MetaMask Swaps: Removing User Frictions from P2P Trading
Company Size
1,000+
Country
- United States
Product
- MetaMask Swaps
- ConsenSys Codefi
Tech Stack
- Ethereum
- Web3
- DeFi
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
Technology Category
- Application Infrastructure & Middleware - API Integration & Management
- Platform as a Service (PaaS) - Connectivity Platforms
Applicable Industries
- Finance & Insurance
Applicable Functions
- Procurement
Use Cases
- Machine to Machine Payments
Services
- Software Design & Engineering Services
About The Customer
MetaMask is a cryptocurrency wallet which can be used on the Chrome, Firefox and Brave browsers. It’s also a browser extension. This means that it works like a bridge between normal browsers and the Ethereum blockchain. ConsenSys is a global community of developers, businessmen, programmers, journalists, lawyers, etc. who are dedicated to the development of blockchain technology. They aim to use this technology to create a decentralized world. ConsenSys was founded by Joseph Lubin, a co-founder of Ethereum, in October 2014.
The Challenge
The year 2020 saw the largest scale adoption of decentralized exchanges (DEXs). Compared to centralized exchanges, DEXs offer more pairs when trading, provide access to a greater diversity of tokens, and enable non-custodial swaps that keep funds safer. However, DEX users often don’t receive the best price when there is insufficient liquidity, or if a particular DEX doesn’t offer the most attractive price. Before MetaMask Swaps, users needed to navigate many DEXs to compare prices and swap tokens. However, using a single DEX or DEX aggregator did not always yield the best price for every trade, as each aggregator performs differently under different circumstances. Additionally, users needed to approve each token on each DEX, incurring expensive gas costs.
The Solution
MetaMask and Codefi together built Swaps, a feature that enables any Web3 or DeFi user to easily access the tokens they need for the sites they use. This gives users the flexibility to shop for the best decentralized exchange rates before making their purchase, via real time pricing information from multiple sources, a secure, reliable digital wallet, and the convenience of the MetaMask app or web browser extension. By drawing information from the largest decentralized exchanges in the ecosystem, MetaMask Swaps allows users to access real time pricing information from a variety of sources all from the safety of their wallet. In addition to solving the price inefficiency problem, the Codefi Markets team also sought to improve user experience across multiple protocols.
Operational Impact
Quantitative Benefit
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