Introduced to the world as a simple browser extension developed to allow users to interact with the decentralized web of tomorrow, MetaMask has evolved to become much more. Originally available to just desktops, the application managed to garner a user base of more than 4 million. The number went higher with the launch of its mobile application.
As another addition to its features, MetaMask has finally launched the highly anticipated feature that allows users to swap tokens directly from its wallet. The announcement comes just a week after reports first surfaced about this new addition.
2020 has turned out to be the year of decentralized finance (DeFi), while decentralized exchanges (DEX) are also seeing adoption on a larger scale. Even though DEXs has it perks, users of these platforms often fail to get the best price on a trade when liquidity isn’t sufficient.
Seamless Token Swapping
This is where MetaMask steps in with its new token swapping option inside the MetaMask wallet. The new feature integrates a variety of liquidity sources including renowned names like Uniswap, AirSwap, 0x API, 1inch.exchange, Paraswap, Totle, and dex.ag, to let users access all decentralized liquidity sources on one platform.
The new feature makes the process of token swapping completely hassle-free for users as the Swaps ensures that users always have access to the greatest liquidity, the largest selection of tokens, and the most competitive prices.
Users also need to approve every token just once, rather than having to approve it on multiple DEXes and aggregators for each trade. The Swaps also source the cheapest gas fees to execute the transaction.
In addition, large swap orders are also spread across multiple platforms to reduce slippage impact on the final price.
Easy to use
The process is a simple one, and all a user needs to do is click on the Swap button beside the Buy and Send button on the MetaMask extension, select the tokens that will be swapped, select the best quote available, and wait till the transaction completes.
As of now, the feature is only available to on the Firefox extension, but will soon be rolled out to other browsers and ultimately to the MetaMask mobile application.
By streamlining the process of token swapping, less tech-savvy users will have a better experience. The new feature brings greater transparency and efficiency to decentralized finance on Ethereum.
The move is also another step towards monetizing the application. According to James Beck, a spokesperson of MetaMask’s parent company Consensys, the service will incur dynamic fees ranging from 0.3% to 0.875% based on order size.