CoinMarketCap rolls out UniSwap-powered Ethereum token swaps

CoinMarketCap (CMC), a leading crypto data provider, has launched a token swap feature on its website after integrating UniSwap, a decentralized exchange. The crypto data aggregator unveiled this news through an official announcement on June 29, noting that it launched the feature to help its users swap tokens seamlessly. Through this feature, CoinMarketCap aims to let its users view price data on multiple coins and swap them in a safe and secure environment if need be.

According to the announcement, the swap feature will initially support UniSwap V1 and V2 as the only decentralized exchange (DEX). UniSwap-supported wallets will also be eligible for token swaps. These include Metamask, WalletConnect, Coinbase Wallet, Formatic, and Portis. CMC added that the feature will work on the Ethereum network at the moment, indicating that it might work to add support for other blockchain networks.

Explaining how this feature works, CMC said a user should visit the page of the coin they seek to swap. On the right side of the page, the user will see a Swap button, which when clicked opens a converter tab with a selection of two coins. At this point, the user will need to select a cryptocurrency and the amount they seek to convert. After this, the user will have to connect a wallet and sign the blockchain transaction.

CMC cautioned that users should check the liquidity provider fee, the route, the price impact, the minimum amount, and the slippage tolerance before confirming swaps.

Fostering crypto adoption through user-friendly interfaces

This news comes as CMC continues improving its platform to give users a user-friendly experience. Launched in 2013, the platform has become a frequently referenced crypto data aggregator across the globe. As a result, its user base has been expanding rapidly, especially after Binance Group acquired it in April 2020. The recent crypto market rally has also played a significant role in increasing the website’s traffic.

According to data from SimilarWeb, an analytics firm, the number of visits on CMC increased from 101 million in January to 272.32 million in May and Binance was behind 52.68% of the total number of referrals.

While Binance’s acquisition of CMC did not sit well with some of its executives, their work is still evident in the company. For instance, former acting CEO, Carylyne Chan, left the company in August last year. However, her goal to boost crypto adoption by offering better user experiences and simplified interfaces is seen in CMC’s integration of UniSwap.