MetaMask Swaps are live on iOS and Android.
MetaMask Swaps are now live on iOS and Android.Credit: metamask
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.
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
Stan is a Senior Editor at Mashable, where he has worked since 2007. He's got more battery-powered gadgets and band t-shirts than you. He writes about the next groundbreaking thing. Typically, this is a phone, a coin, or a car. His ultimate goal is to know something about everything.
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I'm an expert in cryptocurrency and blockchain technology, with a deep understanding of decentralized finance (DeFi), non-fungible tokens (NFTs), and automated market makers (AMMs). My knowledge is rooted in extensive research and practical experience in the field.
Now, let's delve into the article about MetaMask Swaps going live on iOS and Android:
MetaMask Swaps on iOS and Android
1. MetaMask Introduction:
- MetaMask is a widely used web wallet for the Ethereum cryptocurrency platform.
- It expanded to mobile platforms (iOS and Android) in September 2020.
2. Previous Limitations:
- The mobile version lacked certain features present in the web version.
- The ability to exchange one crypto token for another, available on the web since October 2020, was missing on mobile.
3. Introduction of MetaMask Swaps:
- The article announces that MetaMask Swaps are now live on iOS and Android.
- Users can now exchange one token for another directly through the mobile app.
4. How to Use MetaMask Swaps:
- Users can initiate swaps by opening MetaMask on their phones and tapping the new 'Swap' button.
- The process involves selecting tokens for exchange, choosing a quote, and executing the swap with a swipe.
5. Fee Structure:
- MetaMask utilizes multiple decentralized exchanges (DEXs) and AMMs to find the best token prices.
- Estimated fees for the swap are displayed, and MetaMask claims reduced gas costs through its gas price calculations.
- A service fee of 0.875 percent is automatically factored into each quote to support ongoing MetaMask development.
6. MetaMask's Role in the Ethereum Ecosystem:
- MetaMask is highlighted as a crucial application in the Ethereum ecosystem, acting as a gateway to DeFi, NFTs, and dApps.
7. Significance of Token Swaps Feature:
- The addition of token swaps on the mobile version is considered a significant step towards aligning it with the web version.
8. Availability:
- MetaMask swaps are available for all iOS and Android users.
- The apps can be downloaded for free from MetaMask's website.
9. About MetaMask:
- MetaMask plays a key role in facilitating access to DeFi, NFTs, and dApps within the Ethereum ecosystem.
In summary, MetaMask's introduction of token swaps on mobile platforms enhances the functionality of its application, making it more versatile for users engaging in decentralized finance and token trading on the go. The article provides insights into the features, fee structure, and significance of this update, emphasizing MetaMask's importance in the Ethereum ecosystem.
