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CoinMarketCap Adds Token Swap Feature Through Uniswap Integration

Altcoins 2021/06/30 17:00 by Asad Gillani

The popular crypto-data aggregator CoinMarketCap launched a feature integrating Uniswap that facilitates Ethereum token swaps. The network integrated with Uniswap to achieve this feat, and according to the team, they’ll add more networks and decentralized exchanges.

Swap Ethereum-Based Tokens Easily

CoinMarketCap’s integration with Uniswap will enable swapping between Ethereum-based digital assets. Users can now access the token swapping feature through the swap icon on the aggregator’s website.

Users are obligated to connect their wallets to swap between ERC-20 tokens as they please seamlessly. The wallets that users can connect are WalletConnect, Coinbase, Portis, MetaMask, and Fortmatic.

According to CoinMarketCap, there will be more integrations with other networks and DEXs. However, the platform supports only Ethereum and Uniswap V1 and V2 for the token swaps.

Related Reading | TA: Ethereum Corrects Lower, What Could Spark A Fresh Rally

Previously, there has been an increase in CoinMarketCap’s traffic. In early January 2021, the platform recorded 101 million visits, but the number increased to 272.32 million in May.

Most of the traffic for CMC is, of course, coming from Binance. According to SimilaWeb, a firm that conducts website analytics, the total referrals from the parent company in May was up to 52.68% of the total traffic.

Brief On CoinMarketCap And Binance Acquisition

CoinMarketCap is a popular and reliable crypto-assets data aggregator that investors of all levels depend on for real-time updates.

The company behind this engine now is Binance, after acquiring it on April 2, 2020.  But before Binance bought the data aggregator, it has been operating since 2013. Within this period, CoinMarketCap garnered popularity as a reliable data website globally.

Related Reading | UK Regulators Prohibit Binance, What’s Ahead For The Crypto Exchange?

Fast-forward to 2019; the website launched a new feature, “crypto indices” on reputable finance platforms in the industry such as Bloomberg Terminal and Nasdaq Global Index Data Service.

After the Binance acquisition, things changed drastically for the firm. Many top executives left the company a few months after the takeover.

Even though Binance announced that CoinMarketCap would operate independently, it didn’t stop the executives from leaving. Top executives such as CEO Carlyne Chan, Spencer Yang, and even Jeremy Seow left the firm.

Uniswap Integration Intends to Enhance Crypto-Investment Experience

Uniswap is a decentralized exchange operating on the Ethereum blockchain to facilitate seamless token swaps. For example, users can swap ERC-20 tokens through CoinMarketCap’s newly introduced feature.

Related Reading | The USDC Stablecoin Will Soon Expand Its Reach To 10 More Networks

Uniswap has been operating on the Ethereum blockchain since 2018. So, this integration is a collaboration between two giants for a better crypto investment experience.

Also, it is worth noting that CEO Carylyne Chan announced her vision for more crypto adoption. So, it seems that the vision is gradually becoming a reality even in her absence.

CoinMarketCap Adds Token Swap Feature Through Uniswap IntegrationBulls are trying to take control over the market | Source: UNIUSD on TradingView.com

The top DeFi token, Uniswap, is expected to reclaim the $20 mark after such significant news. For now, UNI is down by 5%, but the bulls are fighting to take the Uniswap price in the green zone.

Featured image from CoinMarketCap, chart from TradingView.com

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