CoinMarketCap Integrates Uniswap For Ethereum-Based Token Swaps

CoinMarketCap integrates Uniswap for ethereum-based token swaps that will allow swapping Ethereum-based tokens directly on the site as we can see more in our latest cryptocurrency news today.

The token list maintained by CoinMarketCap competitor CoinGecko is not automatically supported but the traders that are addicted to refreshing CoinMarketCap can choose to swap Ethereum-based tokens directly on the price reference site.
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Through the integration with Uniswap, visitors that connect their crypto wallet can buy or sell any ERC-20 token. As CoinMarketCap integrates Uniswap, it marks a major step ahead for Uniswap. CMC was founded in 2013 and bought out by binance a few years later which ended up attracting 272 million visitors to the site a month ago. Launched in 2018, Uniswap accounts for 65% of the trading volume on decentralized exchanges.

Since Uniswap is decentralized, anyone can list an ETH-based token on the exchange, and coins often get listed here before any other exchanges like Binance. Like the rest of DeFi, the CMC Uniswap integration requires users to link their wallets with the integration supporting MetaMask, Coinbase Wallet, Formatic, Portis, and Wallet Connect. There’s only one tweak to the CMC version of Uniswap as it doesn’t automatically include 4572 tokens maintained by CoinGecko. The list has to be added manually and includes popular altcoins including Shiba Inu.

It is interesting that CoinMarketCap chose to integrate Uniswap before it did PancakeSwap which is a DX that runs on the binance Smart Chain. Despite the convenience of the integration, the users of the platform could still pay transaction fees on Uniswap. These sometimes hit over $200 per transaction a few months ago so when demanded the ETH blockchain was high and that said, the fees of ETH Are at their lowest point in six months.

As reported recently, The Uniswap initiative has yet to be put forward as a formal governance proposal and it was launched by token holders to create a $25 million political defense fund for DeFi protocols and it is closer than ever to becoming a reality. The fund was proposed by Harvard Law Blockchain and FinTech Initiative who want 1 million UNI tokens from the community treasury to prop up a nonprofit that will defend the protocol and DeFi from legal and regulatory threats. The measure passed two votes which were meant to give a sense of the community’s thoughts on the issue. The consensus check vote concluded over the weekend with the majority of the votes in favor.