ConsenSys-backed MetaMask Wallet Announces Token Swap Feature for Its Browser Extension

On Tuesday, October 6, the ConsenSys-backed Ethereum browser toolkit announced new token swap functionality directly from its browser extension as well as its mobile application.

MetaMask has been one of the most popular choices among users to access the Ethereum blockchain network. With the new token swap functionality baked-in, users can directly request token prices from decentralized exchanges or other aggregators to get the best real-time prices.

The token swap feature by MetaMask will be first available on the Firefox browser, and later released to other browsers and the MetaMask mobile application.

Explaining its token swap feature, MetaMask wrote: "The feature fetches quotes across multiple decentralized liquidity sources. "Since 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, 0x API, 1inch.exchange, dex.ag, Paraswap, Totle, and private market makers, MetaMask will access the most liquidity across the DeFi ecosystem”.

Furthermore, the token swap feature will ensure that MetaMask users get access to all available tokens in the DeFi market. For the integration of different DEX aggregators and decentralized exchanges (DEX), MetaMask will be using the ConsenSys blockchain application suite Codefi.

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

Over the last 16 months, MetaMask has also seen a massive jump in its user-base. MetaMask said that it currently supports more than 1 million monthly active users on its desktop and mobile apps. This is a massive 400% jump over the numbers in 2019.

"MetaMask user growth happens in a compounding feedback loop similar to the feedback loop of the internet itself. Users onboard to use one site, and end up discovering hundreds of other sites from decentralized finance to gaming to new communities,” wrote the MetaMask team.

MetaMask token swap just at a time when the DeFi wave is catching the grip of the crypto market. MetaMask’s announcement will give a further push to DeFi adoption with new users coming to MetaMask and participating in the DeFi revolution.