The popular Ethereum wallet and explorer MetaMask has added a new feature that brings it into the decentralized exchange aggregator business: token swaps.
According to CoinDesk, the wholly-owned product of Ethereum software firm ConsenSys is one of the most popular methods users have to access the Ethereum blockchain and its decentralized applications. It’s an ether and ERC-20 token wallet with a built-in functionality that lets users interact with decentralized applications.
MetaMask is available as a browser extension and as a mobile application. The new token swap functionality will essentially aggregate different decentralized exchanges – including Uniswap, Kyber, ParaSwap, 0x API, 1inch.exchange, and dex.ag – to help users find the best process without leaving MetaMask itself.
Jacob Cantele, product lead at the wallet, was quoted as saying:
We believe bringing greater transparency and efficiency to DeFi on Ethereum will result in a better network experience for all.
The service, it’s worth noting, aggregates existing decentralized exchanges, just like 1inch and ParaSwap, but MetaMask has an advantage over these, as it’s likely the wallet already being used by users to use decentralized exchanges.
CoinDesk reports there will be “dynamic fees that range from 0.3% to 0.875% based on order size.” MetaMask, as CryptoGlobe reported, surpassed one million monthly active users earlier this week, and is now increasing its monetization options.
MetaMask started monetizing in late 2019 by charging a fee on fiat to Ethereum exchanges facilitated using its platform. There are various competitors out there to MetaMask, which let users interact with decentralized applications while serving as a wallet. These include cryptocurrency wallets built into web browsers, such as that of Brave or Opera.
Featured image via Pixabay.