Rainbow Wallet Token Aims At Taking Advantage Of MetaMask
Latest News News

Rainbow Wallet Token Aims At Taking Advantage Of MetaMask

MetaMask, the most popular ethereum wallet with some 20 million users at the peak, has not yet launched a token. So a new competitor that wants to eat its launch, Rainbow Wallet, quickly gave the crypto industry what it wants – Token.

Rainbow Wallet has launched a points program, specially aimed at taking advantage of MetaMask users.

Anyone with an ethereum address – even a brand new one from downloading/installing a brand new Rainbow wallet – gets 100 points.

Whereas, MetaMask users that migrate to the wallet – manually with the copy pasting of the seed phrase – get more points if they used the MetaMask swap feature.

250 million points have currently been distributed. More will be given out weekly to Rainbow users, especially if they bridge, but for all activity.

It’s unclear how long this points distribution process will last nor is it clear how long MetaMask users have to migrate and claim. We asked, but have not received a response in time for publishing.

See Also: Rainbow Web3 Wallet Introduces Reward System For Ethereum Enthusiasts

The snapshot for onchain activity was on December 11th, so there is no more farming on MetaMask at this point, but on Rainbow it has just began.

The Rainbow wallet is open source. First activity was 5 years ago, its inception. It was a mobile wallet however, first limited to just iPhones, then expanding to Android a year ago.

From a usability perspective, the Rainbow wallet feels lighter than MetaMask. It is a bit different in design, so you need some getting used to, but it is an interesting experience as it reminds you other wallets exist and there is choice.

Strangely, however, it says it doesn’t support Scroll, which is a fairly new layer two launched just last month, but you think of a wallet more as a protocol that doesn’t need to “support” such things.

Otherwise, from the little we have seen, it generally seems to be compatible and it is a decent wallet, especially concerning the main point: providing some much needed competition regarding ownership.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.