CoinMarketCap has launched Ethereum token swaps powered by Uniswap

CoinMarketCap has launched Ethereum token swaps powered by Uniswap

CoinMarketCap (CMC) has added a token swap option to its website thanks to a partnership with the decentralised exchange Uniswap.

CMC is one of the industry’s most well-known crypto market data aggregators, and it has been owned by Binance since April 2020.

The Ethereum-based token pages on the site now include a swap icon, allowing users to link a wallet and change between ERC-20 tokens. MetaMask, Coinbase, Fortmatic, Portis, and WalletConnect wallets are all supported by the platform.

Token pages now have a “Swap” icon, which allows users to connect to an Ethereum wallet and instantaneously trade that token using the Uniswap protocol.

Excellent effort on the integration!!!

— Uniswap Laboratories (@Uniswap) CMC alluded to potential integrations with other DEXs and networks in its June 29 statement, adding that only Ethereum is supported “at this time,” and Uniswap V1 and V2 will be the “first supported DEX for token swaps.”

CMC’s website traffic has increased significantly since the beginning of the year, rising from 101 million total visits in January to 272.32 million visits in May. According to data from internet analytics firm SimilarWeb, Binance is the top website referring traffic to the platform, accounting for 52.68 percent of referrals last month.

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CMC was launched in 2013 and has since grown to become one of the world’s most popular crypto data websites. In 2019, the platform introduced cryptocurrency indexes on key finance platforms as the Nasdaq Global Index Data Service and Bloomberg Terminal.

Despite Binance’s public statements that CMC would have operational independence following its acquisition in April 2020, multiple prominent executives quit within months of the transaction. On August 31, 2020, Cointelegraph reported that acting CEO Carylyne Chan, as well as employees Jeremy Seow and Spencer Yang, had all left the organisation.

However, the Uniswap integration is essentially consistent with Chan’s strategy for increasing crypto adoption, which she shared with Cointelegraph in August 2020, stating that:

“We’ve all understood for a long time that better user experiences, simplified interfaces, and products will be critical to increasing crypto adoption.”