Ethereum wallet MetaMask introduced Swaps to their mobile app yesterday. The feature allows users to trade cryptocurrencies with a single swipe.
Swaps finds prices and network fees by combining data from automated market makers, professional market makers, request for quotes (RFQs), and individual decentralized exchanges (DEXs). By acting as an aggregator, the trading system aims to find the best prices for users.
MetaMask introduced Swaps to its browser extension last September and the feature has since processed $1.2B in total trade volume.
As mobile traffic accounts for roughly half of all internet traffic according to Statista, Swaps on mobile promises to be a major boon to both MetaMask, as the business takes a 0.875% fee on every trade, as well as mobile-only users, many of whom are in the developing world.