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This MetaMask initiative simplifies transactions by incorporating network fees into the swap price, addressing the common issue of running out of ETH for gas fees.Powered by MetaMask’s Smart Transactions, the gas-included swaps support popular tokens like wBTC, wETH, DAI, USDT, USDC, and ETH.While the new feature reduces reliance on ETH for gas fees during swaps, its impact on Ethereum demand remains uncertain.Ethereum wallet MetaMask unveiled its new Gas station feature allowing users to conduct token swaps without any need for ETH ETH $3 354 24h volatility: 2.2% Market cap: $403.92 B Vol. 24h: $52.87 B or gas fees. Dubbed gas-included swaps, this feature is now live for the users of MetaMask extension on the Ethereum mainnet.
The goal is to simplify transactions while eliminating the barrier pertaining to gas fees within the decentralized finance (DeFi) ecosystem. One of the major challenges for Web3 users has been running out of gas fees.
Traditionally, users bought ETH on centralized exchanges and transferred it to their on-chain wallets. However, this process is very costly and time-consuming at the same time.
MetaMask’s new Gas Station initiative removes this barrier by incorporating network fees directly into the quoted swap price. This allows users to complete transactions without the need for additional on-ramping steps or delays.
MetaMask’s Smart Transactions power this feature, optimizing gas usage and ensuring reliable execution. Supported tokens for gas-included swaps include wBTC wBTC $98 273 24h volatility: 0.5% Market cap: $14.44 B Vol. 24h: $694.12 M , wETH wETH $3 355 24h volatility: 2.2% Market cap: $9.64 B Vol. 24h: $919.38 M , DAI DAI $1.00 24h volatility: 0.1% Market cap: $3.43 B Vol. 24h: $154.22 M , USDT USDT $1.00 24h volatility: 0.1% Market cap: $130.89 B Vol. 24h: $130.25 B , USDC USDC $1.00 24h volatility: 0.0% Market cap: $38.28 B Vol. 24h: $12.04 B , ETH, and more.
Furthermore, by aggregating liquidity from decentralized exchanges, market makers, and aggregators, MetaMask offers competitive pricing while boosting the overall user experience. Crypto industry players have praised these efforts from the Ethereum wallet provider.
Michael Khekoian, Senior Business Development Manager at Consensys, said:
“Swaps in MetaMask no longer require ETH for gas… No more insufficient funds on swaps”.
Another crypto advocate also highlighted how this feature will streamline DeFi interactions, by encouraging users to upgrade to version 12.6.0 or higher to take advantage of gas-included swaps.
Will the MetaMask Feature Impact Ethereum Demand?
With no ETH required as gas fees for the new MetaMask feature, a critical doubt in everyone’s mind is whether this feature will impact the Ethereum demand. This could lead to an ETH underperformance in the future.
Although MetaMask’s solution reduces reliance on ETH for gas fees during swaps, activities within the broader Ethereum ecosystem, such as staking and DeFi participation, continue to heavily depend on the token. Thus, the potential impact on ETH will remain unclear at this point.
At the same time, the swap feature is part of MetaMask’s wider efforts to enhance its services. In August 2024, the wallet launched a crypto debit card in collaboration with Mastercard and Baanx, available in the EU and UK. This card enables users to spend crypto directly, bridging the gap between traditional finance (TradFi) and blockchain.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
