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MetaMask, one of the most popular web wallets for cryptocurrency platform Ethereum, went mobile on iOS and Android in September 2020. However, the mobile version wasn't updated at the same pace as the web version — in particular, the ability to exchange one crypto token for another, which went live on the web in October 2020, never made it to mobiles.
This changes today. The new version of MetaMask Mobile allows users to swap one token for another. To do this, open MetaMask on your phone and tap the new 'Swap' button, where you can choose the tokens you want to exchange, select a quote, and then swipe to perform a swap. Estimated fees for the swap are shown above the "Swipe to swap" button.
For this feature, MetaMask is using multiple DEXs (decentralized exchanges) and AMMs (automated market makers) to find the best price for a particular token. The company also says its calculations of gas prices (gas fees are fees for transactions on the Ethereum network, which dynamically change as a result of multiple factors, including network congestion) will result in reduced gas costs. Finally, MetaMask employs slippage protection, by spreading orders across multiple exchanges to reduce slippage costs.
For its troubles, MetaMask takes a service fee of 0.875 percent, which is automatically factored into each quote. The fee is used to support ongoing MetaMask development, the company says.
SEE ALSO:What are NFTs? Everything you need to know.MetaMask is one of the most important apps in the Ethereum ecosystem, serving as a door to DeFi (decentralized finance), NFTs (non-fungible tokens), and dApps (decentralized apps), all of which have lately been growing in popularity. The company hasn't been the fastest when it came to updating the mobile app, but the support for token swaps is a big step towards bringing the mobile version up to step with the web version.
MetaMask swaps are now live for all iOS and Android users. You can download the apps for free on MetaMask's website.
TopicsCryptocurrency