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Codefi

The Codefi Technology Behind MetaMask Swaps

by Nicole AdarmeOctober 14, 2020
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Earlier this year, ConsenSys Codefi announced the launch of Codefi Markets, an integrated over-the-counter (OTC) trading solution for digital securities. Today the Codefi team is proud to announce our collaboration with MetaMask and the role of Codefi Markets technology in the development of MetaMask Swaps, a new feature that will allow MetaMask users to swap tokens directly in the wallet at the best available price.

Codefi Markets built technology to pool together multiple decentralized exchange aggregators, professional market makers, and individual DEXs — like AirSwap and Uniswap — to ensure users always get the best prices with the lowest network fees. For MetaMask users, this means fewer approvals, reduced gas costs, slippage protection, and access to multiple liquidity sources for all users.

Our work with MetaMask removes friction for millions of users, democratizes access to Web3 and DeFi, and increases the efficiency of decentralized trading overall. Before MetaMask Swaps, users looking for the best prices had to tediously navigate multiple decentralized exchanges and aggregators to compare options before swapping tokens. Tokens then needed to be approved for trading on each venue, incurring gas prices, and making regular swaps inaccessible to millions.

Thanks to Codefi Markets, MetaMask is now integrated with some of the largest decentralized trading venues in the ecosystem, including Uniswap, AirSwap, 0x API, 1inch.exchange, dex.ag, Paraswap, and Totle.

Codefi Markets plans to make this technology available via API for other Codefi partners—a big step in our goal of offering interoperable API-first product modules to power next-generation commerce and finance.

Swaps is available now in the Firefox extension, and is rolling out shortly to other browsers and coming soon to MetaMask Mobile.