January 30, 2023

Popular cryptocurrency wallet MetaMask recently announced that it is adding support for its Swaps feature on Layer 2 networks such as Arbitrum and Optimism. Previously, MetaMask Swaps were only available for Ethereum, Binance Smart Chain (BSC), Polygon, and Avalanche.

Using MetaMask Swaps, users can exchange tokens directly from their desktop or mobile wallets while collecting data on decentralized exchanges (DEXs) and market makers and getting the best price at the lowest market cost.

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MetaMask Swaps provide time and cost efficiency to exchange tokens with fewer approvals and slip protection. Another major advantage is that it offers greater convenience, allowing users to easily manage their assets without leaving the desktop/mobile wallet.

The biggest advantage of MetaMask is that users have absolute control over their tokens. Since Swaps collect data from DEX aggregators and market makers, users can trade their crypto tokens without signing up for a centralized exchange. Being a self-custodial wallet, MetaMask grants full ownership of their private keys and ultimately their assets.

Since MetaMask Swaps collect data from a DEX, users can access a wide variety of cryptocurrencies, giving users more flexibility and choice for their investments.

Interestingly, MetaMask Swaps is now also available on portfolio DApps, a one-stop shop for merging assets across accounts, NFTs, multi-chain token balances, etc.

Last week, MetaMask also announced that users can now buy crypto through their wallets using PayPal.

Optimism On-Chain Activity Shoots

MetaMask added support for the Layer 2 Optimism blockchain just as on-chain activity skyrocketed. The Total Value Locked (TVL) on Optimism has also increased. According to on-chain data provider Santiment, there have been extremely high transaction volumes of stablecoins on Optimism lately. It further noted:

The average USDT or USDC transaction volume on Optimism is less than $10 million. The anomaly above both skyrocketed to over $1 billion.

Courtesy: Santiment

Optimism’s native crypto OP token is currently trading at $0.94.

Bhushan is a FinTech enthusiast and has a good flair for understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is constantly in a learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and sometimes explores his culinary skills.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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