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CoinMarketCap X Uniswap: Ethereum token swaps launch

Thu 01 Jul 2021 ▪ 18h30 ▪ 4 min read — by Luc Jose Adjinacou

CoinMarketCap (CMC) has teamed up with Uniswap (UNI) to integrate a new Ethereum-based token swap feature. The company has suggested supporting other DEXs and networks in future as well.

CMC en route to increasing traffic

Difficult to miss, this announcement quickly spread over cyberspace making many netizens react, especially on Twitter. And the reason is quite obvious! For the first time in its history, the crypto data aggregator CoinMarketCap has launched a Ethereum-based token swap via decentralized exchange Uniswap.

The new feature has already been added to the CMC’s website. From now on, a swap icon can be found on pages related to Ethereum-based tokens. A click leads users to a wallet where they can proceed with ERC-20 token exchange. Currently, the platform supports wallets from Coinbase, MetaMask, WalletConnect, Portis, and Fortmatic.

CoinMarketCap has tipped off that new integrations will soon be in place and new networks will be included. The platform’s strategy seems to be aiming at increasing CMC’s traffic significantly, which went up from 101 million visits in January 2021 to 272.3 million visits in May 2021. According to data presented by SimilarWeb, Binance is the top website providing considerable traffic to CMC.

Crypto adoption ramped up

Founded in 2013, CoinMarketCap has emerged into one of the most-referenced crypto data tracking websites. The service thrived promptly and in 2019 was able to launch crypto indices on several major financial platforms, such as Nasdaq Global Index Data Service and Bloomberg Terminal.

To this day, the relation between Binance and CMC is not quite clear. According to facts and public statements, CoinMarketCap has operational independence. However, in practice this is not the case. Many employees resigned within months after CMC was purchased by Binance. Cointelegraph informed that the acting CEO Carylyne Chan left the company along with colleagues Spencer Yang and Jeremy Seow.

The collaboration project with Uniswap goes in line with what Chan envisioned. “We’ve all known for a while that better user experiences and simplified interfaces and products will be key to ramping up the adoption of crypto.”

In an attempt to contribute to a better financial integration, CoinMarketCap (CMC) adds a new feature to its website in partnership with Uniswap (UNI). At present, although many say they don’t want to participate in the initiative, experts point out its usefulness. Carylyne Chan believes this is how they can “accelerate the adoption of crypto.”

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Luc Jose Adjinacou avatar
Luc Jose Adjinacou

Loin d’avoir refroidi mes ardeurs, un investissement infructueux en 2017 sur une cryptomonnaie n’a fait qu’accroitre mon enthousiasme. Je me suis dès lors résolu à étudier et comprendre la blockchain et ses nombreux usages et à relayer avec ma plume de l’information relative à cet écosystème.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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