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Based on my understanding of Cardano I would guess that the connector will serve much the same purpose at MetaMask. To allow Cardano dapps to connect with and use the funds in your Yoroi wallet. Is my understanding correct?

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Yes.

The dApp connector code will inject a JavaScript object into the webpage that can be used to interact with the Yoroi wallet.

There is already a third party wallet that implements this and can be used on the mainnet. See: https://namiwallet.io

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