Source: The Pomp Letter
MetaMask has shifted from a simple crypto wallet into a financial infrastructure layer, bundling staking, borrowing, swapping, and token launching into a single interface. This consolidation mimics how traditional financial institutions used service bundles to create switching costs—except MetaMask operates on open protocols where users can defect at zero cost. Execution and UX are the only real moats. The competitive pressure forces other wallet competitors to either specialize deeply or build their own suites, fragmenting the retail crypto user experience at a moment when mainstream adoption needs simplification.