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**MetaMask receives new update: could transaction fees decrease on Ethereum?**
A significant update is coming to MetaMask, the popular digital wallet service that allows users to interact with decentralized applications (dApps) and other blockchain-based services. The company has announced a new feature that will enable smoother and more efficient transactions on the Ethereum network.
With this new functionality, users of MetaMask will be able to leverage aggregated data from various decentralized exchanges (DEXs) to settle transactions. This approach aims to provide competitive market rates for users, which could potentially lead to reduced transaction fees. The Gas Station feature, as it is called, will initially support USDT, USDC, and DAI stablecoins, as well as wrapped Ether and other alternative coins.
It’s worth noting that this update does not affect the MetaMask mobile app yet, but it is expected to be rolled out soon. The new functionality aims to improve the overall user experience by reducing wait times and costs associated with transactions on the Ethereum network.
The need for such a feature has become increasingly pressing due to the growth of decentralized finance (DeFi) applications and non-fungible token (NFT) markets. As these areas continue to thrive, the Ethereum network faces significant congestion, which results in higher gas prices. The MetaMask update aims to address this issue by providing a more efficient way for users to settle transactions.
The significance of this development cannot be overstated. According to DeFi Llama data, the total value locked (TVL) on the Ethereum network has reached an astonishing 67 billion USD, encompassing major DeFi protocols and NFT marketplaces. During periods of high demand, such as during NFT airdrops or other events that attract large user bases, gas prices can skyrocket to unsustainable levels.
By introducing this feature, MetaMask is taking steps to maintain its competitive edge in the face of rival solutions like Phantom Wallet, which offers fast and cheap transactions on the Solana network.
Source: www.bitcoinbazis.hu
