One of the profound evolutions of public blockchains like Ethereum is that financial data happens in real time, viewable by anyone. Increasingly, companies like Dune Analytics are making it easier to transform this data into useful dashboards in a matter of minutes.
Today we created a public Dune Analytics dashboard so that you can view real-time data on token swaps happening through MetaMask’s new swap feature. We include cumulative volume (USD), the cumulative number of swaps, the number of unique accounts (users), daily volume (USD), daily swaps, average swap size, and the volume distribution across liquidity sources. Open data is a critical part of the decentralized financial ecosystem and we want our users to have the best insights when making a trade.
When we introduced MetaMask Swaps last year, we set out to build an aggregator that could remove friction for millions of MetaMask users, integrate the largest liquidity sources in one place — including Uniswap, AirSwap, 0x API, 1inch.exchange, Paraswap, Totle, and private market makers — and make swapping tokens as easy as pressing two buttons.
By requesting prices from all available aggregators, along with individual market makers, Swaps ensures that every MetaMask user always has access to the greatest liquidity, the largest selection of tokens, the most competitive prices, and the least slippage, all with fewer token approvals.
You can see on the Volume Distribution chart that choosing the best DEX for a given trade can vary a lot depending on the type of trade, and we’re finding that this is affected by a wide variety of different factors, such as the size of the swap. For instance, AMMs may be better for smaller trades, but RFQs beat out larger trades.
MetaMask has provided an essential and free community service to this point, yet needs a sustainable future for what we see as a public good: a safe wallet. For our Swap services, we factor in a fee of 0.875% into each quote, which we are enthusiastically reinvesting in development to make MetaMask even better. Part of this fee also pays liquidity providers, which supports the virtuous and cooperative cycle of user-owned networks.
Check out our new dashboard here and let us know what you’d like to see added. Or fork it and build your own! That’s the power of open source software.