One of the profound evolutions of public blockchains like Ethereum is that financial data happens in real time, viewable by anyone. Increasingly, companies like Dune Analytics are making it easier to transform this data into useful dashboards in a matter of minutes.
Today we created a public Dune Analytics dashboard so that you can view real-time data on token swaps happening through MetaMask’s new swap feature. We include cumulative volume (USD), the cumulative number of swaps, the number of unique accounts (users), daily volume (USD), daily swaps, average swap size, and the volume distribution across liquidity sources. The MetaMask Swaps feature aims to leverage Web3 innovations by allowing users to directly compare offerings from a multitude of decentralized protocols, giving them better insight, while transacting in a non-custodial manner through those protocols. To this end — you can think of Swaps as similar to Expedia for travel quotes — except entirely non-custodial and the user transacts directly with these decentralized protocols.
The MetaSwap software currently aggregates information from Uniswap, AirSwap, 0x API, 1inch.exchange, Paraswap, Totle, and private market makers. The outcome is that users now have more information available to them in one place, allowing them to have access to a united decentralized exchange system at the most competitive prices, all with fewer token approvals and a seamless user experience.
As you can see from the Volume Distribution chart in our dashboard, users are finding that each trading experience is unique. The pricing offered through decentralized protocols depends on factors such as the size of a swap and the tokens the user is attempting to swap. Certain decentralized exchange protocols appear to perform better for certain types of trades — and this is why we were thrilled to build the Swaps software. For instance, AMMs appear to provide users the best quotes in smaller trades, whereas RFQ based protocols appear to perform better for larger trades. MetaMask has always been about providing users access and autonomy in Web3 — and with the addition of Swaps, we’re providing a user interface for previously unconnected decentralized protocols.
To date MetaMask has provided an essential and free community service — one that remains largely open source. With the addition of the Swap services, we introduced a fee to those availing themselves of the Swaps feature. We are enthusiastically reinvesting in development to make MetaMask even better.
Check out our new dashboard here and let us know what you’d like to see added. Or fork it and build your own! That’s the power of open source software.