According to a recent press release, “MetaMask Swaps” – a cryptocurrency exchange service integrated into the “MetaMask” wallet – has been launched on mobile devices.
Last October, it launched the “MetaMask Swaps” service, but it only supports “MetaMask” web wallets.
This service allows users to exchange Ethereum currency with a variety of digital currencies built according to the “ERC20” standard for Ethereum directly in their wallets, in addition to providing a decentralized trading service (DEX).
Starting yesterday, MetaMask users on mobile devices can join the service that promises the best price and lowest network fees.
According to the announcement, this is being achieved through a combination of data from automated and professional market makers as well as the DEX decentralized trading platforms.
And from what was stated in the announcement, the following:
Instead of searching for the best rates among the various DEX decentralized trading platforms, MetaMask combines this information in an easy-to-use interface so that users can access the most liquidity, the largest set of tokens, and the most competitive rates.
The mobile version of Swap comes with the same 0.875% fee as the desktop version.
Each cryptocurrency needs to be approved only once, which reduces gas costs to determine the best deals.
The developers of “MetaMask Swaps” said:
Exchanges and swaps are from sources that offer the best prices and determine the most gas-efficient liquidity source for each transaction.
When using MetaMask on mobile, orders are spread across all DEX and AMM trading platforms to minimize the impact of slippage on the final price.
What is MetaMask?
“MetaMask” is an Ethereum wallet that depends on the user in storing his digital currencies, meaning that it does not store them with it, developed by “ConsenSys”.
The wallet “MetaMask” was originally available as a plugin and add-on to be installed on the “Google Chrome” or “Mozilla” browser.
MetaMask swaps have been generating significant revenue over the past few months.
Recently, developers launched an official metrics tracker on Dune Analytics.
According to the data, the total trade volume for the “MetaMask Swaps” service is currently over $ 1.23 billion.
Just yesterday, the platform grossed $ 22.2 million in trading volume.
Notably, transaction fees reach nearly $ 200,000 in a single day.
This means that “MetaMask Swaps” revenue has doubled what it was a month ago.
MetaMask Swaps platform services are available on both iOS and Android devices.