MetaMask Adds Built-In PancakeSwap Feature

MetaMask has added PancakeSwap into their built-in token swap! Here is some information about the integration and potential effects for users.

By
Robert D. Knight
on
May 7, 2021
Category:
BSC News

The Integration

PancakeSwap has been integrated into MetaMask’s built-in token swap feature, joining the likes of Uniswap, AirSwap, 0x API, 1inch.exchange, Paraswap, Totle, and dex.ag as a source of decentralized liquidity on the platform. To access the PancakeSwap AMM, users must first integrate the Binance Smart Chain (BSC) into their MetaMask wallet. Despite the rapid growth of the BSC ecosystem there are as yet no indications of when BSC might enjoy native support and parity with Ethereum. There are however, a number of guides on how to set up BSC on MetaMask, including our setup tutorial.



Source


Once connected to the BSC, activating the token swap feature could hardly be any easier for users. Ensuring that the MetaMask wallet is connected to the Binance Smart Chain, a user can then click “swap” to begin the process. To demonstrate how the process works with greater clarity, PancakeSwap has produced an easy-to-follow infographic (see above). In a matter of clicks users can access and activate the PancakeSwap AMM and exchange their tokens with ease.

Despite MetaMask being slow to integrate BSC projects, the same cannot be said of BSC Decentralized Applications (dApps) integrating MetaMask. Once a MetaMask account is enabled with Binance Smart Chain it can swiftly be set to operate on a huge range of BSC protocols, including PancakeBunny, WOWswap, Wault.Finance and of course, PancakeSwap.

Catalyst For Growth

Since MetaMask first implemented its token swap function in October of 2020, the web wallet has seen growth on top of its already-solid standing. MetaMask recently surpassed 5 million monthly users, recording 5x growth in the past 6 months. A growing number of these customers are also using MetaMask swaps, with $2 billion in accumulated transaction volume in the same period.

According to data from Dune Analytics, the total volume of swaps occurring via MetaMask is accelerating. While daily swaps were in the low hundreds/ thousands last year the figure now comfortably sits at five figures. The value of swaps has also increased over the same period, from hundreds of thousands of dollars to a peak of $64 million on May 4th.


Source


Concluding Thoughts

With DeFi and cryptocurrencies currently performing well across the board it is sometimes difficult to separate correlation from causation. Is MetaMask driving growth in the DeFi sector, or is the growth of the DeFi sector driving growth in MetaMask? Further, will the integration of PancakeSwap further boost trading through the desert-themed exchange? 

Perhaps the truth is that the two share a symbiotic relationship, creating positive feedback loops for the benefit of the wider crypto community. In the view of this reporter, that positive feedback loop could be greatly enhanced with native-level integration of the Binance Smart Chain into MetaMask. When or if that will happen is as yet unclear, but if MetaMask is ever to implement such a change, they should be assured there is clear demand for it from the cryptosphere.


Tags:
No items found.
Robert D. Knight

Robert D. Knight is an experienced journalist and copywriter who has been working in crypto for 4+ years. His bags are heavy and he also hodls some cryptocurrency.

Text Link

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.