MetaMask Dips Into DeFi By Offering Token Swaps
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MetaMask Dips Into DeFi By Offering Token Swaps

October 7, 2020      Jafrin Ahmed

Popular Ethereum-based crypto wallet MetaMask has entered the DeFi space by featuring swap tokens directly from their wallet. Following Uniswap’s footsteps, Metamask users can now use the token swap feature from their browser-based wallet.

Initially, it will be rolled on Firefox browser extensions, with later moving on moving to other browsers, even on MetaMask mobile.

MetaMask owner ConsenSys has been actively involved in enhancing the Ethereum-based wallet. Recently, the Ethereum wallet reached a milestone of over one million active monthly users.

Both MetaMask and Dex Can Grow Together

Camila Russo’s The Defiant newsletter has revealed that MetaMask will source out its liquidity across decentralized exchanges, and aggregators to provide the best exchange rates and tighter spreads between tokens.

Metamask’s head of product, Jacob Cantele, added in the newsletter that both MetaMask and the Dex ecosystem hopes to grow together:

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“We just passed 1 million monthly active users, and many of those users, the main thing they do is send crypto to other people or between their accounts so that’s a significant consumer base that can be converted into DEX users and we can grow the entire DEX ecosystem together.”

Decentralized exchanges like Uniswap, Airswap, Kyber, 0x, 1inch, dex.ag, Paraswap, Totle, and private market makers will be supported by Metamask for their liquidity features. Users, therefore, do not need to hunt individually on these platforms to find the best optimal price.

Fees and L2 Solutions

Cantele further adds that Layer 2 solutions can also be included via MetaMask’s Snap plug-in. Currently, there are various L2 solutions such as the Matter Labs payments gateway zkSync and the Ethereum zkRollup exchange and payment protocol Loopring.

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MetaMask fees will be dependent on the size of the token swap, ranging between 0.3% and 0.875%, unlike Uniswap’s fixed 0.3% fee system. A part of MetaMask’s fee will be shared will the original source of the liquidity.

One of the various ways where MetaMask can increase its own liquidity is by launching its own native token and liquidity pools while offering opportunities for yield farmers. However, as of yet, there has been no mention of MetaMask token or farming incentives.

 

 

#ConsenSys #DeFi #Ethereum #Jacob Cantele #MetaMask #Swap tokens
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.