The popular mobile cryptocurrency wallet and browser extension Metamask has announced a new feature that allows users to swap tokens directly in the app. The exchange tool will utilize different services, including Uniswap and Kyber. The feature will release for Firefox desktop browsers first, before coming to other browsers and the mobile app.
The ability to swap tokens within the app will likely strengthen the position of Metamask. Even though users can do the same thing on websites like Kyber and Uniswap, it’s the ease of doing it within the app that stands out. Users can propose a swap, then they will receive some quotes from different providers, and in the end they can choose the exchange aggregator they want to work with.
“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.”Jacob Cantele, Head of Product at MetaMask
Metamask is one of the most common and easiest ways to interact with applications on the Ethereum blockchain. Users can use the app to trade on Uniswap, buy land for virtual worlds like The Sandbox and Cryptovoxels, or acquire digital art from SuperRare and MakersPlace. Metamask just reached one million monthly active users.
Benefits of Metamask for token swaps
- The wallet shows prices for each swap on all connected exchanges. This way users will always get the cheapest prices.
- By fetching orders from multiple aggregators, Metamask gets access to lots of liquidity.
- For this same reason, the app also supports a lot of different tokens.
- The wallet show gas prices as well, allowing users to pick the cheapest transactions available.
- There’s no need to approve tokens on every exchange, which can be a costly experience for users.
- Many exchanges and tokens will be available though one interface.
Not only useful for decentralized finance
In the announcement on the official blog Consensys highlights the usability of the token swap feature for decentralized finance. However, I would like to argue that this doesn’t only concern traders, but gamers as well. As the blockchain market is maturing, gaming will become the easiest way for people to get into the blockchain space.
The gaming industry is working hard on providing easy access, on-boarding and smooth user experiences. For example, Arkane Wallet allows the creation of crypto wallets using social media. In addition blockchain projects like Flow introduce mechanics without gas fees. All these are major moves to get more people active in the blockchain space.
At the same time blockchain games are embracing more elements of decentralized finance. Players can earn and spend SAND in the virtual world of The Sandbox, through gameplay gamers earn new cards in Gods Unchained, while SLP farming is a big thing in Axie Infinity. Getting easier access to tokens like SAND, SLP, CRED, COIN, DEC and many others, is key to get people into blockchain gaming.