With the growing pace of cryptocurrency adoption all over the world in the last 12 months, there has been a commensurate increase in the availability of online and mobile platforms for people to buy, sell and trade various cryptocurrency tokens. There are a number of popular platforms and apps available for this purpose now, with some catering to specific tokens only, while others allow users to transact in almost all of the popular cryptocurrencies on the market. Some of these are mobile apps, designed to work on iOS or Android phones, while others run on web browsers and desktop or laptop computers. Thus, there are a wide range of platforms available for users to get into the crypto trading and investing market easily, and one of the most popular ones, MetaMask, has now introduced a feature that will make it even more attractive to users.
MetaMask is one of the most popular web wallets for the Ethereum crypto token, and it increased its utility and user base even further when it launched its mobile apps for iOS and Android in September 2020. However, one issue was that the app version of the platform did not have some of the features of the web-based version, and one such feature, which was launched in October 2020, was the ability to swap different crypto tokens. However, this has finally been remedied, with the new version of the MetaMask mobile app allowing users to swap their tokens from one currency to another. Doing so is extremely simple – users need to open the app, tap the new ‘Swipe’ button, where they need to choose the tokens they want to exchange, select a quote and then swipe to perform the transaction. The estimated fees for the transaction are shown above the ‘Swipe to swap’ button.
This is a much-needed feature that is sure to improve the user experience for MetaMask users, as it allows them to easily swap their tokens from among those that use the Ethereum network. This is also reflective of the growing trend of using crypto in some form across various businesses and sectors globally, especially in areas with a considerable online presence. This has also been aided in some way by the ongoing pandemic, where various online businesses have seen activity and revenue surge, as people look for alternatives for their usual solutions online. One such example is of the online gambling industry, which has had a transformative year, both due to the pandemic as well as its adoption of cryptocurrencies. More and more people have been using online casinos over the past year due to the unavailability of land-based casinos, while various operators have also been incorporating crypto and blockchain into their websites to improve their products. Thus, crypto projects that have been focused on gaming and gambling have also seen a surge during this time, with the likes of WINk, FunFair and Decentral Games being just three which have seen their share prices soar, while crypto gambling websites like https://winz.io/ and others have seen a lot more traffic due to their crypto capabilities.
These examples show how crypto is gaining acceptance across sectors globally, and so the availability of apps such as MetaMask is even more crucial to allow users to be able to swap between tokens seamlessly. The app uses multiple decentralized exchanges and automated market makers to find the best price for these swaps, while it also employs slippage protection by spreading orders across multiple exchanges to avoid slippage costs. The app takes a service fee of 0.875% per transaction, which is automatically factored into quotes for swaps.
This is a big step towards ensuring that the mobile and web versions of the platform are up to date with the same features, and it should make MetaMask much more attractive to those on the Ethereum network.