CoinMarketCap Launches Token Swaps and Uniswap Support

Share Article
In Brief
  • CMC users can swap ERC-20 tokens on Uniswap.

  • Move could be bullish for DEX revenues.

  • No reaction from UNI tokens as prices continue to slide.

  • promo

    Bybit Launchpool: Stake BIT to Earn BIT. Redeemable Anytime. Join Now!

The Trust Project is an international consortium of news organizations building standards of transparency.

Cryptocurrency analytics platform CoinMarketCap (CMC) is venturing into the token swap and decentralized exchange (DEX) space with its latest offering.

Sponsored



Sponsored

In the latest announcement on the Binance-owned analytics website, CMC stated that it has launched a new token swap feature enabling users to swap crypto assets within the platform.

The popular token tracking platform has integrated Uniswap to enable the swapping of Ethereum-based ERC-20 tokens.

Sponsored



Sponsored

“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.”

It added that wallets supported by Uniswap will also be available for the CMC token swap. These include MetaMask, WalletConnect, Coinbase Wallet, Fortmatic, and Portis.

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.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

Follow Author

Limited offer! Learn to mine and trade crypto today for free

Join

Bit2Me ICO JUST STARTED! Buy B2M token now.

Buy now!

The BIT Time Rush. 8M BIT to Be Won. Three Innings; Massive Winnings.

Join Now!