Digital currencies are now ruling the decentralized exchanges, which support a large volume of tokens. The rising popularity of cryptocurrency has resulted in the increased use of decentralized exchanges within the few years.
Through decentralized exchanges, DeFi swap providers access the diverse range of tokens available in the market. Users don’t receive appropriate prices while crypto trading due to insufficient liquidity, but using Defi swaps, users can access the various types of tokens and swap them easily.
In order to compare prices and swap tokens, users visit different decentralized exchanges, which is a cumbersome and time-consuming task.
In this guide, we will discuss benefits of integrating Defi swaps in a crypto wallet.
So let us get started!
Introduction of MetaMask Swap
MetaMask has come up with an exciting feature of swaps. Its users can now swap tokens directly from their wallets using this feature. Swaps find data from different exchanges, such as decentralized exchange aggregators, professional market makers, and individual DEXs — like AirSwap — to ensure MetaMask users the best-estimated price with minimum network fees.
Understanding Defi Swap
Defi Swap supports many of the leading tokens in the Defi space. Users have access to many of the tokens under one single channel. They can swap one token with another using this.
The first step you have to follow for DeFi wallet development services is to connect your Defi Swap to your cryptocurrency wallet. For now, you can link Metamask to your Connect Wallet. After following this step, you can start trading tokens through your crypto defi wallet.
Defi swap charges fees for every transaction. It gives you an estimated transaction fee before you perform the transaction.
Besides swapping the tokens and shifting of defi wallet to bank account, you also become a liquidity provider to earn interest on your stake. Depending on the tokens you have, you can choose to make liquidity available to other Defi Swap users and collect interest on the pair of tokens that you make available to the exchange. You can also integrate your crypto defi wallet into the bank account to get better results.
Benefits of Defi Swaps in a Crypto Wallet
Now let’s explore some of the exciting perks of Defi swap.
● Compare Prices and Swap Directly From MetaMask
Out of all the benefits of Defi swap, the best one is that it finds the price estimate in the market by comparing all the available exchanges platform. Swaps ensure that every MetaMask user will get the most competitive prices throughout the large range of exchanges and token selection.
● No Need for Approvals
In Defi swap, the user is not required to approve every token on multiple DEXes and for each trade. Using Swaps, the users have to approve each token only once, which ultimately reduced gas costs and shortens the path to executing their token swap.
● Reduce Gas Costs
Each aggregator follows a particular path to locate the best trade. Each method needs to be processed through certain gas fees to execute the transaction. Thus, we swap to ensure and determine the best prices within efficient gas fees.
● Slippage Protection
Insufficient liquidity on a DEX can lead to wild price swings for large swaps. Orders are spread across virtually on all DEXs when swapping in MetaMask to minimize the impact of slippage on the final price.
● Decreases the Transaction Failure Rates
As decentralized exchanges offer a wide variety of tokens due to the availability of a variety of pricing options, which results in a reduced transaction failure rate.
● Provides Liquidity Analysis
Defi swaps using data aggregation functionality provide users with accurate information about the crypto market and assist them in measuring the liquidity ratio conveniently.
The role of a decentralized exchange is irreversible in today’s scenario. Through the swap function integrated into the DeFi Wallet development services app, users can easily exchange tokens directly from the app.
Users are no longer required to use WalletConnect in order to connect their Defi Wallets to Defi Swap, which greatly improves the mobile swap experience. Further, it supports transferring of revenue through a crypto defi wallet to a bank account.
If you are looking to integrate Defi swaps into a crypto wallet, Hashlogics is the best Defi wallet development services provider with a wide range of Defi integration solutions. Contact us to integrate Defi swaps with your crypto wallet right away.