ConsenSys announced the launch of MetaMask Swaps, a function that allows you to exchange tokens directly within the famous Ethereum wallet.
Initially the new function will be available only for Firefox users, but it will soon be implemented on other browsers and MetaMask Mobile.
The features of MetaMask Swaps
Swaps recovers quotes from multiple decentralized liquidity sources to ensure an exchange at the best available price.
In this way the user will no longer have to search each time for DEX with the most favorable quotes in order to trade his tokens, but will be able to rely on the automatic integrated search of this new function.
Moreover, since each source of liquidity requires a variable amount of gas commissions to execute the transaction, MetaMask’s new function searches not only for the best rate but also for the most efficient sources in terms of gas price.
Swaps therefore optimizes available liquidity to try to offer an improved and integrated user experience, increasing the efficiency of Web3 and DeFi to further enable the end user to access the rapidly growing decentralized financial system.
It also provides users with deeper liquidity as each aggregator used interacts with a number of different liquidity sources.
Swaps retrieves orders from:
- private market makers.
Finally it allows the swap of a greater number of different tokens, without having to approve them individually on an aggregator.
Surely, however, the most obvious advantage will be the user experience, since before it would have been necessary to visit every single DEX and each time connect your wallet, while now swaps are available directly inside the wallet without requiring any registration or any additional connection.
MetaMask's Head of Product, Jacob Cantele, said:
“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”.
The MetaMask Ethereum wallet in September reached for the first time in its history the milion active users daily.