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CoinMarketCap has released a token exchange functionality through integration with Uniswap, and has hinted at future support for more DEXs and networks.
CoinMarketCap (CMC) has added a token swap function 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 site’s Ethereum-based token pages now include a swap icon, enabling users to connect a wallet and swap between ERC-20 tokens. The platform supports wallets from MetaMask, Coinbase, Fortmatic, Portis, and WalletConnect.
🚀 We’re incredibly excited to see Uniswap integrated natively into @CoinMarketCap
🔥 Token pages now have a “Swap” icon allowing users to connect to an Ethereum wallet and instantly trade that token through the Uniswap protocol
— Uniswap Labs 🦄 (@Uniswap) June 30, 2021
CMC hinted there may be additional integrations with other DEXs and networks in the future, with its June 29 announcement noting that only Ethereum is supported “at this time” and Uniswap V1 and V2 will be the “first supported DEX for token swaps.”
CMC has seen a significant uptick in website traffic since the beginning of the year, increasing from 101 million total visits in January to 272.32 million visits in May. Binance is the top website referring traffic to the platform, equating to 52.68% of referrals last month, according to data from website analytics firm SimilarWeb.
CMC was created in 2013 and has since grown to become one of the world’s most popular crypto data websites. In 2019, the platform offered cryptocurrency indexes on key finance platforms including the Nasdaq Global Index Data Service and Bloomberg Terminal.
Despite Binance’s public statements that CMC will have operational independence following its acquisition in April 2020, numerous key 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 departed the business.
However, the Uniswap integration is largely consistent with Chan’s goal for increasing crypto acceptance, which she shared with Cointelegraph in August 2020, emphasising that:
“We’ve all known for a while that better user experiences and simplified interfaces and products will be key to ramping up adoption of crypto.”