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Ethereum Token Swaps Reportedly Launched by CoinMarketCap

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Jun 30, 2021

As per the latest reports, CoinMarketCap (CMC) has made an exciting announcement for its users. CoinMarketCap has announced that it has launched a new feature for the users. CMC has revealed that the new feature is the token swap feature that has been launched by the platform through the website.

The firm has announced that it has successfully launched the new application with the help of Uniswap. Uniswap is a decentralized exchange that has helped CoinMarketCap in successfully executing the integration.

CoinMarketCap is reportedly one of the most well-known and popular aggregators of the cryptocurrency market in the entire cryptocurrency industry. CoinMarketCap is owned by Binance, which is one of the largest cryptocurrency exchanges in the entire world. Binance had successfully acquired CMC back in April of 2020.

The token pages for the website will now have the option of the token swap, which will be visible in the form of a swap icon. The token pages that the CoinMarketCap offers are based on the Ethereum network. With the latest integration, the users have the ability to connect their wallets.

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By connecting their wallets through the provided option, the users would be able to perform swaps between the ERC-20 tokens. At present, there are a total of five different wallets supported by CoinMarketCap’s platform. The names of these platforms are WalletConnect, Portis, Fortmatic, Coinbase, and MetaMask.

CoinMarketCap has revealed that in the coming months, it will be going through more integrations. As a result, the platform is aiming to integrate several networks and decentralized exchanges (DEXs). For the time being, the CoinMarketCap platform only supports assets on the Ethereum network.

The announcement regarding the integration was made by CoinMarketCap on Tuesday, June 29, 2021. When making the announcement, the platform revealed that for the time being, the only decentralized exchanges for the token swaps would be Uniswap V1 and V2.

According to CoinMarketCap, it has been experiencing a significant rise in the user base and traffic on its platform. The firm has clarified that the surge in traffic has been observed on its platform started in the year 2021.

The firm has revealed that until January of 2021, the total visits it had observed from the traffic were 101 million. From the beginning of January until May of 2021, the total visits on the platform have been recorded as 272.32 million.

The stats show that Binance currently holds the crown for being the platform to refer the most amount of traffic to CMC. The data shows that out of the total number of referrals coming to CMC, 52.68% referrals were generated through Binance.

CoinMarketCap was founded back in 2013 and since then, it has emerged as one of the most referenced data websites worldwide as a cryptocurrency firm.

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