MetaMask Swaps: Removing User Frictions from P2P Trading
Customer Company Size
Large Corporate
Country
- Worldwide
Product
- MetaMask Swaps
Tech Stack
- Ethereum
- Web3
- DeFi
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
Technology Category
- Platform as a Service (PaaS) - Connectivity Platforms
Applicable Industries
- Finance & Insurance
Applicable Functions
- Procurement
Use Cases
- Machine to Machine Payments
Services
- Software Design & Engineering Services
About The Customer
The customer in this case study is the user base of MetaMask, a cryptocurrency wallet which is also a web browser extension. These users are individuals who engage in peer-to-peer trading using various liquidity protocols. They are likely to be tech-savvy and knowledgeable about decentralized finance (DeFi) and blockchain technology. They are also likely to be global users, as the use of blockchain and DeFi is not confined to any specific geographical location. The users were facing challenges with disjointed trading experiences, multiple approvals, and high gas costs.
The Challenge
The year 2020 saw the largest scale adoption of decentralized exchanges (DEXs). Compared to centralized exchanges, DEXs offer more pairs when trading, provide access to a greater diversity of tokens, and enable non-custodial swaps that keep funds safer. However, DEX users often don’t receive the best price when there is insufficient liquidity, or if a particular DEX doesn’t offer the most attractive price. Before MetaMask Swaps, users needed to navigate many DEXs to compare prices and swap tokens. However, using a single DEX or DEX aggregator did not always yield the best price for every trade, as each aggregator performs differently under different circumstances. Additionally, users needed to approve each token on each DEX, incurring expensive gas costs.
The Solution
MetaMask and Codefi together built Swaps, a feature that enables any Web3 or DeFi user to easily access the tokens they need for the sites they use. This gives users the flexibility to shop for the best decentralized exchange rates before making their purchase, via real time pricing information from multiple sources, a secure, reliable digital wallet, and the convenience of the MetaMask app or web browser extension. By drawing information from the largest decentralized exchanges in the ecosystem, MetaMask Swaps allows users to access real time pricing information from a variety of sources all from the safety of their wallet. In addition to solving the price inefficiency problem, the Codefi Markets team also sought to improve user experience across multiple protocols. Each protocol (and the user interface that comes along with it) involved different paths to complete a trade. The Codefi Markets team abstracted these flows for MetaMask customers and provided a user interface for previously unconnected decentralized protocols, simultaneously providing solutions for both price inefficiency and user experience.
Operational Impact
Quantitative Benefit
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