An explosive pump is coming to a shitcoin. You want to swap half of your alts to ride the wave, but, surprise, you’re out of gas. You scramble to get some ETH to cover the fees, but by the time you get it done, the price is already too high to make the swap worthwhile. Another missed opportunity in the crypto rollercoaster. If such a scenario is triggering your PTSD, fret no more.
What is a MetaMask gas station feature?
MetaMask' has rolled out its new gas station feature, which allows users to swap tokens without needing Ethereum to cover gas fees. The functionality integrates gas costs directly into the swap prices, simplifying the transaction process.
With gas-included swaps, you can exchange tokens seamlessly without worrying about maintaining a balance of ETH for trading operations and missing out on pumps.
In other words, you don’t have to go through the now-outdated alternative of buying ETH on a centralized exchange and moving funds to your wallet. The on-ramping process can take hours, and buying opportunities in the DEX world can be time-sensitive.
To make it work, swap value must be sufficient to also cover the cost of gas, and include the following assets: USDT, USDC, DAI, ETH, wETH, wBTC, wstETH, wSOL, which are either stablecoins or widely used cryptocurrencies that typically have stable values and high liquidity, making them suitable for supporting the gas station feature.
As of today, the gas station is live in MetaMask browser extension, with mobile release expected to launch soon.
What is MetaMask’s Smart Transactions?
To use the gas station feature, you need to enable Smart Transactions in MetaMask Swaps. It’s a feature launched earlier this year that makes sending and receiving crypto on the Ethereum network easier and safer.
In brief, it checks if a transaction will work before sending it, reducing failures. As a result, it helps prevent bad practices like frontrunning, where others try to profit from your transaction, and optimizes gas fees, so you can pay less when making swaps.
How to enable Smart Transactions in MetaMask?
To switch on the Smart Transactions feature in MetaMask, log in to your wallet in a browser extension and click on the three vertical dots in the upper-right corner of your MetaMask window to open the drop-down menu. Select "Settings" from the menu, then click on the "Advanced" button.
You will see an option to toggle Smart Transactions on or off. Enable it to start using this feature. That’s all! Before you proceed, make sure that you have the latest version of the MetaMask extension (version 11.15 or later).
Key MetaMask's gas station benefits for traders
MetaMask clarifies that users won’t be limited to any specific source of liquidity for their Swaps. The app will still compare prices across a wide range of providers as it presently does. The swap feature sources data from DEXs, DEX aggregators, and market makers, to ensure users get optimal quotes with the lowest fees.
Overall, the gas station comes with important benefits, including:
- convenience: users no longer need to manage separate ETH balances just for transaction fees, making it easier especially for novice traders to earn on swaps,
- faster transactions and better user experience: by eliminating the need for prior ETH transfers, transactions can be completed faster and with less hassle,
- competitive pricing: since the feature aggregates data from various liquidity sources, you receive competitive rates and minimal fees when swapping tokens.
