CoinMarketCap launched Ethereum token swaps with Uniswap, hinted at supporting additional DEXs soon
In the latest announcement on the Binance-owned analytics website, CoinMarketCap stated that it has launched a token swap feature on its website through integration with decentralized exchange Uniswap.
CoinMarketCap users can swap ERC-20 tokens on Uniswap
CoinMarketCap has now integrated Uniswap to enable swapping of Ethereum-based ERC-20 tokens:
“On every supported network and token, you will be able to connect a supported crypto wallet and swap your tokens right on CoinMarketCap in a safe and secure way.”
Uniswap-supported wallets will also be available for token swaps. These include MetaMask, WalletConnect, Coinbase Wallet, Fortmatic, and Portis.
? We’re incredibly excited to see Uniswap integrated natively into @CoinMarketCap
? Token pages now have a “Swap” icon allowing users to connect to an Ethereum wallet and instantly trade that token through the Uniswap protocol
— Uniswap Labs ? (@Uniswap) June 30, 2021
To carry out a swap, users need to navigate to the page where the token is listed. When accessing the website, you will see the “Swap” icon on the right side of the page. When clicked, the platform will show the tokens that are available for the swap and prompt for a wallet connection.
You will see a converter between a selection of two coins on the right side of the page, and the option to “Swap on CoinMarketCap”
Interestingly, CMC chose Uniswap over a DEX running on its own blockchain, PancakeSwap. Uniswap remains the world’s most popular decentralized exchange with over 68% of the total market share according to Dune Analytics. The integrated version of Uniswap also does not automatically include all of the tokens listed on its competitor, CoinGecko. This list must be added manually.
CoinMarketCap hinted there may be additional integrations with other DEXs and networks in the future, with its June 29 announcement noting that only Ethereum is supported at this time and Uniswap V1 and V2 will be the first supported DEX for token swaps.
This move could bring in millions of new users to Uniswap, reinforcing its already substantial fee revenue. CoinMarketCap had more than 270 million visitors on its website last month, according to SimilarWeb.
Users of CMC swaps will still have to pay Uniswap trading fees, which is a bullish development for DEXs. However, UNI’s price still did not have a positive reaction. Uniswap’s native token suffered a massive drop during the market sell-off. UNI is currently trading at $18.3. The DEX Governance Token is down 30% over the past month and is down 60% from its May 3 all-time high of $43.
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