MetaMask's Secret Project Could Shake Up How Ethereum Works

[jrrsparkles]

an early version of SMG's new routing tech is already being used to power "Smart Swaps," a feature in the MetaMask browser extension that helps users swap between tokens.

In the past, a MetaMask user looking to sell tokens would have needed to submit a transaction specifying exactly how, where, and for what price they wanted their tokens to be sold. With Smart Swaps, which is an "opt-in" feature based around intents, a user can simply request that MetaMask sell their tokens for the best price it can find.

Once MetaMask fully transitions Smart Swaps over to its new architecture, it will be powered by an underground ecosystem of third-party blockchain operators. These third parties will find the optimal route for a given swap, and they will then execute the requisite transactions on the user's behalf.
Compared to a simple exchange aggregator that finds the best price for an asset by comparing different exchanges, Smart Swaps, with its new routing tech, will have total freedom over the path that it takes to satisfy a user's request.

Consensys says it plans to expand its routing feature beyond Smart Swaps to other transaction types in the coming months, and it will also make it available to third parties that wish to use it themselves. On MetaMask, the technology will always be "optional," meaning users won't have to use it if they don't want to.

MetaMask's Secret Project Could Shake Up How Ethereum Works


If I am not wrong, the feature they are working to roll out is something like an instant exchange (correct me if I am wrong). And this feature is not really something new that can change the way that Ethereum network and Metamask have delusion like that can control the market if they add an exchange feature but it will never be as good as what we like to achieve with limit orders in exchanges.

[Kavelj22]

If I am not wrong, the feature they are working to roll out is something like an instant exchange (correct me if I am wrong). And this feature is not really something new that can change the way that Ethereum network and Metamask have delusion like that can control the market if they add an exchange feature but it will never be as good as what we like to achieve with limit orders in exchanges.

This means that MetaMask becomes a trading tool. With such a design, it will be able to replace trading platforms and transfer bridges.
Some features are not what they may seem to us because this feature cannot be fully implemented since MetaMask verifies these transactions in connection with other applications that always provide decentralized trading services.

Trading offers on decentralized applications are available according to the volume of liquidity with the least possible assumption of data manipulation. However, this did not succeed in increasing its users or demand for it.

[jrrsparkles]

This means that MetaMask becomes a trading tool. With such a design, it will be able to replace trading platforms and transfer bridges.
Some features are not what they may seem to us because this feature cannot be fully implemented since MetaMask verifies these transactions in connection with other applications that always provide decentralized trading services.

Trading offers on decentralized applications are available according to the volume of liquidity with the least possible assumption of data manipulation. However, this did not succeed in increasing its users or demand for it.

We don't know yet that their trading feature will require the least data but they said they are working with third-party companies so it's more like an exchange entity where all the user data will be shared and I don't think it can be a decentralized trading tool to its full extend even if they want to because governments are going after the exchanges in recent times so if metamask becomes trading tool then they will be no exception to the Feds.

[JeffBrad12]

well I guess kinda awesome to have such feature especially if we have many shitcoin at hand which sometime finding liquidity is pain in the ass but i wonder if they will also find route to swap it by using liquidity on centralized exchange because for ordinary user usually it requires an account and thats where most of the liquidity reside anyway. also I doubt this feature gonna be as useful as pictured, at best it would save us sometime finding the right dex to swap our coin.

This means that MetaMask becomes a trading tool. With such a design, it will be able to replace trading platforms and transfer bridges.
Some features are not what they may seem to us because this feature cannot be fully implemented since MetaMask verifies these transactions in connection with other applications that always provide decentralized trading services.

Trading offers on decentralized applications are available according to the volume of liquidity with the least possible assumption of data manipulation. However, this did not succeed in increasing its users or demand for it.

We don't know yet that their trading feature will require the least data but they said they are working with third-party companies so it's more like an exchange entity where all the user data will be shared and I don't think it can be a decentralized trading tool to its full extend even if they want to because governments are going after the exchanges in recent times so if metamask becomes trading tool then they will be no exception to the Feds.

If it requires data in the future i wonder if metamask as a wallet will also require KYC or at least account sign in from the user side that'd be ridiculous considering its a wallet but then again if its optional and can give additional feature i guess its okay, some people are definitely not gonna mind to sign in to metamask for the sake of convenience because otherwise i wonder how they would work with 3rd party, but maybe the 3rd party they are talking is just dex?

[tsaroz]

This means that MetaMask becomes a trading tool. With such a design, it will be able to replace trading platforms and transfer bridges.
Some features are not what they may seem to us because this feature cannot be fully implemented since MetaMask verifies these transactions in connection with other applications that always provide decentralized trading services.

Trading offers on decentralized applications are available according to the volume of liquidity with the least possible assumption of data manipulation. However, this did not succeed in increasing its users or demand for it.

We don't know yet that their trading feature will require the least data but they said they are working with third-party companies so it's more like an exchange entity where all the user data will be shared and I don't think it can be a decentralized trading tool to its full extend even if they want to because governments are going after the exchanges in recent times so if metamask becomes trading tool then they will be no exception to the Feds.

It would most likely aggregate data from a large number of dex and choose the best route to have quicker and cheaper transaction. There are always slight difference on what each dex offers due to the buying selling trend and looking for the best rate to utilize the arbitrage.
It would not be the first thing to do so, I have seen such use of different dex to get optimal results in other aggregators like dexview. This way user are going to save some on commission fees.

[Fundamentals Of]

Metamask is impressive in that it doesn't stop developing. They have been constantly progressing and adding one innovation after another. But how come this new project is going to shake up how Ethereum works? I mean this new project is definitely not going to be affecting Ethereum in the protocol level.

Or is this just a way to build strong anticipation for it? If it is an exchange, Metamask users can already exchange their coins at its current shape. If they're adding limit orders, that must be new and possibly be a big thing. Metamask might revive the old Etherdelta feels.

[mk4]

In the past, a MetaMask user looking to sell tokens would have needed to submit a transaction specifying exactly how, where, and for what price they wanted their tokens to be sold. With Smart Swaps, which is an "opt-in" feature based around intents, a user can simply request that MetaMask sell their tokens for the best price it can find.

Compared to a simple exchange aggregator that finds the best price for an asset by comparing different exchanges, Smart Swaps, with its new routing tech, will have total freedom over the path that it takes to satisfy a user's request.

I don't know, but isn't what they're describing pretty much a typical DEX aggregator? Lol. The only difference is that they're naming it differently and added a good amount of buzzwords. Really hard to say without really knowing about the technicals though.

[jrrsparkles]

If it requires data in the future i wonder if metamask as a wallet will also require KYC or at least account sign in from the user side that'd be ridiculous considering its a wallet but then again if its optional and can give additional feature i guess its okay, some people are definitely not gonna mind to sign in to metamask for the sake of convenience because otherwise i wonder how they would work with 3rd party, but maybe the 3rd party they are talking is just dex?

More likely yes, they may require KYC to use the trading feature but they also said it's optional so only who wants to use the trading feature need to go through it not simply every wallet user which can keep the wallet users as it is. The blog says 3rd party to enroute the transactions as well as for the swaps so it could be multiple entities that is going to be partnered with Metamask.

[MFahad]

an early version of SMG's new routing tech is already being used to power "Smart Swaps," a feature in the MetaMask browser extension that helps users swap between tokens.

In the past, a MetaMask user looking to sell tokens would have needed to submit a transaction specifying exactly how, where, and for what price they wanted their tokens to be sold. With Smart Swaps, which is an "opt-in" feature based around intents, a user can simply request that MetaMask sell their tokens for the best price it can find.

Once MetaMask fully transitions Smart Swaps over to its new architecture, it will be powered by an underground ecosystem of third-party blockchain operators. These third parties will find the optimal route for a given swap, and they will then execute the requisite transactions on the user's behalf.
Compared to a simple exchange aggregator that finds the best price for an asset by comparing different exchanges, Smart Swaps, with its new routing tech, will have total freedom over the path that it takes to satisfy a user's request.

Consensys says it plans to expand its routing feature beyond Smart Swaps to other transaction types in the coming months, and it will also make it available to third parties that wish to use it themselves. On MetaMask, the technology will always be "optional," meaning users won't have to use it if they don't want to.

MetaMask's Secret Project Could Shake Up How Ethereum Works


If I am not wrong, the feature they are working to roll out is something like an instant exchange (correct me if I am wrong). And this feature is not really something new that can change the way that Ethereum network and Metamask have delusion like that can control the market if they add an exchange feature but it will never be as good as what we like to achieve with limit orders in exchanges.

That feature sounds fancy. it would make things a lot easier for users. most wallets already have Token Swap features in them including Metamask itself. but automtic everything is different.
It also make me thing about the security and safety of users. giving metmask the persmission to sell your tokens. is kinda sounds like we are loosing our authority and ownership here in some way. (maybe I didn't udnerstnad it properly). is that safe then?
maybe this is how metamask finally start making money out of the users.
if this feature gets mass adoption by web3 community. a lot of defi protocols will loose a big number of their users in it.

[kaka_Shipai]

Metamask has such a huge community, but they failed to launch a project other then the metamask. They could had launched a token, trading platform and could had become an instant hit but they failed to grab the opportunity while it was there.
Even now, they have the chance but the impact would be far less as alot of other exchanges have filled the gap now.

[fapar]

The concept is interesting, but questions arise. In the article they indicate that “MetaMask joins a growing field of “intent-centric” protocols like Anoma, Uniswap X, SUAVE and CoW Swap”; The UniswapX entry states that "UniswapX aims to address this by outsourcing routing complexity to an open network of third-party fillers who then compete to fill swaps using onchain liquidity like AMM pools or their own private inventory." Both MM and UniswapX mention some kind of “third-party blockchain operators/fillers”. It turns out that these are liquidity providers and what to do with attacks on them and the consequences for the swapper? Reminded me of Supra with its oracle system.