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Token Swap functionality now offered by popular wallet app MetaMask

Photo of: Sangeetha Golchha
by Sangeetha Golchha

We recently reported that MetaMask has finally touched the active user 1 million mark and if this was not enough, it is here with another offer. Consensys, the owner of MetaMask introduced a feature called MetaMask Swaps. This is a feature that will allow for comparing and swapping tokens within MetaMask touted to be the world’s most popular Ethereum wallet.

As of now, the feature is available to users of the MetaMask extension on the Firefox browser but it will get rolled out to other browsers and MetaMask mobile soon. Millions of users trust MetaMask and the safety features it offers to store and use digital assets. It is considered to be among the best as it provides the widest variety of tokens at the best prices across DeFi. 

The new token swaps feature will get quotes from across multiple decentralized liquidity sources to ensure users get what they are exactly looking for at the best available price. The last month has been explosive for the DeFi markets and DEXs. Compared to their centralized counterparts, DEXs are able to offer better and more pairs while trading. It enables non-custodial swaps that keep funds safer. The only problem that the user faces is that they do not get the best prices when either liquidity is less or when a particular DEX does not have the best price!

Prior to this change, MetaMask users had to navigate many DEXs or aggregators which means a different set of tokens at different prices. This can be a bit sticky and confusing because each token also had to be approved further for trading on each venue separately. User experience was suffering from more and more intricate complexities. 

The token swap feature streamlines all the available liquidity for a much better, inclusive, and integrated user experience. It aims to increase the efficiency of Web3 and DeFi which will allow users to access the rapidly growing decentralized financial system. Afterall every interested entity has the right to be a part of this growing sector. 

Jacob Cantele, Head of Product at ​MetaMask stated: 

“MetaMask now offers the best trading experience in DeFi. Swaps will benefit those who are actively using MetaMask, as well as new users who are trading on exchanges and aggregators. We believe bringing greater transparency and efficiency to DeFi on Ethereum will result in a better network experience for all.”

MetaMask has collaborated with ​ConsenSys Codefi ​to integrate ​Uniswap​,​ AirSwap,​ and other leading DEXes and DEX aggregators for the efforts. This will ensure that the ConsenSys is at the helm of affairs when it comes to creating solutions for the decentralized finance markets that leverage open protocols.

On Monday the MetaMask team expressed its excitement to be touching the magic one million mark. The team wrote:

“MetaMask user growth happens in a compounding feedback loop similar to the feedback loop of the internet itself. Users onboard to use one site, and end up discovering hundreds of other sites from decentralized finance to gaming to new communities.”