ConsenSys announced that MetaMask has processed swap transactions worth over $ 1 billion.
Huge transaction figure
The Web3 wallet launched the Swaps feature in October 2020, which offers users a way to exchange crypto assets such as ETH, DAI, and UNI directly via the app.
The move faced some criticism from the DeFi community at the time for the 0.875% service fee included in each trade.
However, ConsenSys wrote that the integration creates “a better DeFi experience for the Ethereum ecosystem”. The report cites favorable pricing, less approvals, savings on gas fees, and protection against price spreads as key factors behind success.
Collectors like Totle are often described as a seamless solution for DeFi. It allows users to search for the best price across the entire ecosystem without connecting to multiple decentralized protocols. MetaMask added the Swaps feature to its popular mobile app earlier this month, marking a future where cryptocurrency becomes more accessible to the masses.
Built by ConsenSys, the application is DeFi’s most widely active wallet and is often used to connect to popular protocols such as SushiSwap and Synthetix. The application has a monthly user base of over 1 million.