MultiversX, one of the most popular non-EVM blockchains, has announced the launch of its MultiversX Snap on MetaMask. This Snap brings MetaMask users access to the MultiversX ecosystem and an added layer of security via 2FA. MetaMask Snaps are audited add-ons developed by third-parties that users can install in their MetaMask wallet for extended functionality.
MultiversX’s 2FA layer has made it to the largest wallet provider. The feature logic is embedded into the sharded protocol itself, which makes it compatible with all apps and wallets within the ecosystem; now accessible to MetaMask users too.
“The MultiversX Snap offers an important preview of what the Sovereign Chains SDK for next-gen L2s will bring to the entire Web3. It facilitates accessibility to the MultiversX ecosystem, its opportunities and innovations, providing MetaMask users with an integrated experience to most of our recent developments,” said Lucian Mincu, CIO of MultiversX Labs.
In 2023 alone, 324,000 users fell victim to crypto phishing scams, with losses of over $300 million in crypto assets. Evidently, the Web3 industry continues to face ongoing cybersecurity risks at the expense of everyday users. Yet, many available self-custody solutions exacerbate the problem by shifting full responsibility onto users. MultiversX’s on-chain 2FA solution, also known as the Guardians, has been developed in response to this growing challenge. With thousands of users globally, the on-chain 2FA solution serves as a wall preventing attackers from stealing one’s funds even if the secret phrase has been compromised.
The Guardians has been publicly tested in incentivized events and community initiatives. Notably, a community initiative EGLDHeist has shared the secret seed phrase of a wallet holding a 5-figure bounty. Due to the on-chain 2FA layer, the funds are still intact to this day despite the public X post reaching 5.7 million views.
The on-chain 2FA solution is based on a multi-signature scheme, as it requires a secondary confirmation for transaction signing, but without the added complexity to the user experience that usually comes with it. MultiversX’s on-chain 2FA solution leverages familiar tools like Google and Microsoft authenticators. As a result, users are not burdened with migrating to new addresses or managing additional seed backups or multiple wallets. Additionally, the Guardians has several protection measures in place that protect wallet owners even if they lose their authentication key.
MultiversX’s on-chain 2FA solution is not directly available on the Ethereum network or EVM-based chains. However, the new Snap from MultiversX on MetaMask offers the fastest and least friction way to access the ecosystem and its unique innovative features, which are largely focused on improving user safety and the overall experience with decentralized tech.
