Uniswap targets Web3 with swaps widget – BeinCrypto

Uniswap Labs will now allow to integrate its swaps widget [soit d’échanges] on websites by means of a line of computer code, thus seeking to extend its growth to Web3.

Websites, such as the OpenSea non-fungible token platform, now offer their users the ability to trade tokens through the DEX widget, without having to leave the page.

Other sites, such as Oasis.app and Friends With Benefits, will also have access to this in-app swap feature.

Market growth

Beyond its own ambitions, Uniswap also hopes to extend the unique Web3 concept of applications using tokens and blockchain with the launch of this integration feature. “We believe that the exchange of values ​​is essential to Web3“, said Mary-Catherine Lader, Chief Operating Officer of Uniswap. “To grow, we have to grow the whole market”.

According to Richard Crone, head of Crone Consulting, PayPal Holdings has used a similar feature, which has not only contributed to its own growth, but also to the expansion of e-commerce as a whole.

However, in the cryptocurrency industry, Coinbase Global is so far one of the few players to use these widgets, and only for certain functions.

The evolution of Uniswap

Uniswap was founded by CEO Hayden Adams in New York after the latter lost his job as a mechanical engineer at Siemens in 2017. Data from Dune Analytics shows that this decentralized exchange (DEX) now dominates crypto spot trading on Ethereum, with a 74% share of trading volume among blockchain DEXs.

According to CoinMarketCap, only dydx, a DEX focused on crypto derivatives, has higher trading volumes.

However, while Uniswap’s total locked value has increased by more than 200% to $7.8 billion since the start of the year, according to researcher CryptoCompare, its market share on Ethereum has grown from 12, 4% to 6.4% during this same period. According to David Moreno Darocas, research analyst at CryptoCompare, the expansion of financial apps like Curve and Aave is responsible.

However, the company has been persistent in its efforts to maintain the dominance of its protocol, with recent widget integration features being just one of them.

Last year, Uniswap updated its protocol software, allowing its users to trade more volumes with less capital and expanding to other blockchains, such as Polygon. The company also recently launched a venture capital arm to invest in Web3 start-ups.

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Uniswap targets Web3 with swaps widget – BeinCrypto


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