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- Enables users to connect a wallet and swap between ERC-20 tokens
- Success in the venture will motivate more integration with other DEXs and networks in future
- Website traffic reaches 272.32 million visits in May
CoinMarketCap has unveiled a new token swap feature via integration with Uniswap and has also said that it will be integrating with additional DEXs and networks in the future. Integration of the CoinMarketCap (CMC) with the decentralized exchange will enable token swap features.
CMC is a well-known crypto market data aggregator in the digital coin industry. It is owned by Binance since April 2020. CMC’s Ethereum based crypto pages include a swap icon. The swap icon enables users to connect a wallet and swap between ERC-20 tokens. The CMC platform works well with wallets which include WalletConnect, Coinbase, Fortmatic, Portis, and MetaMask.
More integration with other DEXs and networks in future
CMC has more integration with other DEXs and networks in store for the future. It mentions in its June 29 communiqué highlighting the fact that only Ethereum is supported now and Uniswap V1 and V2 is the supported DEX for token swaps.
Website traffic has been on the rise on CMC since the beginning of 2021. The Website traffic has surged from 101 million total visits in January to 272.32 million visits in May. 52.68% of referrals last month were from Binance. Binance is also the number one exchange referring traffic to the CMC platform.
CMC was born in 2013 and has grown to become one of the well known crypto data websites in the world. CMC introduced crypto indices on major finance exchanges which includes Nasdaq Global Index Data Service and Bloomberg Terminal in 2019.
Technically, Binance has said that it has no role in the operations of CMC and had allowed full operational independence to CMC after its acquisition in April 2020. However, experts differ, and some top executives have parted ways, including acting CEO Carylyne Chan and colleagues Jeremy Seow and Spencer Yang.
However, Uniswap integration was a Carylyne Chan brainchild, and she talked about greater crypto adoption.
On the other hand, Uniswap prices have climbed 40% since June 22 low. The altcoins made full use of the reading on the twelve-hour Relative Strength Index (RSI) to breach the longstanding trend line beginning on May 14. If UNI can stick to this baseline daily, there could be more good news for this altcoin.
Uniswap price needs patience and flexibility
From a high of $45.02 on May 2, Uniswap’s price fell to a low of $13.01 on May 23, representing a fall of 70%. It could be labeled as one of the smaller price corrections.
A bullish hammer candlestick pattern triggered the May 23 low. It unleashed an impulsive wave that stalled at the 50% retracement of the May correction, where UNI transacted until collapsing 50% into the June 22 low.
All through the first half of June, Uniswap price tried to breach the resistance level based on the May declining trend line. From June 22, a developing rally low of $13.90 looked corrective as it neared the resistance level formed by a price range around the June 12 low of $20.25 and the 50 twelve-hour SMA at $20.82.
It was going to be easy if Uniswap can achieve above $20.25.
Uniswap will have to prove its worth despite the rebound with a daily close above the June 12 low of $20.25. If Uniswap can achieve this, the going will be smooth, and it will overcome the 50 twelve-hour SMA at $20.82, thereby freeing the digital asset to test the 200-day SMA at $22.76.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
