The CoinMarketCap platform has launched a direct token exchange function on its website through integration with the Uniswap decentralized exchange. CMC is one of the most popular services in the cryptosphere, which means that this innovation should greatly facilitate the process of adopting digital assets by new users.
In addition, it will allow beginners to get to know the world of decentralized finance in practice. In any case, the capabilities of the platform users have now become much wider.
Decentralized exchange – a platform that allows you to exchange cryptocurrency on a decentralized basis. Accordingly, users do not need to register and create a personal account, in addition, the exchange itself does not store human assets, because the exchange of coins occurs through direct interaction with smart contracts.
We have updated the latest data: Uniswap is the most popular decentralized cryptocurrency exchange. In June 2021, it accounted for 69.7 percent of all so-called DEX trading volumes. This means that users prefer to exchange cryptocurrency for Uni.
Trading volumes on decentralized exchanges
Now this figure is likely to grow. At a minimum, a much larger number of people will be able to use the functionality of the exchange.
How to buy cryptocurrencies
The Ethereum-based token page now has an exchange field that allows users to connect a wallet and quickly exchange ERC-20 tokens. The platform supports MetaMask, Coinbase, Fortmatic, Portis and WalletConnect wallets .
Recall that the ERC-20 standard means fungible tokens – that is, those that can be exchanged among themselves. This means that users can sell their ETH for USDC, and then spend the received stablecoin to purchase LINK, AAVE, BAL, WOO or any other coins available on the Ethereum blockchain.
Note that cryptocurrencies from other blockchains are not supported by the Uniswap platform, since the exchange itself operates on the ETH network. Accordingly, you won’t be able to purchase Solana or Binance Coin there. At best, these will be their synthetic counterparts – that is, other tokens, the value of which is tied to the underlying asset. In this case, it will be the mentioned SOL or BNB.
Advertising of the third version of the Uniswap exchange
In the news announcement, CMC representatives hinted that there may be additional integrations with other decentralized exchanges and networks in the future. Currently, only tokens created on the basis of Ethereum are supported, Cointelegraph reports. They are exchanged through the V1 and V2 versions of the Uniswap platform.
We tested the innovation: the logic of its operation completely coincides with what is happening on decentralized exchanges. Users need to connect their own wallet, select the required cryptocurrency for exchange from the list of available ones, and then carry out the exchange. Since transactions take place on the Ethereum network, the address must also contain ETH in order to pay fees. This is necessary even for those cases when the user spends exclusively stablecoin.
Ethereum to Dai stablecoin exchange window
Note that CMC has experienced significant traffic growth since the beginning of this year. The figure increased from 101 million visits in January to 272.32 million in May. According to analyst firm SimilarWeb, Binance is the top 1 website for driving traffic to CoinMarketCap. This is quite expected, since the crypto exchange made a purchase of the platform almost a year ago, which caused a wave of indignation in the crypto community.
Hence, we can conclude that the CoinMarketCap integration was successful, and the exchange clients are really using the capabilities of this platform.
Such seemingly subtle innovations are key steps towards making the crypto industry more convenient, faster and more understandable for everyone. There is nothing new in the set of functions presented by CMC, because such an exchange of ERC-20 tokens has been organized for a relatively long time. The location of such technology is important here – CoinMarketCap is one of the most popular sites in crypto-topics and one of the first that novice crypto-investors get to know. The ability to read basic information about cryptocurrencies and immediately exchange them makes the industry more understandable and convenient.
We believe that the collaboration between CoinMarketCap and Uniswap will allow thousands of users to experience the world of decentralized finance and its benefits. Now they will be able to exchange cryptocurrency without having to create accounts and come up with passwords. And for some, this will be the starting point for meeting other representatives of the DeFi world.
