diff --git a/x/fswap/keeper/proposal.go b/x/fswap/keeper/proposal.go
index 836f10f0f5..0d4df1dc46 100644
--- a/x/fswap/keeper/proposal.go
+++ b/x/fswap/keeper/proposal.go
@@ -57,7 +57,7 @@ func (k Keeper) MakeSwap(ctx sdk.Context, swap types.Swap, toDenomMetadata bank.
 		panic(err)
 	}
 
-	existingMetadata, ok := k.GetDenomMetaData(ctx, swap.ToDenom)
+	existingMetadata, ok := k.GetDenomMetaData(ctx, toDenomMetadata.Base)
 	if !ok {
 		k.SetDenomMetaData(ctx, toDenomMetadata)
 		if err := eventManager.EmitTypedEvent(&(types.EventAddDenomMetadata{Metadata: toDenomMetadata})); err != nil {