ConsenSys Introduces Token Swaps for MetaMask

Compare and swap tokens within MetaMask for the best trading experience in DeFi
by ConsenSysOctober 6, 2020
MetaMask Mockup 3

Today, ​ConsenSys​ introduced MetaMask Swaps: a feature to compare and swap tokens directly within ​MetaMask​, the world’s most popular Ethereum wallet and Web3 browser. The feature is initially available to users of the MetaMask extension on the Firefox browser, and will be rolled out soon to other browsers and MetaMask Mobile. MetaMask is trusted by millions of users to safely store and use digital assets, and now offers the widest variety of tokens at the best prices across DeFi. The new token swaps feature fetches quotes across multiple decentralized liquidity sources to ensure users get what they are looking for at the best available price.

Recent months have seen large-scale adoption of decentralized exchanges (DEXs) by users. Compared to centralized exchanges, DEXs are able to offer more pairs when trading, access a greater diversity of tokens, and enable non-custodial swaps that keep funds more safe. However, users of decentralized exchanges often don’t receive the best price when insufficient liquidity is available, or if a particular decentralized exchange doesn’t have the best available price.

Previously, MetaMask users had to navigate many decentralized exchanges or aggregators, which offer different sets of tokens at different prices. Not only is this inconvenient, but each token must be approved for trading on each venue separately, creating a complex and costly user experience.

The new token swaps feature streamlines all available liquidity for an improved and integrated user experience—increasing the efficiency of Web3 and DeFi and further enabling end-users to access the rapidly growing decentralized financial system.

“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,” said Jacob Cantele, Head of Product at ​MetaMask​. “We believe bringing greater transparency and efficiency to DeFi on Ethereum will result in a better network experience for all.”

MetaMask collaborated with ​ConsenSys Codefi ​to integrate ​Uniswap​,​ AirSwap,​ and other leading DEXes and DEX aggregators. The collaboration is part of a focused effort by ConsenSys to develop leading software solutions for the commerce and decentralized finance markets leveraging open protocols.

Compare and Swap Inside the MetaMask Wallet

  • Best Prices.​ DEX aggregators employ different trading strategies that result in different prices, depending on the asset and its size. By requesting prices from all available aggregators, along with individual market makers, MetaMask ensures that every user always gets the best prices across DeFi.
  • Deepest Liquidity​. Each aggregator interacts with a number of different liquidity sources. Each source holds a limited amount of liquidity. By fetching orders from multiple aggregators, such as​ Uniswap​,​ Airswap​,​ Kyber​, ​0xAPI​,​ 1inch.exchange,​ ​dex.ag​, Paraswap​, ​Totle​, and private market makers, MetaMask has access to the most liquidity across the DeFi ecosystem.
  • Most Tokens.​ Fetching orders from multiple aggregators ensures that every MetaMask user has access to all available tokens in DeFi.
  • Low Gas.​ Each aggregator pursues a different path to locate the best trade. Each route requires a varying amount of gas fees to execute the transaction. MetaMask will find the best prices and determine which aggregator is the most gas-efficient for a given trade.
  • Fewer Approvals.​ Users no longer need to approve every token on multiple aggregators. With MetaMask, users only approve each token once, reducing gas costs and simplifying the approval process.
  • Integrated UX.​ In addition to simplifying the approval process, users will be able to access all liquidity directly from the MetaMask UI. Previously, users would have to visit either the individual DEX or aggregator and navigate each user experience independently. By providing a single streamlined experience, MetaMask enables users with both advanced and basic Web3 knowledge to access the entire ecosystem.

Bringing a Better DeFi Experience to the Ethereum Ecosystem

By providing a single end-to-end experience, MetaMask empowers Web3 users with the insight and the tools needed to browse and interact with the entire decentralized web.

A simpler, streamlined experience with MetaMask reduces complexity for new token users and facilitates the adoption of DeFi. MetaMask enables more trades more efficiently by providing an optimized path for every trade.

Download the MetaMask browser client here

About ConsenSys
ConsenSys is the leading Ethereum software company. We enable developers, enterprises, and people worldwide to build next-generation applications, launch modern financial infrastructure, and access the decentralized web. Our product suite, composed of ​Infura​, Q​uorum​, ​Codefi​, MetaMask​, and ​Diligence​, serves millions of users, supports billions of blockchain-based queries for our clients, and has handled billions of dollars in digital assets. Ethereum is the largest programmable blockchain in the world, leading in business adoption, developer community, and DeFi activity. On this trusted, open source foundation, we are building the digital economy of tomorrow. To explore our products and solutions, visit https://consensys.net/​.

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