Tag: token swaps

Ethereum-Based Wallet MetaMask Adds Token Swaps to Its Features

MetaMask recently announced a new add-on to its browser which can facilitate decentralized finance (DeFi) transactions for Ethereum-based tokens.

Token Swaps on MetaMask

The cryptocurrency wallet announced that token swaps will now be a feature that will be available on its browser extension. This function is ready to be leveraged by Firefox users, but MetaMask developers are working on providing the token-swapping feature on other browsers as well as on MetaMask mobile.

Token swaps directly from MetaMask will enable investors to swap and trade crypto assets they hold for any ERC-20/DeFi tokens they want across different decentralized exchanges (DEX), directly from the comfort of its browser. The feature operates like an aggregator by measuring different exchange rates across various crypto exchanges to come up with the best conversion.

MetaMask User Growth Surges

MetaMask, which is owned by ConsenSys and is arguably the most popular Ethereum wallet, recently recorded over a million active monthly active users on its platform, an achievement that is partially due to the recent launch of its application MetaMask Mobile. The application has served to onboard new users worldwide and has gained popularity in the USA, India, Nigeria, and the Philippines.

With the rise in popularity of the DeFi protocol industry, Uniswap, Yearn, Curve, Maker, and Aave are among the top projects leveraged by MetaMask users to invest, sell, lend, and borrow digital assets.

The launch of the token swapping feature on MetaMask is a huge achievement, as it provides a seamless trading experience for investors. Most DeFi protocols run on Ethereum blockchain and the new addition on MetaMask goes in stride with the DeFi boom, with the largest project by market capitalization being attributed to Uniswap.

Though the DeFi protocol has recorded a dip on DeFi Pulse, it still dominates with a total value locked of $2.22 billion, as of press time. 

Symbiosis Integrates zkSync to Enhance Token Swaps

Symbiosis, a cross-chain automated market maker, has recently integrated zkSync, a layer-2 scaling protocol, to enhance the speed and reduce the fees of token swaps on its platform. The integration allows users to make any-to-any native asset swaps across Ethereum Virtual Machine (EVM) and non-EVM networks without having to switch between different wallets and interfaces.

The decentralized exchange (DEX) was launched in March 2022 and has already processed over $100 million in total transaction volume in stablecoins. It offers single-sided stablecoin pools that provide zero impermanent loss to liquid providers and facilitates “any-to-any” native asset swaps on its platform.

The integration of zkSync aims to make liquidity transition to and from zkSync “secure, fast and cheap.” It also expands the variety of token swaps through the DEX, supporting any-to-any native swaps to and from zkSync. This additional functionality enhances the user experience of value-added services built on top of Symbiosis.

According to Simeon Avramov, co-founder of Symbiosis, layer-2 scaling protocols like Optimistic and ZK-rollups are crucial for various decentralized finance (DeFi) platforms and services. They are lowering the entry barriers in terms of the price per swap and user experience of value-added services built on top. Avramov believes that zero-knowledge rollups could outcompete Optimistic Rollup solutions like Arbitrum and Optimism.

Avramov also emphasizes the importance of cross-chain players and interoperability layers to support zero-knowledge solutions as soon as possible. “ZK represents an inevitable and natural evolution among scaling solutions,” he said.

The integration of zkSync is a significant development for Symbiosis, as it will enhance the speed and reduce the fees of token swaps on its platform. This will attract more users and provide a better user experience. Symbiosis serves over 12,000 unique wallet addresses and has an average of 3,000 daily transactions.

Moreover, the scaling technology is not limited to Ethereum or other smart contract blockchains. The Swiss-based nonprofit ZeroSync Association is currently developing zero-knowledge proof tools that will allow Bitcoin (BTC) users to expedite the process of verifying individual blocks and, eventually, the entire blockchain.

In conclusion, the integration of zkSync is a significant milestone for Symbiosis, as it enhances the speed and reduces the fees of token swaps on its platform. It also expands the variety of token swaps and improves the user experience. The use of zero-knowledge proof technology in scaling solutions is an inevitable and natural evolution, and it is crucial for cross-chain players and interoperability layers to support zero-knowledge solutions as soon as possible.

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