Crypto data aggregator, CoinMarketCap, announced today the launching of a particular token swap feature directly on its website via the integration of the DeFi protocol, Uniswap. CoinMarketCap’s well-visited website now features a swap icon on its Ethereum-based token web pages that allows users to swap between ERC-20 tokens using their wallets.
CoinMarketCap’s new ETH token swap feature supports wallets from Coinbase, MetaMask, Portis, Fortmatic, and WalletConnect. Whether the platform would add other wallets soon remains unknown.
What piqued the interest of many is the fact that CoinMarketCap chose to launch the said feature with Uniswap and not with Binance Smart Chain’s (BSC) PancakeSwap. While the new feature indeed brings excellent convenience, platform users would still be liable to pay transaction fees on Uniswap – and it doesn’t come cheap.
Some report that Uniswap transaction fees can go as high as $200 per instance, especially on the periods where the ETH blockchain is experiencing high demand. That may be, the parties involved reassures that ETH fees are at their lowest this year.
With all that being said, CoinMarketCAp further hinted at the possibility of integrating other DEXs and networks down the line – stating on its announcement that ETH is the only supported network at this time and Uniswap is the very first DEX to be integrated.