Metamask Swaps

Swap tokens directly from your desktop or mobile wallet. The Swaps feature combines data from decentralized exchange aggregators, market makers, and DEXs, to ensure you get the very best price with the lowest network fees.

A service fee of 0.875%.

The question in this research examines Metamask DEX aggregator share in all Ethereum swaps.

Metamask aggregator contract 0x881d40237659c251811cec9c364ef91dc08d300c

Swaps are from top DEXes: Uniswap v2 v3, Sushiswap, Curve, Balancer

Dates range is after 2022-01-01

To establish metamask share were collected all DEXes swaps and filtered those transacted through Metamask aggregator.

Firstly, swaps count and active users.

So data show that Metamask swaps amount are only 10% of all swaps amount .

But every 1 of 5 users make swaps through Metamask.

USD Volumes data next from uniswap sushiswap prepared dataset

With volume state worse than swaps count. Only 2-5% volumes is from Metamask.

Average volume per user show that Metamask traders swaps much less than a common trader.

It may caused by fact that professional traders and whales prefer manual swaps

Average swaps differs not so much as expected

And average swaps count is stable over time

Average swaps count per user

But which one exchange prefer Metamask traders?

Swaps data grouped by exchange

Obviously most popular exchanges are Uniswap and Sushiswap

Curve and balancer almost not being used through aggregator

What about 1inch?

1inch itself does not add any additional charges.

1INCH contract are

0x1111111254fb6c44bac0bed2854e76f90643097d

0x11111112542d85b3ef69ae05771c2dccff4faa26

Swaps 1Inch and Metamask

Metamask has 4 time swaps more and 2 times users more than 1Inch

Conclusion

• Metamask's swaps are only 20% of market

• However average amount not so small

• It can be explained by whales DEX trading knowledge or swap to DEXes directly