- MetaMask has announced MetaMask Swaps, a utility that allows users to swap between decentralized tokens on all platforms inside the app
- The popular Ethereum wallet will aggregate the token price across all viable exchanges
- MetaMask recently passes one million monthly users and has a captive market already in place
MetaMask, the Ethereum wallet that has seen a surge in users due to the popularity of the DeFi space, has announced MetaMask Swaps, a new feature that supports in-wallet swaps across all DeFi platforms. The feature, which has been rolled out to Firefox users with Chrome users to follow, will allow token holders to bypass pairing restrictions on exchanges and trade just about any token for any other on decentralized exchanges, all within the MetaMask wallet.
MetaMask Swaps Promises Best Price
Traditionally, users of exchanges, both centralized and decentralized, have been restricted by the pairings offered on those exchanges. Even an exchange like Uniswap, which offers the opportunity to swap between any pair on the exchange using ETH as a middleman, is limited by the coins it lists.
MetaMask Swaps promises to break down these barriers by corralling the coins on all decentralized exchanges and allowing users to swap between them within the wallet. MetaMask claim that their swap feature ensures that users get the best available price due to the aggregation across a number of exchanges rather than just relying on the liquidity of a single exchange, which is something that users of decentralized exchanges will certainly appreciate.
DEX Aggregators Are Inconvenient
DEX aggregators offer a similar service to what MetaMask Swaps will offer, but they carry with them the inconvenience of needing to leave the wallet to check the best price. Users of DEX aggregators have also noticed that the price on the platforms vary hugely depending on the token and the size of the purchase, with the quoted price often being different from the actual traded price.
MetaMask Swaps on the other hand does all the aggregating for you, although whether they really do offer better prices than third-party aggregators is something individuals will have to verify for themselves on each trade if they wish.
MetaMask Has Captive Market
MetaMask Swaps has the potential to transform the decentralized cryptocurrency trading market, resulting in a smoother and cheaper process for users and potentially better prices than third-party DEX aggregators.
The platform recently celebrated passing the one million monthly users milestone, which means they have a captive audience looking for the best deal on DeFi tokens ready to tap into.