vulnerabilities in the contracts the user is interacting with. For instance, if a contract has previously been hacked, users will get a notification.
A Competitive Market
On the market for browser wallets, MetaMask had 5M monthly users as of April 21, according to a blog post from blockchain studio ConsenSys, the company that created MetaMask in 2016. Metamask makes well over $100K a day in fees based on the 0.875% cut it takes on trades that happen within its browser extension. So Rabby’s in-wallet trading feature could be lucrative indeed.
Rabby follows the May 17 announcement by Coinbase to build a browser extension wallet.
Yet, Rabby appears to have achieved some degree of favor within the DeFi community.
Managing partner at Dragonfly Capital Haseeb Qureshi tweeted that the MetaMask competitor looks “amazing,” asking “why has it taken so long for someone to create human-readable transaction signing?” Sidechain project xDai took to Twitter too, touting the wallet as being “designed for the DeFi era.”