At this point, everyone with their ear to the ground knows of Ethereum’s massive problem when it comes to transaction fees on the Layer 1 network, not to mention the overall congestion in the network traffic. As one would imagine, it’s been a race for the crypto community to pile on the new “Layer 2” solutions in order to try and bypass these rampant fees. ConsenSys stands as the latest figure to recognize and respond to this, coming with a new Custom Networks API for the MetaMask wallet.
Layer 2 Networks Brought To MetaMask
With this new service, developers are capable of recommending an array of chains to their respective users, Layer 2 chains included.
The firm started off its announcement by highlighting the rampant success of Ethereum, which is ironically causing all the problems when it comes to network transactions. ConsenSys highlighted that Ethereum’s fundamentals are stronger than ever, showing that $12 billion in transaction volumes occurred every day, spread out by 1.3 million transactions. Now, however, the firm emphasized the need for off-chain Layer 2 processing.
The Latest Innovations
Metamask can now incorporate any chain as a custom network, the only mandate being that it has the Ethereum Virtual Machine (EVM) enabled. This all can be done through the MetaMask API, where networks can then be added to the menus of the users, all through a simple confirmation process. After that, it’s a matter of ease for any user to switch between these networks, using the usual network switching menus
ConsenSys highlighted that sidechains, as well as Layer 2 networks, can be added, so a user can incorporate everything from xDAI to Arbitrum to their menus.
Nothing’s Pure Good
However, not everything’s all fine and dandy. The firm was quick to issue out a general warning against untrusted networks, advising users to read the documentation regarding setting them up. It’s a sad fact that MetaMask is both one of the most popular user wallets out there and one of the biggest hubs of bad actors and scammers, as well. It’s almost impossible to have the one without the other.
One of the few (immediate) benefits that this recent market crash had enacted, was that the Ethereum network’s gas prices started to settle down. Now, however, with the market in full-scale recovery, it’s clear that these prices are only going to go up. Until ETH 2.0 launches, the only viable option now available is to make use of sidechains.
MetaMask’s ConsenSys Reveals New “Custom Networks” Layer 2 Solution