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CoinMarketCap reveals that the feature is accessible on the pages of supported coins.
Crypto market data aggregator CoinMarketCap (CMC) through integration with non-custodial decentralized crypto exchange Uniswap has launched a token swap feature on its website. CMC is one of the most visited finance portals in the world. According to data by SimilarWeb, the site had upwards of 270 million visitors last month.
This new addition does not automatically come with all of the tokens listed on its contemporary CoinGecko. Tokens have to be added one by one manually. The feature supports the Ethereum blockchain and by extension, swapping of Ethereum-based tokens like Ether (ETH), Uniswap (UNI), Tether (USDT), DAI and Aave.
Currently, supported DEXs are Uniswap versions 1 and 2. CoinMarketCap users swapping tokens will still be subject to Uniswap transaction fees. The two are poised to bring in more revenue from fees than bitcoin and Bitcoin and Binance Smart Chain combined. This is according to data compiled by CryptoFees which shows that Uniswap version 2 and 3 brought in about $1.2M and $1.7M respectively in fees per day over the past week.
CoinMarketCap reveals that the feature is accessible on the pages of supported coins. To be able to swap tokens, users will, of course, have to connect a supported wallet holding the tokens they wish to swap. To successfully complete a swap, they will also have to sign a blockchain transaction. CMC commented:
“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 is worth noting that CMC went for Uniswap instead of PancakeSwap that runs on its own blockchain. This might be due to the fact that Uniswap had a total market share of more than 68%. The partnership could add millions of users to Uniswap’s already large following and with them, an increase in revenue.
“With the rise of altcoins in the DeFi [decentralized finance] boom, the need for seamless ways to exchange tokens in order to participate in different crypto products and ecosystems has become essential,” CoinMarketCap notes.
It will be interesting to note how this new partnership will affect Uniswap’s native token UNI. The token has been hard-hit recently by the market sell-off.