CoinMarketCap Launches New Token Swap Feature on its Platform

Crypto data aggregator CoinMarketCap has launched a token swapping feature on its platform that lets users directly swap Ethereum-based tokens on the popular crypto price reference site.

CoinMarketCap Launches New Token Swap Feature

Popular crypto market data aggregator CoinMarketCap has launched a new token swap feature on its website that allows users to swap Ethereum-based tokens directly on the site.

The token tracking platform has integrated Uniswap to enable the swapping of Ethereum-based ERC-20 tokens, allowing users to connect their crypto wallet to buy or sell any ERC-20 token just like on Uniswap itself.

“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,” Coinmarketcap said.

Wallets supported by Uniswap will also be available for the CMC token swap such as MetaMask, WalletConnect, Coinbase Wallet, Fortmatic, and Portis.

The feature will initially support the leading non-custodial crypto exchange Uniswap and the Ethereum blockchain. Some of the supported tokens include ether (ETH), Unsiwap (UNI), Tether (USDT), DAI, Aave, and more.

Token Swap Becomes Essential Amid DeFi Boom

To carry out a swap, users would need to navigate to the page where the token is listed where they will then find a converter between a selection of two coins on the right side of the page, and the option to “Swap on CoinMarketCap.” When clicked, the platform will show the tokens available for the swap that will prompt a wallet connection.

“With the rise of altcoins in the DeFi boom, the need for seamless ways to exchange tokens in order to participate in different crypto products and ecosystems has become essential.” Coinmarketcap continued.

Interestingly, Binance-owned platform CoinMarketCap chose Uniswap over the decentralized exchange running on its own blockchain PancakeSwap, as the former is still the world’s most popular decentralized exchange with more than 68% of the total market share.