Users increasingly prefer to swap tokens inside their MetaMask web3 wallet
In the past 7 days MetaMask Swap has increased the amount of unique active wallets interacting with the platform 48%, putting it right behind SushiSwap. MetaMask has seen over 64,760 wallets interact with its swapping service, while SushiSwap registered 69,620 wallets over the same time period.
For many blockchain users MetaMask is the go-to service for interacting with dapps. Earlier this year the platform launched its own integrated token swapping service. MetaMask Swap becomes increasingly popular as users can’t be bothered to search for cheaper alternatives. At the moment MetaMask Swap only functions on the Ethereum blockchain. At the same time SushiSwap attracts audiences across various blockchains, ranging from Ethereum to BSC, and from Polygon to Harmony.
Even though MetaMask Swap attracts more users, the volumes going through their smart contracts aren’t that impressive. Over the past 7 days MetaMask Swap registered $105 million, while SushiSwap registered $1,6 billion. Surely, MetaMask Swap literally only swaps tokens, while SushiSwap offers various financial services ranging from swapping to staking, yield farming and liquidity providing.
Metamask has no token yet
Nonetheless, the position of MetaMask Swap is impressive. The 64,760 weekly user wallets place the swapping service above established DeFi brands like ApeSwap, 1inch Network and Aave. Earlier this week a MASK governance token popped up on DexTools, but this turned out to be a orchestrated scam. Consensys teased earlier this year that they would introduce a MetaMask token at some point.
While MetaMask doesn’t have its own token yet, SushiSwap does. The SUSHI token currently has a price of $8.63, up 10% from the day before. You can also find SUSHI through the DappRadar Token Swap service.
Through DappRadar you can also earn some SUSHI. By providing liquidity in the RADAR-ETH pool and then staking your SLP tokens, users can earn RADAR and SUSHI. However, the biggest chunk of the rewards are paid in RADAR tokens, currently offering an APY of 400%.