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 to Ethereum, Binance Smart Chain (BSC), Polygon, and Avalanche.
Using MetaMask Swaps, users can swap tokens directly from their desktop or mobile wallets while aggregating data all across decentralized exchanges (DEXs) and market makers and get the best price at the lowest market fees.
MetaMask Swaps bring time and cost efficiency to swap tokens with fewer approvals and slippage protection. Another major benefit is that it brings greater convenience allowing users to manage their assets easily without leaving the desktop/mobile wallet.
The greatest advantage of MetaMask is that users have absolute control over their tokens. Since Swaps gather data from DEX aggregators and market makers, users can swap their crypto tokens without having to sign up for a centralized exchange. Being a self-custodial wallet, MetaMask grants full ownership over their private keys and ultimately their assets.
Since MetaMask Swaps gather data from a DEX, it will allow users to access a wide range of cryptocurrencies thus offering users more flexibility and choice for their investments.
Interestingly, MetaMask Swaps is now also available on portfolio DApps, which is a one-stop shop for aggregating assets across accounts, NFTs, multi-chain token balances, etc.
Last week, MetaMask also announced that users can now purchase crypto through its wallet using PayPal.
Optimism On-Chain Activity Shoots
MetaMask added support for the Layer 2 Optimism blockchain just as the on-chain activity shot up. Also, the total value locked (TVL) on Optimism has been on the rise. As per on-chain data provider Santiment, there’s been extremely high transaction volumes of stablecoins recently on Optimism. It further noted:
Average USDT or USDC transaction volume on Optimism is less then $10M. The anomaly above skyrocketed both to above $1B.
Optimism’s native crypto OP token is currently trading at $0.94.