Crypto data aggregator CoinMarketCap (CMC) has now added a token swap feature through an integration with popular decentralized exchange (DEX) Uniswap, CMC said in a blog post on 29 June.
According to the announcement, CMC users will no longer need to exit the website if they have the urge to swap ERC-20 tokens, but will only need to use the swap icon on all Ethereum-based token pages. The new feature was added through an integration with Uniswap V1 and V2, though the data aggregator hinted it could soon add more DEX’s to this offering. CMC said in its blog post:
“On every supported network and token, you will be able to connect a supported crypto wallet and swap your tokens right on CoinMarketCap in a safe and secure way.”
In order to use the new feature, users will first have to connect one of the supported wallets to the website, which include MetaMask, Coinbase, Fortmatic, Portis, and WalletConnect. Users will still have to pay the transaction fees on Uniswap, and while Ethereum’s fees were over $200 a few months ago, they are currently at their lowest price in six months. CMC warned its users:
“Make sure that you have checked the liquidity provider fee that will be charged, the route, the price impact, the minimum received and the slippage tolerance before confirming your swap.”
Founded in 2013 — and bought by Binance in April 2020 — CMC is one of the largest crypto data aggregators on the market, with the website almost tripling its monthly visits between January and May 2021. It is not surprising Uniswap was the first DEX CMC integrated, considering it accounts for around 65% of the trading volume on DEXs.