MetaMask Now Allows Users to Swap Tokens on Mobile Wallets
- Previously only available for the Web Wallet, the Swaps feature launched on the MetaMask Mobile Wallet.
- MetaMask Swaps requires fewer approvals, reduces gas costs, and provides slippage protection.
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On 17 March, ConsenSys announced the launch of the Swap feature for its MetaMask mobile wallet, which offers low network fees by combining data from AMMs, professional market makers, requests for quotes (RFQs), and individual decentralized exchanges (DEXs). The wallet then aggregates the gathered information and gives users more choices when it comes to accessing liquidity.
A service fee of 0.875% is automatically factored into each quote and will go towards supporting the ongoing development of the platform, the company said.
Another significant improvement coming with the Swaps feature is the need for fewer approvals. With Swaps, mobile users only need to approve each token once to gain access to all the available liquidity. This reduces gas costs and shortens the time needed to execute the swap.
MetaMask Swaps also offer improved slippage protection. When swapping large amounts of tokens on MetaMask Mobile, orders are spread across virtually all available DEXs, AMMs, and RFQs to reduce slippage impact on the execution price.
- MetaMask expanded its partnership with MoonPay to allow users in Nigeria to buy cryptocurrencies directly from its mobile wallet app and Portfolio dApp.
- MetaMask noted that the new crypto on-ramp feature will be expanded to other African countries in the coming month, including Kenya, Botswana, and South Africa.
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- The company noted that it will continue to operate, and that the 90% withdrawal limit will help it better navigate the prolonged bear market.
- Wyre CEO Yanni Giannaros has transitioned into a new role as executive chairman, while its CRO and CCO, Stephen Cheng, is taking the role of interim CEO.
- MetaMask Bridges was designed to aggregate multiple blockchain bridges in one place, making it easier and more secure for users to transfer their assets from one network to another.
- The new feature currently supports the Ethereum, Avalanche, BNB Chain, and Polygon blockchains, as well as the Connext, Hop, Celer cBridge, and Polygon Bridge.