Proximity Labs has developed the first non-Ethereum Virtual Machine (EVM) blockchain solution compatible with Metamask — a popular Ethereum wallet.
Compatibility is achieved through a smart contract developed by Proximity Labs called NETH, according to a company statement.
How NETH works
NETH enables Ethereum (ETH) addresses remote control of paired NEAR accounts via signing transactions.
NETH is deployed on the NEAR blockchain and enables direct interaction with NEAR decentralized applications (DApps) using Ethereum wallets like Metamask.
The NETH smart contract works as follows: it verifies the signature sent from the Ethereum account, recovers the Ethereum public address if verification is successful, and executes the transaction as long as it matches the address from the initial NETH setup — according to Proximity Labs.
NETH is open-sourced, non-custodial, and has been audited by OtterSec. It remains client-side, without the need for communication with third parties or a server.
Users of NETH can un-pair their Ethereum account and retrieve the seed phrase for their NEAR native account at any time.
However, creating a NETH account is subject to fees paid to validators and currently costs 0.5 NEAR at press time. This fee covers the creation of an account name, access key, and contract storage.
In the future, Proximity Labs plans to roll out an “improved onboarding experience” that includes a reduction in the cost of creating an account. The company also plans to add more DApp integrations, educational material, and guides for users and developers.