Cryptocurrency wallets can be extended to function as decentralized financial hubs, with built-in tr

Encryption wallet providers integrate trading, lending, and payment functions, offering differentiated services.

MetaMask, Phantom, and Jupiter have all launched products that combine self-custody with financial services. However, they use different strategies in terms of transaction execution, lending mechanisms, and fee processing. MetaMask’s Money Account integrates stablecoin earnings, card transactions, and other functions into a single account. Jupiter’s Auto-Earn feature allows users to deposit selected stablecoins into a lending vault, with the ability to control each token individually. Phantom charges a fee of 0.85% for most exchange transactions.

The integration of earnings, consumption, and transactions is important.

On June 30th, MetaMask launched the Money Account on the Monad network, enabling the conversion of controlled stablecoins into mUSD, along with trading and card payment capabilities. Consensys stated that deposits will be placed in smart contract vaults managed by Veda, with Steakhouse Financial responsible for managing these transactions. The company noted that Morpho will serve as the initial lending destination, with future integration into the Aave market.

According to MetaMask’s latest documentation, the maximum annual interest rate can reach 4%, and this rate may change daily depending on market conditions. The document indicates that the displayed returns exclude product and network fees. However, transferring funds to other networks or certain trading accounts may incur network fees. For users in eligible regions, the Money Account balance can be used directly for purchases. The documentation also distinguishes between mUSD held in regular accounts (which do not generate interest automatically) and mUSD deposited in the Money Account.

相比之下，Jupiter Wallet 的 Auto-Earn 文档描述了一种不同的安排：用户可为个别稳定币启用自动存入 Jupiter Lend 收益金库的功能。支持的资产包括 USDC、USDT、JupUSD、EURC、USDG 和 USDS。当钱包解锁时，扩展程序每小时检查余额，并在启用代币的全额余额超过选定阈值时将其存入。Jupiter 指出，该功能适用于使用助记词或私钥的钱包，不包括 Jupiter ID 钱包。禁用 Auto-Earn 仅停止新存款，已承诺用于借贷的资金仍保留其中，直到被提取。

对于存入 Aave 的情况，协议说明指出，代币将进入智能合约流动性池，借款人可从中获取资金。Aave 表示，供应率取决于借贷活动和治理设置，而非固定不变。在其风险文档中，Aave 警告称软件漏洞、错误的价格馈送以及抵押品价值的变化可能会影响协议，并列出了审计、漏洞赏金计划和可调整的风险控制作为保障措施。

内置兑换的不同费用与路由选择

根据 Phantom 的手续费指南，其 0.85% 的费用适用于大多数兑换交易，例外情况包括某些永续合约余额的存入。Phantom 将网络费用单独列出，并将价格影响描述为对抗链上流动性的另一项交易成本。对于跨链兑换，其指南表示桥接提供商的费用目前包含在价格影响数字中，尽管用户在确认前可以检查提供商。

In the exchange guidelines provided by MetaMask, the provider lists a fee of 0.875% and explains that its service involves searching for decentralized exchanges and exchange protocols. MetaMask states that it does not provide liquidity itself. For protection purposes, MetaMask says that it conducts private auctions for eligible transactions, rather than placing them in a public queue waiting for confirmation. In the same guidelines, MetaMask explains that bots can exploit this by inserting transactions around users’ orders in order to profit from price changes. This practice is known as “sandwich attacks”. The provider notes that private routing reduces the risk of harmful transaction sorting, but it cannot guarantee protection in all cases.

Jupiter also uses its Ultra routing engine to implement built-in protections against transaction sorting attacks. According to Jupiter’s product page, in addition to routing fees, no additional platform fees are charged on top of transaction fees. The range of transaction fees ranges from 0% to 0.5%.

Gas-free tools change how users pay for transactions

With its gas-free exchange feature, when users do not have enough native assets on the chain, MetaMask can deduct the network costs from the tokens being exchanged. The documentation lists supported networks such as Ethereum, BNB Smart Chain, Linea, Base, Arbitrum, and Polygon. MetaMask indicates that this feature cannot be used when the transaction value is lower than the gas cost.

For eligible Solana transactions, Jupiter indicates that its wallet covers the network costs, and a corresponding amount of fees is deducted from the tokens received. Its product documentation excludes NFT transfers, limit orders, and regular orders from being executed without incurring gas fees. Phantom’s guidelines also describe how to perform gas-free transactions on compatible networks like Solana and Ethereum, when the balance of native tokens isn’t sufficient to cover the network costs.

The US regulatory and tax issues arising from transactions conducted using the TAG_27 wallet have been discussed.

Phantom’s investment in trading tools also includes efforts related to recruitment. According to reports dated July 1st, CEO Brandon Millman stated that after Hyperliquid’s projects closed the perpetual markets for OpenAI and Anthropic, the company hired three Ventuals creators to work in its trading and data teams.

In terms of US regulations, Phantom and Hyperliquid submitted a document on July 10th, requesting tailored rules from the Commodity Futures Trading Commission (CFTC). According to this document, these organizations argue that developers of decentralized trading software should not automatically be registered as exchanges or clearinghouses. They also claim that non-custodial wallet interfaces should not be considered as introducing brokers.

For US token holders, the IRS requires that taxpayers report any taxable income, gains, and losses related to digital assets, regardless of whether they receive any notifications or not. The IRS’s guidelines for virtual currencies distinguish between transactions between exchanges and wallets owned by the same person. According to the IRS, exchanges of cryptocurrencies as capital assets require confirmation of capital gains or losses. Transfers between users’ own wallets, on the other hand, are generally not subject to taxation.

As wallet services continue to expand, control over transactions is becoming more stringent

. In August, MetaMask introduced Agent Wallet, allowing AI agents to conduct transactions within user-defined spending limits and permissions. According to MetaMask, its default Guard Mode temporarily suspends transactions that violate these rules until they are approved manually. The company states that eligible transactions will undergo simulation and threat checks, and eligible losses can exceed up to $10,000 per month. “The agent can act, but it does so within the boundaries set by the user,” said MetaMask.

In terms of security infrastructure, Phantom announced the acquisition of Blowfish, thereby integrating its anti-fraud team into the wallet company. Jupiter’s documentation indicates that its transaction protection mechanisms detect hidden transfers inserted by malicious browser extensions. The document also lists support for Ledger, Keystone, and Trezor hardware wallets, while noting that the code for these extensions is currently not open-source.