Methodology

• Find all Metamask Users from the Swap Contract.
• For the swap amount we look at the ez_token_transfers table for each transaction and take the highest amount in $USD from all the transactions, this implies the amount that was swapped.
  • Assumption is that as swap goes via various proxies the amount keeps on decreasing due to fees.
• For gas we join with fact_transactions to find the Gas Price and Gas Used for each transaction in $ETH.
  • This value is then joined with ethereum.core.fact_hourly_token_prices to find the price of $ETH in $USD and determine the gas amount used in $USD.
• We do the same for the others looking at ethereum.core.ez_dex_swaps table.

How do Metamask Swaps Work

• MetaMask users can now swap tokens directly from their wallet. Swaps combines data from multiple decentralized exchange aggregators, professional market makers, and individual DEXs — like AirSwap — to ensure MetaMask users always get the best price with the lowest network fees.

Find the best price every time.

• By requesting prices from all available aggregators, along with individual market makers, Swaps ensures that every MetaMask user always has access to the largest selection of tokens, and the most competitive prices. A service fee of 0.875% is automatically factored into each quote, which supports ongoing development to make MetaMask even better.

Fewer approvals

• No need to approve every token on multiple DEXes and aggregators for each trade. With Swaps, users only need to approve each token once, reducing gas costs and shortening the path to executing their token swap.

Reduced gas costs

• Each aggregator pursues a different path to locate the best trade. Each route requires a varying amount of gas fees to execute the transaction. Swaps sources the best prices and determines which aggregator is the most gas efficient for every trade.

Slippage protection

• Large swaps are often subject to wild price swings when there is insufficient liquidity available on a particular DEX. When swapping in MetaMask, orders are spread across virtually all DEXs to reduce slippage impact on the final price. [1]

How many users are swapping via MetaMask vs other platforms?

• In the past 90 days there are 745K Users for Other platforms vs 260K for Metamask.
• Also given below is the breakdown over time, overall trend is decrease in the number of swaps.

Transaction Frequency

• Uniswap v2 leads with the swap frequency with 4.2M transactions
• Metamask is comparable and slightly behind sushiswap with 695K and 861K transactions respectively.
• The overall trend is swap frequency is decreasing for all platforms.

Swap Volume

• Uniswap v2 leads with the swap volume with 12B $USD in volume.
• Metamask is comparable and slightly behind sushiswap with 5m $USD and 7.1M $USD in volume respectively.
• The overall trend is swap volume is decreasing for all platforms, however Jun 25 swap a huge spike in Metamask Swap Volume.

Swap Gas Fees

• Uniswap v2 leads with the swap gas fees with 119M $USD in gas fees.
• Metamask is lowest in fees behind sushiswap with 17m $USD and 31M $USD in volume respectively.
• The overall trend is swap gas fees is decreasing for all platforms, however it has been low for Metamask consistently.

Conclusion

• Metamask is gaining ground and has a sizabe amount of transactions as compared to the two most popular dexes Uniswap and Sushiswap.
• What has been pleasantly surprising is low fees on Metamask swaps as compared to other platform, it works as advertised.

[1] https://medium.com/metamask/introducing-metamask-swaps-84318c643785