February 25, 2024

Per a recent Bloomberg report, Uniswap labs, the team behind the biggest DEX globally, has launched a new feature that users can incorporate on their website via an embed code. Payment processing giants, PayPal, have been using a similar feature for many users to expand their userbase. 

Like PayPal, Coinbase employed a similar feature some months ago. Through this new feature known as the swap widget, Uniswap users can swap tokens from any website without reverting to the Uniswap platform for the swap to be complete.

Uniswap’s New Feature

Per the announcement, Uniswap’s new feature will only be available on selected websites such as the Oasis app and OpenSea. While responding to media questions over the latest development, a top-level Uniswap executive (Mary-Catherine Lader) stated that “Uniswap labs believes that the Web3 market can’t grow without the growth of the participants.” 

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She added, “Hence, there is a need for these participants to create values that would be useful to the web3 space. for instance, one of the values we’ve created is for our users to swap their tokens for wETH and make NFT transactions on any NFT marketplace, including OpenSea and rarible.” Users won’t need to access their Uniswap dashboard to perform transactions from their Uniswap account.

Creating A Seamless Swapping Experience 

Uniswap has built several tools and systems to make access to financial markets as seamless as possible. Uniswap’s newest tool is the swap widget and has been primarily developed to ensure a seamless swapping experience.

Uniswap co-founder, Hayden Adams, commented on the newest tool saying, “one of our goals at Uniswap is to ensure that anyone with an internet connection can access the financial market without fear or prejudice. The launch of the swap widget has seen us partner with some selected platforms because they already have a Web3 application that can work with the swap widget. 

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He further said, “Any other platform with a suitable Web3 application can reach out to us, and we will sync swap widget with them. Nevertheless, we are already developing more tools to simplify user experiences without compromising security.”

Uniswap’s New Tool Will Facilitate Growth

Uniswap is convinced that its new tool will enhance growth since other companies have been using similar tools for many years without experiencing any issues. The firm also disclosed that it had established an arm whose sole focus will be on Web3 projects. In one of its latest blogposts, Uniswap revealed that most of its projects under development are consumer-centric apps and developer tools.   

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Uniswap’s dominance as the top Ethereum DEX is now under threat following increased competition from other DEXs within and outside the Ethereum blockchain community. A CryptoCompare analysis shows that the rapid growth of Curve, Aave, and other financial apps is responsible for reducing Uniswap’s dominance of DEX trading volumes on Ethereum. Currently, Uniswap controls 73% of DEX trading on the Ethereum network. Coinmarketcap data shows that only dYdX trade volumes are higher than Uniswap.

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