Uniswap’s new “swap widget” enables users to instantly swap tokens on any website without visiting the Uniswap platform.
Bloomberg News stated that Uniswap Labs, the creator of the world’s biggest decentralized exchange (DEX), is publishing a code that would enable any website to incorporate DEX’s features.
PayPal has used a similar feature to expand its reach for decades, and Coinbase presently employs it on a few of its sites. The Uniswap “swap widget” will enable users to exchange tokens directly on any website without visiting the Uniswap network.
The Swap widget will initially be accessible exclusively on the Friends with Benefits, Oasis.app, and OpenSea websites, according to the article.
Mary-Catherine Lader, COO of Uniswap Labs, said in an interview: “[Uniswap Labs] thinks that value exchange is critical to the development of Web3… To expand, we must expand the market as a whole.”
For instance, Uniswap users may immediately exchange any token they own for Wrapped ETH in order to purchase NFTs on OpenSea. Additionally, this enables users to do trades without accessing the decentralized exchange.
The developer, whose mission is to make financial markets more accessible, has developed a number of tools and infrastructure to assist it in accomplishing this aim. The newest of these technologies is the Swap widget, which enables smooth swapping.
Uniswap CEO Hayden Adams said during the launch: “At UniSwap Labs, we are trying to provide access to fair, open, and transparent marketplaces to anybody with an Internet connection.”
He continued, We are thrilled to collaborate with OpenSea, Friends with Benefits, and Oasis, each of which has developed a great web3-based application that will benefit from the Swap Widget. We look forward to expanding our array of infrastructure and solutions to simplify and safeguard user experiences.
Uniswap monitors web3 expansion
Uniswap Labs thinks that the new tool will expedite the expansion of such capability with firms such as PayPal. Additionally, the business has formed a venture arm to invest in other web3 initiatives.
It disclosed this in a recent blog post, stating that it is looking for consumer-facing apps, developer tools, and infrastructure initiatives.
While Uniswap continues to be the leading DEX on Ethereum, it has encountered significant competition from both inside and beyond the Ethereum blockchain ecosystem. As of press time, the Uniswap protocol accounted for 74% of Ethereum’s decentralized exchange trade.
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