According to a recent announcement published by Uniswap, the world’s biggest decentralized exchange, the Ethereum-based platform just integrated natively into CoinMarketCap. This is a massive step for both companies, and it will allow CoinMarketCap to start offering token swaps.
🚀 We're incredibly excited to see Uniswap integrated natively into @CoinMarketCap
🔥 Token pages now have a "Swap" icon allowing users to connect to an Ethereum wallet and instantly trade that token through the Uniswap protocol
— Uniswap Labs 🦄 (@Uniswap) June 30, 2021
Uniswap noted that token pages will now have a Swap icon, allowing users to connect to an Ethereum wallet and trade their tokens through the Uniswap protocol instantly. Essentially, the move has demonstrated how easy and user-friendly token swaps can be through integrations between different companies and projects, rather than having a single company create all of these features from scratch and launch them on their own.
Of course, given the fact that Uniswap is an Ethereum-based project and that it only supports Ethereum itself and its ERC-20 tokens, these are the only tokens that will be able to use the swap feature at this time. However, the move might open the door towards similar integrations with other projects down the road, and potentially make CoinMarketCap the heart of a massive system.
The crypto price tracking website hinted at this itself, noting that there might be new integrations with other networks and DEXes in the future. As for the supported wallets, users can currently use MetaMask, Coinbase, WalletConnect, Portis, and Formatic to conduct these instant token swaps.
CoinMarketCap itself commented on the move by saying that, with the rise of altcoins in the DeFi sector, there was a great need for a simple and seamless way to exchange tokens and participate in different crypto products and ecosystems.
CoinMarketCap: A brief history
CoinMarketCap emerged in the early days of crypto, but it quickly started gaining popularity until it emerged as the leading crypto price tracking website. Last year, in April 2020, it was purchased by Binance exchange, which many criticized at the time, claiming that Binance will use the site to make itself and its coin look good.
Binance did change some ways in which the crypto data aggregator works, adding new features, and improving the service, but over a year has passed since the acquisition, and pretty much all criticism and complaints have died down. With that said, it is worth noting that several of CoinMarketCap’s executives have left the company only months after the acquisition. As for the community, it seems to have been reassured that Binance will not misuse its ownership of CMC, and things quickly settled down.
CMC explodes in 2021
Earlier this year, CoinMarketCap even exploded, nearly tripling its website traffic. In January of 2021, its total visits were at 101 million. Five months later, in May, the website saw over 272 million visits. Given the fact that crypto prices have been rapidly growing and then suddenly crashing down, it is not surprising that people have been going to CoinMarketCap to constantly check for the price performance of their favorite coins and tokens.
With CoinMarketCap now supporting instant swaps, it is likely that the amount of traffic it will see will explode even more, although this might have to wait for the market to once again switch to the bullish trend.
Another thing to note is that CoinMarketCap has a common issue that has been mostly overlooked so far, and that is that its website tends to go down briefly, from time to time. With the new feature added, many in the community have advised the website to work on solving this problem, as the last thing that the company will want now is for its website to seem unreliable. Users neither want to see it go down as they are swapping tokens, nor can they afford to suffer from such issues.