The cryptocurrency analysis platform CoinMarketCap (CMC) is venturing into token swap and decentralized exchange (DEX) with its latest offering.
In the recent announcement on Binance’s own analytics website, CMC announced that it has introduced a new token swap feature that will allow users to exchange crypto assets within the platform.
The popular token tracking platform has integrated Uniswap to enable the exchange of Ethereum-based ERC-20 tokens.
“You can connect a supported crypto wallet to any supported network and token and exchange your tokens securely and securely directly on CoinMarketCap.”
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.
Exchange on CoinMarketCap
To make an exchange, users must navigate to the page that lists the token. You will see a converter between a choice of two coins on the right side of the page and the “Swap on CoinMarketCap” option.
When you click on it, the platform will display the tokens available for the swap and ask for a wallet connection.
Interestingly, CMC preferred Uniswap to DEX, which runs 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.
The integrated version of CMC from Uniswap also does not automatically contain all tokens that are listed with its competitor CoinGecko. This list must be added manually.
The move could bring millions of new users to Uniswap and boost its already substantial fee income. According to SimilarWeb, CoinMarketCap had more than 270 million visitors to its website last month.
CMC swap users will still have to pay Uniswap’s transaction fees, which is a bullish move for the DEX. According to CryptoFees, Uniswap v3 has generated an average of $ 1.7 million in daily fees over the past week. On average, Uniswap v2 generates around $ 1.2 million, so the two together generate more fees than Bitcoin and Binance Smart Chain combined.
UNI token price reaction
The native UNI token of the decentralized exchange was struck during the market sell-off. UNI is down 1.5% on the day, trading at $ 17.88 at press time.
The DEX governance token is down 30% over the past month, and is 60% below its all-time high of $ 43 on May 3.
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