Ethereum Token Swaps Supported by Uniswap Launches on CoinMarketCap

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The Largest Ethereum-based Decentralized Exchange Delisting Tokens
The Largest Ethereum-based Decentralized Exchange Delisting Tokens

CoinMarketCap (CMC) has introduced an Ethereum token swap function on its website through the integration with the decentralized exchange Uniswap.

Exchange Icon for Ethereum Token Swaps Added on CoinMarketCap

CMC is one of the most well-known cryptocurrency market data aggregators in the industry and has been owned by Binance since April 2020.

The Ethereum-based token page of the website now includes an exchange icon that allows users to connect to wallets and exchange between ERC-20 tokens. The platform supports wallets from MetaMask, Coinbase, Fortmatic, Portis and WalletConnect.

CMC demonstrated that there may be more integrations with other DEXs and networks in the future. Its June 29 announcement indicated that “at this point in time” only Ethereum is supported and Uniswap V1 and V2 will be “the first DEX to support token exchanges.”

Since the beginning of this year, CMC’s website traffic has increased significantly, from total visits in January to 272.32 million in May. This comes from data from the website analysis company SimilarWeb.

CMC was founded in 2013 and has become one of the most cited websites for encrypted data in the world. In 2019, the platform launched encrypted indices on major financial platforms such as the Nasdaq Global Index Data Service and Bloomberg Terminal.

Although Binance publicly stated that CMC would be operationally independent after the April 2020 acquisition, some executives left within a few months of the acquisition. In a report on Aug. 31, 2020, the acting CEO Carylyne Chan and colleagues Jeremy Seow and Spencer Yang have all left the company.

However, the Uniswap integration roughly matches Chan’s vision to achieve greater crypto adoption, which she introduced in August 2020, noting:

“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.”