A token swap technology has been launched by CoinMarketCap (CMC), which is integrated with Uniswap (a decentralized exchange) and capable of supporting new networks and additional DEXs in the coming days. The feature has been incorporated into the CMC website.
CMC, counted among the most prominent data aggregators of the crypto market across the industry, was purchased by Binance in April 2020. A swap icon has been incorporated in the website pages related to the tokens (based on Ethereum), which would allow the consumers to swap ERC-20 tokens. The swap icon on the token pages enables the users to attach an Ethereum-based wallet and directly trade the specific token via Uniswap protocol. The wallets supported by the platform belong to Portis, Formatic, WalletConnect, Coinbase, and MetaMask.
CMC signaled in its announcement of 29th June that in the coming days, there would be an addition of the integrations connecting the networks and DEXs, although at that time it confirmed the support for Ethereum only proposing V1 as well as V2 of Uniswap to be the ‘token swap supporting DEXs’ next to Ethereum. Since the start of the ongoing year, a considerable upturn has been seen in the traffic of the CMC website as escalating from January’s 101M aggregated visits to May’s 272.32M visits. The platform is mostly visited with the reference of the Binance website, including last month’s 52.68% referrals.
After its foundation in 2013 up till now, CMC has managed to get its position as among the most referenced data websites across the world regarding cryptocurrency. The platform issued some crypto indices to be running on the significantly large finance platforms, including Bloomberg Terminal and the Global Index Data Service of Nasdaq.
A few excellent executives of CMC have left during the months in which the firm was being taken over, although Binance has made many public announcements in April 2020, which state that operational independence would be given to the firm. Moreover, on 31st August 2020, a report mentioned that that Carylyne Chan (the Chief Executive Officer of CMC), as well as his colleagues Spencer Yang and Jeremy Seow, had abandoned the firm.
Nonetheless, the integration of Uniswap is generally according to Chan’s idea for making a way toward the adoption of cryptocurrency on a broad level which was elaborated by her in August 2020 as she mentioned that the vitally important things for the wide adoption of crypto comprise of simplified interfaces and a good user experience.