Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Wallets => MetaMask => Topic started by: MrSpasybo on April 18, 2021, 03:06:54 AM
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MetaMask, one of the most popular web wallets for cryptocurrency platform Ethereum, went mobile on iOS and Android in September 2020.
This changes today. The new version of MetaMask Mobile allows users to swap one token for another.
For this feature, MetaMask is using multiple DEXs (decentralized exchanges) and AMMs (automated market makers) to find the best price for a particular token.
The company also says its calculations of gas prices (gas fees are fees for transactions on the Ethereum network, which dynamically change as a result of multiple factors, including network congestion) will result in reduced gas costs. Finally, MetaMask employs slippage protection, by spreading orders across multiple exchanges to reduce slippage costs.
For its troubles, MetaMask takes a service fee of 0.875 percent, which is automatically factored into each quote. The fee is used to support ongoing MetaMask development, the company says.
Source: Crypto wallet MetaMask now lets you swap tokens on your phone (https://mashable.com/article/metamask-swaps)
First of all, I must admit that I am a fan of MetaMask, since Metamask is the first ERC-20 wallet application I trust, I even like it more than MEW because its extension allows easy access access on personal computers with passwords, and manage multiple ERC-20 wallets easily. Currently, MetaMask also supports both BEP-20 and EVM-based blockchains, which is very convenient indeed.
I have been looking forward to the MetaMask application on mobile devices, and the release of the application by MetaMask, is very convenient and easy, I am very pleased. However, the swap feature of MetaMask made me really disappointed.
MetaMask transaction fee of up to 0.875%, even higher than UniSwap's fee of 0.3%, is more frightening than the transaction fee of the exchange is 0.1% - 0.2%. In addition to the 0.875% fee, users also need to pay additional transaction fees of the Ethereum blockchain, ranging from $5-50. I really don't understand why MetaMask can be so greedy, they can set a 0.3% fee like UniSwap for users to benefit more, and all the transaction fees go into MetaMask's pocket, not divided to LP.
I tried opening the MetaMask application and was amazed at the ridiculously high fees of MetaMask: $68-99 to send $124.
Have you tried using the Swap feature on MetaMask yet? What do you think about transaction fees at MetaMask? Will you choose MetaMask or UniSwap/SushiSwap/1inch?