Keplr Embraces EVM Support But Is Not Competing Against Metamask

Keplr, a popular wallet in the Cosmos ecosystem, just announced the integration of the Ethereum Virtual Machine (EVM).

Its co-founder, Josh Lee, explained that the new feature’s rollout is more of a user-centric decision rather than a direct challenge to Metamask.

According to The Block’s exclusive coverage with the Keplr group, the fusion of Keplr with EVM aims to expand the wallet’s user base and enhance its multi-layer features. In addition, it helps bridge emerging modular projects within the Ethereum and Cosmos chains.

The beta version of the EVM support in Keplr is tentatively scheduled to go live after a few weeks. The launch will be coupled with the Ethereum Improvement Proposal (EIP) 6963 for “multi-injected provider discovery.” This infusion will allow users to manage their Keplr wallet and Ethereum assets simultaneously without having to switch back and forth between wallets.

Josh Lee, the co-founder of Keplr, believes the integration is an essential step toward their vision of building a cross-chain and multi-chain wallet. The goal centers on improving the user experience of Kepr users who also have EVM assets. The developer noted that their user-centric target wasn’t a direct competition with Metamask.

“A big percentage of Keplr users are now both using Keplr and an EVM wallet, and we’re trying to serve them as the kind of up-and-coming modular community,” said Lee during the interview. “It’s a natural progression for Keplr to support them.”

Currently, Keplr is compatible with Cosmos’ native token ATOM and others hosted by the Cosmos chain. These include Kava (KAVA), Terra (LUNA), Terra Classic (LUNC), Akash Network (AKASH), Celestia (TIA), and ZetaChain (ZETA).

Cosmos Loses Ground

ATOM fell nearly 2% today amid the big announcement by the famous Cosmos wallet. As of 2:40 PM UTC, the token has been trading at $6.32. This came against the backdrop of a 137% increase in its trading volume as $191.87 million worth of ATOM moved between wallets within the period.

So far, Cosmos has already lost more than 6% of its value in the one-week chart, 6% in a one-month span, and over 32% in the one-year range.

Celestia Takes Off

TIA, another crypto asset hosted by Cosmos and supported by Keplr, emerged as one of the biggest gainers at the start of this work week. The Celestia token jumped by almost 20% this Monday between a $6.36 low and a $7.63 high before settling at $7.30 at the time of writing. This means it’s still around 11% up from its price yesterday.

TIA managed to rebound by 11% in the weekly chart, 16% in the one-month reading, and 246% in the one-year bracket. Besides the bullish momentum of Bitcoin (BTC), which renewed optimism in the crypto market, the sudden increase in long positions within TIA after a long period of decline in its value fueled its resurgence.

Celestia Funding Rate (Source: Coinglass)

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