MetaMask Swap Expands To Arbitrum and Optimism

Leading Web3 wallet provider MetaMask’s inbuilt swap feature now supports two Layer-2 blockchains: Arbitrum and Optimism. Swaps are also integrated into its recently launched Portfolio dApp.

MetaMask Swap debuted in late 2020 and quickly rose to prominence due to its intuitive design, as it allowed users to swap tokens within their wallets without needing to connect to a decentralized exchange (DEX). The feature aggregates liquidity from numerous DEXs and DEX aggregators, and a fee of 0.875% is levied on each trade.

Since its inception, MetaMask Swap has recorded nearly $24B in cumulative volume and has seen more than 1.5M unique users.

Recent Developments

Earlier this month, MetaMask revealed that it has partnered with fintech giant PayPal to enable select US residents to purchase ETH directly from their MetaMask wallets.

On Nov. 11, MetaMask released a bridge aggregation service dubbed MetaMask Bridges. Users can bridge supported assets worth up to $10,000 without paying any fees.

MetaMask Bridges has since recorded volume of $60M and has been used by nearly 70,000 users. Interestingly, the Polygon chain dominated its peers across all metrics.

In April, MetaMask integrated Apple Pay, enabling users to purchase and transfer their assets to their MetaMask wallets by using debit and credit cards.

Privacy Concerns

On Nov. 23, ConsenSys, the parent company behind MetaMask, announced that it would start collecting the IP addresses and Ethereum wallet addresses of users who continue to use Infura as their Remote Procedure Call (RPC) provider.

Infura is Metamask’s default RPC provider and was acquired by ConsenSys in late 2019. The move has sparked some backlash from the community, who largely believe that this move goes against the decentralized ethos of the space.