Popular Ethereum Wallet, MetaMask, Rolls Out V2 Token Swapping Feature for Smartphones
MetaMask has finally rolled out the token swap feature for iOs and Android phone users.
The company said that users can now swap tokens inside their mobile wallets using the Swaps feature.
MetaMask Brings DeFi Closer With New Add-on
MetaMask token swaps are achieved with a combination of data from automated and professional market makers and individual decentralized exchanges (DEXs).
The Swap feature includes slippage protection, fewer appeals, and reduced gas fees. On its website MetaMask stated,
“Instead of searching for the best prices between DEXs, MetaMask aggregates this information in a user-friendly interface so that users have access to the greatest liquidity, the largest selection of tokens, and the most competitive prices. The mobile version of Swaps comes with the same fees of 0.875% as the desktop version, which is automatically factored into each quote.”
Mobile users who want to access the new swaps feature would need to update or download the mobile app.
Once inside, users can tap on the new ‘Swap' button to choose the tokens they want to exchange, select a quote, and then swap. MetaMask charges 0.875% for each swap completed.
Owned by ConsenSys, MetaMask is a popular Ethereum (ETH) wallet that was originally available as an extension for Chrome and Firefox. The company has seen its swaps feature grow substantially alongside its non-fungible tokens (NFTs).
Growing Revenue from Token Swaps
Token Swaps has helped MetaMask grow its revenue substantially over the past few months.
According to reports released by the crypto metrics platform in February, Dune Analytics, users reportedly swap between $11 million and $15 million worth of Ethereum-based tokens daily. This level of activity generates about $95,000-$131,000 in fees each day.
The MetaMask token swaps feature was announced for the first time in October 2020. The Swaps feature was first launched for its web wallet on Chrome and Firefox browsers.
Swaps basically combine data from multiple decentralized exchange aggregators, professional market makers, and individual DEXs to ensure MetaMask users always get the best price with the lowest network fees.
Before the MetaMask Swaps feature, users had to navigate many DEXs to compare prices and swap tokens. This didn't always yield the best price for every trade, as each aggregator performs differently under different circumstances.