Popular Ethereum-based crypto wallet MetaMask is taking its first steps into the burgeoning world of decentralized finance (DeFi) with a new feature that will enable token swaps directly within the wallet.
Taking aim at the world’s most popular decentralized exchange, Uniswap, MetaMask announced that it would be enabling token swaps directly in the browser-based wallet.
The token-swapping feature will be released initially on its Firefox browser extension, and later adding extensions for other browsers and functionality for use on its mobile version.
Ethereum software company ConsenSys, which owns MetaMask, has been actively improving the wallet. The success of which has been recently been seen by reaching the one million monthly user milestone.
According to Camila Russo’s The Defiant newsletter, the wallet will source its liquidity across decentralized exchanges and aggregators with the aim of providing the best exchange rate and tighter spreads between tokens.
The offering also has the goal of reducing gas costs for users and it hopes to achieve this by allowing one-time token approvals and eliminating the need to use gas for checking multiple platforms for exchange rates. Liquidity sources for MetaMask will be Uniswap, Airswap, Kyber, 0x, 1inch, dex.ag, Paraswap, Totle, and private market makers.