MetaMask Swaps Add Support for Layer 2 Networks

Recently, well-known cryptocurrency wallet MetaMask revealed that Layer 2 networks like Arbitrum and Optimism will now support its Swaps feature. Only Ethereum, Binance Smart Chain (BSC), Polygon, and Avalanche could use MetaMask Swaps in the past.

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MetaMask Swaps Tokens

Users can swap tokens directly from their desktop or mobile wallets using MetaMask Swaps, which aggregates data from market makers and decentralised exchanges (DEXs) to provide the highest price at the lowest market costs.

With fewer approvals and slippage protection, MetaMask Swaps make token swaps more efficient in terms of both time and money. The ability to manage assets more conveniently without having to leave the desktop or mobile wallet is another significant benefit.

MetaMask’s Greatest Benefit

The fact that users have complete control over their tokens is MetaMask’s greatest benefit. Users are not required to register for a centralised exchange because Swaps collects data from DEX aggregators and market makers. Since MetaMask is a self-custodial wallet, users have complete control over their private keys and, ultimately, their assets.

Because MetaMask Swaps collect information from a DEX, customers will have access to a broad variety of cryptocurrencies, giving them more freedom and options for their investments.

It’s interesting to note that MetaMask Swaps, a one-stop shop for combining assets from accounts, NFTs, multi-chain token balances, etc., is now also accessible on portfolio DApps.

Additionally, MetaMask said last week that customers may now buy cryptocurrency through its wallet using PayPal.

On-Chain Activity Shoots with Optimism

As on-chain activity increased, MetaMask implemented support for the Layer 2 Optimism blockchain. Additionally, optimism’s total value locked (TVL) has been increasing. According to on-chain statistics provider Santiment, there have recently been astronomically large stablecoin transaction volumes on Optimism. It also stated:

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On Optimism, the average USDT or USDC transaction volume is under $10M. The aforesaid abnormality caused both of them to soar to above $1B.

OP, the native cryptocurrency of Optimism, is now trading for $0.94.

Source: Google Trend

By Vil Joe

A writer and editor based out of San Francisco, Vil has worked for The Wirecutter, PCWorld, MaximumPC and TechHive. Her work has also appeared on InfoWorld, MacWorld, Details, Apartment Therapy and Broke-Ass Stuart. In her spare time, she takes too many pictures of her cats, watches too much CSI and obsesses over her bullet journal.

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