In a significant development for the Web3 ecosystem, MultiversX, a leading non-EVM blockchain, has unveiled its MultiversX Snap on MetaMask. This new integration introduces an additional layer of security for MetaMask users through an innovative on-chain two-factor authentication (2FA) feature.
MetaMask, the world’s most popular self-custody Web3 wallet, now supports the MultiversX Snap, which extends the wallet’s functionality by allowing users to access the MultiversX ecosystem. This integration is particularly noteworthy because it brings MultiversX’s advanced on-chain 2FA solution, known as the Guardians, to a much wider audience.
A New Era of Security and Accessibility
The Guardians, embedded directly into the sharded MultiversX protocol, ensures compatibility across all applications and wallets within the ecosystem. Now, with the launch of this Snap, MetaMask users can take advantage of this robust security feature, enhancing their protection against increasingly sophisticated cyber threats.
Lucian Mincu, CIO of MultiversX Labs, highlighted the broader implications of this integration, stating, “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.”
Addressing the Growing Threat of Phishing Scams
In 2023 alone, more than 324,000 users fell victim to crypto phishing scams, leading to over $300 million in lost assets. As the Web3 industry continues to grapple with cybersecurity challenges, the need for more robust security measures has become increasingly apparent.
Self-custody solutions, while empowering users, often place the full burden of security on individuals, leaving them vulnerable to attack if their secret phrase is compromised. MultiversX’s on-chain 2FA solution addresses this challenge head-on. Unlike traditional 2FA methods that rely on external platforms or devices, the Guardians feature is built into the blockchain itself.
This multi-signature scheme requires a secondary confirmation for transaction signing, significantly reducing the risk of unauthorized access even if the user’s secret phrase has been compromised. Notably, this added security does not complicate the user experience—a key advantage of MultiversX’s approach.
Proven Effectiveness
The efficacy of the Guardians was publicly demonstrated through the EGLDHeist initiative, a community-driven event that tested the resilience of MultiversX’s on-chain 2FA. In this initiative, a wallet containing a five-figure bounty was made public, with its secret seed phrase shared openly on X (formerly Twitter). Despite the post garnering 5.7 million views, the funds remained untouched, a testament to the strength of MultiversX’s security measures.
Come and get it! 1 pledge2 pulse3 smoke4 nuclear5 parent6 tuition7 answer8 library9 weasel10 tray11 subject12 stamp13 prepare14 neutral15 enable16 cross17 beef18 erase19 medal20 country21 fetch22 embark23 liar24 shine
— EGLDHeist (@EgldHeist) May 14, 2024
The Guardians feature utilizes familiar authentication tools, such as Google and Microsoft authenticators, ensuring ease of use while providing unparalleled security. Users are not required to migrate to new addresses, manage additional seed backups, or operate multiple wallets, making the 2FA solution both powerful and user-friendly.
Expanding Access Through MetaMask Snap
Although MultiversX’s on-chain 2FA solution is not natively available on the Ethereum network or other EVM-based chains, the new MetaMask Snap offers the most seamless way for users to access the MultiversX ecosystem. This integration allows users to experience the unique security features and innovations of MultiversX without the need for complex migration processes.
MultiversX is a highly scalable public blockchain that utilizes sharding technology and is decentralized through 3,200 validator nodes. The platform is designed to address three critical challenges necessary for widespread blockchain adoption: the transition from dial-up to broadband, a significant shift in user experience paradigms, and the simplicity of self-custody.
MetaMask, developed by ConsenSys, is the leading self-custody Web3 platform trusted by a global user base for minting NFTs, joining DAOs, participating in DeFi protocols, and more. With the addition of the MultiversX Snap, MetaMask continues to enhance its offering, providing users with even more tools to safely and securely navigate the decentralized web.
The integration of MultiversX’s on-chain 2FA solution into MetaMask represents a significant leap forward in securing digital assets in the Web3 space. As cyber threats continue to evolve, innovations like the Guardians are essential in protecting users and ensuring the continued growth and adoption of decentralized technologies.
For those interested in learning more about the Guardians and how it transforms blockchain wallets into virtually unbreakable vaults, more information is available on the MultiversX website.
