CoinMarketCap has taken a move that will boost the use of decentralized exchanges, and more specifically, Uniswap.
The crypto data aggregator has announced that it was integrating Uniswap into its platform. This means that anyone using CoinMarketCap can now swap tokens without having to leave the platform.
The move by CoinMarketCap is a big deal as it involves two crypto industry players with a lot of clout in the market. In addition, CoinMarketCap has traffic that runs into hundreds of millions a month. Data by SimilarWeb shows that in May, the website had 270 million unique visitors.
On its part, Uniswap is one of the most noticeable decentralized exchanges. Data by Dune Analytics shows that Uniswap controls about 68 percent of the total decentralized exchange market share. The two platforms could drive up the number of transactions done in a decentralized environment by coming together.
However, the biggest winner in this is the Ethereum blockchain. Ethereum dominates the Dapps space, and with the integration of Uniswap and CoinMarketCap, developers are more incentivized to come up with Ethereum-based tokens due to the liquidity that this integration provides.
So far, neither Ethereum nor Uniswap have moved much at a price in response to the integration. Both are trading in a range now, as the broader market consolidates after two days of gains.
However, key support is holding, an indicator that the bullish sentiment that started early in the week is still strong. This is all part of the improving crypto fundamentals that include growing uptake by institutional players.