Just about all cryptocurrency investors have heard about the CoinMarketCap platform, which provides updated information on the cryptocurrency market and useful friendly tools to have accurate information about the different cryptocurrencies in the market. It is in fact one of the most reliable sources for cryptocurrency statistical data, with an updated ranking of digital currencies, their price and market capitalization.
CoinMarketCap Token Swap?
Known as the number one place for crypto enthusiasts around the world to check the price of any cryptocurrency, CoinMarketCap has excitingly added a token swap feature, where on each supported network or token, you will be able to connect a supported wallet and swap your tokens directly on CoinMarketCap in a safe, secure manner.
At launch, the first supported DEX for token exchanges will be Uniswap. Ethereum-based token site pages now include a swap icon, allowing users to connect a wallet and trade between ERC-20 tokens. CMC, owned by Binance, has chosen Uniswap over the DEX that runs on its own blockchain, PancakeSwap, however there are hints that there might be additional integrations with other DEXs and BSC in the future; something that’s probably inevitable considering the boom that Binance Smart Chain has seen since launch.
At this time, Uniswap-compatible wallets will also be available for CoinMarketCap token exchange. This includes MetaMask, WalletConnect, Coinbase Wallet, Fortmatic, and Portis.
How Does it Work?
To use this new feature you simply need to navigate to the page of the currency you want to exchange. You will see a converter between a selection of two currencies on the right side of the page and the option to “Swap on CoinMarketCap”. Once you click to trade, you will be able to select the cryptocurrencies you want to trade and the amount. At this point, you will need to connect a wallet and sign the blockchain transaction. Of course, be sure to check the liquidity provider’s fee, slippage tolerance, and all evaluations before confirming your swap.
This function offers a better experience for the user, giving more quality to the interface of the platform and improving its products in order to achieve a greater boost in the adoption of cryptocurrencies.