Multiverx

MultiversX, blockchain ecosystem of the crypto Elrond, has just announced the launch of the “Snaps” feature that will offer users the possibility to use the MetaMask wallet interface for their on-chain operations.

By doing so, Elrond improves interoperability with the external environment of its cryptographic network, while at the same time implementing advanced security features with 2FA.

These two innovations could help the infrastructure regain ground in DeFi by increasing its share of TVL, which has remained virtually flat over the past 2 years.

Let’s see everything in detail below.

MultiversX, the network of the crypto Elrond, introduces Snaps and lands on MetaMask

With great astonishment MultiversX, a well-known blockchain of the crypto Elrond, has opened the doors to the web3 infrastructure of MetaMask by implementing the on-chain solution “Snaps”.

For those who do not know, Snaps are third-party connections introduced by Consensys in September 2023 that allow you to connect to the MetaMask wallet from non-EVM networks.

By leveraging providers like Shapeshift, Cosmos Extension, Solflare, and Zion, it is possible to solve the problem of liquidity fragmentation by unlocking access to a multitude of blockchains.

Today marks a major milestone for MetaMask: we're launching MetaMask Snaps Open Beta, the first step towards our journey to create a fully permissionless ecosystem with MetaMask.

Read the for everything you need to know https://t.co/DuHrwxQvi8

— MetaMask (@MetaMask) September 12, 2023

With the latest feature, the super scalable network MultiversX and its army of “sovereign chains” can therefore connect with the famous non-custodial wallet MetaMask.

The crypto Elrond and other tokens built under the SDK of the infrastructure can be easily traded on multiple chains thanks to the user-friendly interface.

This opens the doors to an era of accessibility and interoperability for the MultiversX ecosystem, which is indeed particularly efficient but isolated compared to the rest of the on-chain world.

We remind that MetaMask is used by more than 30 million users and it is still today the most used gateway to operate with dapp. It is clear that this innovation could bring more activity to the Elrond network, pushing for a bull flow of capital.

The TVL of the chain unfortunately has not shown significant progress for more than 2 years now, when it collapsed in a short time from 2 billion to 150 million dollars.

Regarding the news, Lucian Mincu, CIO of MultiversX Labs, commented as follows:

“MultiversX Snap offers an important preview of what the next-generation Sovereign Chains SDK for L2 will bring to the entire Web3. It facilitates accessibility to the MultiversX ecosystem, its opportunities, and innovations, offering MetaMask users an integrated experience for most of our recent developments.”

MultiversX increases security by adding 2FA protection

In parallel with the introduction of Snaps for MultiversX and the opening of the crypto Elrond on the MetaMask wallet interface, the developers have also thought about security.

In order for the end user to enjoy a smooth experience, MultiverX has introduced an on-chain 2FA solution based on a multi-signature scheme, called “Guardians”.

This is a protection measure with two-factor authentication that requires a secondary signature as confirmation of the operation.

Similar to those of Google and Microsoft, the 2FA of the cryptographic project eliminates the complexity of the tool and removes the problem of managing the backup of seed.

This solution is not directly available on the Ethereum network or on EVM chains but can be accessed via MultiversX Snap on MetaMask.

Furthermore, Guardians has several protection measures in place that protect wallet owners even if they lose their authentication key.

This security feature has been tested with a publicly shared secret phrase containing a 5-digit sum that has remained untouched to this day. Despite the post reaching 5.7 million views, no one has managed to hack the wallet, demonstrating the impenetrability of the tool.

billions of USD stolen by crypto scams, millions of users affected.#MultiversX solves this. TODAY.

meet Guardians – the first Onchain 2FA LIVE in production.

let's kill crypto scams.

activate Guardians, keep your money safe. #EGLDSqueezepic.twitter.com/MM8ymX8sXi

— Beniamin Mincu | sharding/acc (@beniaminmincu) July 12, 2024

Think that only in 2023, about 324,000 users lost money amounting to 300 million dollars due to phishing crypto scams.

The web3 world still needs to solve the problem of cyber attacks, which are becoming increasingly frequent given the continuous growth of the blockchain sector.

 The 2FA on-chain solution by MultiversX was conceived precisely as a response to this challenge that sees less experienced users being harmed. The scam of phishing indeed seeks to obtain the access credentials of a crypto wallet by deceiving the user with fake messages. The introduction of two-factor authentication could greatly limit the negative impact of this fraudulent practice.

Analysis and forecasts of the crypto Elrond (EGLD)

While MultiversX introduces access to MetaMask and improves security for its users, the crypto Elrond (EGLD) must face tough challenges at the chart level.

In 2024 the cryptocurrency recorded an unconvincing performance, with only the first 3 months of the year marked by a bull trend. After a timid attack on the 80-dollar threshold, from March onwards Elrond saw lose over 65% of its value.

The prices have fallen below the EMA 50 daily and have not been able to return above the average with conviction.

In recent days, the situation has been aggravated by the collapse of the crypto market, which has caused billions of dollars in speculative positions to evaporate.

In all this, the RSI is in the oversold zone and could leave room for a brief bull leg up in the coming days.

Expanding the horizons unfortunately the situation becomes more complicated: since June 2022 the crypto of Elrond has been trapped in the trading range that goes from 20 to 80 dollars.

From the top of November 2021, this coin has seen a 95% drop in its quotations, facing a bloody bear market.

While Bitcoin and other altcoin have approached the previous market top, here the gap still appears unbridgeable.

The low utility of the token, the weakness of the MultiversX ecosystem, and the strong dilution in the market have led to a significant depreciation in recent years.

Now with the latest improvements on the technical front, it is possible that the crypto can ride the next bull market in serenity. In any case, a recovery of the historical highs appears at least unlikely.