Crypto
  • BTC
    21192.4 -1.07%
  • ETH
    1216.01 -1.51%
  • SOL
    39.98 -4.79%
  • ADA
    0.5 1.02%
  • AVAX
    20.21 -4.17%
  • DOT
    7.97 -1.39%
  • LTC
    57.78 -1.09%
  • BCH
    114.7 0.68%
  • DOGE
    0.07 7.28%
  • CRO
    0.13 -0.78%
  • MATIC
    0.58 -2.76%
  • LINK
    6.92 -3.98%
  • UNI
    5.63 0.86%
  • SHIB
    0 -1.78%

DeFi Sunday: CoinMarketCap cooperation with the decentralized exchange Uniswap

The latest innovation of CoinMarketCap is trading ERC-20 tokens directly on their platform, through cooperation with the decentralized cryptocurrency exchange Uniswap.

CoinMarketCap traffic is constantly growing

CoinMarketCap was founded in 2013 and since then it has become one of the most preferred websites with crypto data in the world. In 2019, the platform also introduced its own crypto indices on major financial platforms, such as the Nasdaq Global Index Data Service and Bloomberg Terminal. For many, this is a portal where they can relatively easy find all the necessary information about individual cryptocurrencies, exchanges and various other analytical data. In addition, since the beginning of this year, they have seen a huge increase in traffic, which increased from 101 million in January to an incredible 270 million in May. The vast majority of visits are brought to them by the most famous exchange Binance which is responsible for 53% of traffic.

CoinMarketCap website home page CoinMarketCap website home page, Source: shutterstock.com

Not everyone knows that CoinMarketCap is actually owned by Binance itself. However, according to public statements, CMC was about to gain operational independence from Binance. Nevertheless, some of the leading representatives of CoinMarketCap left after the takeover of the portal, and therefore the alleged independence from the well-known exchange remains the subject of various speculations.

The CoinMarketCap offer expanded with a decentralized token exchange

The good news is that despite the excellent results, the leaders have not rested on their laurels and are constantly working on improvements and new functionality. According to the latest information a new token swap feature has appeared on the analytics website and allows users to exchange cryptocurrencies directly within the platform. The service is brought in cooperation with the most famous decentralized exchange Uniswap and the offer currently applies to ERC-20 tokens of Ethereum blockchain.

It is interesting that CMC preferred Uniswap in this cooperation, over a decentralized exchange from their own chain - PancakeSwap. According to Dune Analytics, Uniswap is currently the most popular decentralized exchange in the world, with an overall market share of over 68%. CMC officials indicated that further integrations with other decentralized exchanges and other available chains may take place in the future.

Although it is a DeFi solution, it should be as simple as possible for users

CMC announced that electronic wallets supported by Uniswap will be available for tokens swap. These are MetaMask, WalletConnect, Coinbase Wallet, Fortmatic and Portis. To perform the exchange itself, the user must click on the CMC page of the supported token, where the option "Swap on CoinMarketCap" will appear on the right side. When clicked, users will see tokens available for exchange (swap), as well as a prompt to connect an electronic wallet.

This news is, of course great, especially for the Uniswap exchange, as the cooperation with CMC is likely to bring them millions of new users and also for the entire DeFi industry. According to CryptoFees, Uniswap v3 has generated an average of $ 1.7 million in daily fees over the past week, and Uniswap v2 has generated an average of about $ 1.2 million per day. So together they generate more fees than Bitcoin and Binance Smart Chain combined.

Slavomír is working in the field of cryptocurrencies since 2018. As a Co-Founder and Chief Marketing Officer of Dollero Technology, which is currently developing a crypto exchange ...

Comments are closed.