Cryptocurrency analytics platform CoinMarketCap (CMC) is venturing into the token swap and decentralized exchange (DEX) space with its latest offering.
The popular token tracking platform has integrated Uniswap to enable the 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.”
Swapping on CoinMarketCap
To carry out a swap, users need to navigate to the page where the token is listed. They will see a converter between a selection of two coins on the right side of the page, and the option to “Swap on CoinMarketCap.”
When clicked, the platform will show the tokens that are available for the swap and prompt for a wallet connection.
Interestingly, CMC chose Uniswap over the DEX running on its own blockchain, PancakeSwap. Uniswap is still the world’s most popular decentralized exchange with more than 68% of the total market share according to Dune Analytics.
CMC’s integrated version of Uniswap also does not automatically include all of the tokens listed on its competitor, CoinGecko. This list must be added manually.
The move could bring millions of new users to Uniswap, bolstering its already substantial fee revenue stream. CoinMarketCap saw more than 270 million visitors on its website last month, according to SimilarWeb.
CMC swap users will still have to pay Uniswap’s transaction fees which is a bullish development for the DEX. According to CryptoFees, Uniswap v3 generated $1.7 million in daily fees on average over the past week. Around $1.2 million is generated by Uniswap v2 on average so the two together generate more fees than Bitcoin and Binance Smart Chain combined.
UNI token price reaction
The decentralized exchange’s native UNI token has been battered during the market selloff. UNI has retreated 1.5% on the day to trade at $17.88 at the time of press.
The DEX governance token has dropped 30% over the past month and is down 60% from its May 3 all-time high of $43.