According to Bloomberg News, Uniswap Labs, the developer of the world’s largest decentralized exchange (DEX), is releasing code that will allow any website to embed the DEX’s features. PayPal has used a similar feature to expand its footprint for decades, and Coinbase presently employs it for some sites. Users will be able to trade tokens immediately on any website using Uniswap’s “swap widget” without needing to visit the Uniswap platform.
Uniswap’s “swap widget”
The Swap widget, according to the source, will initially be available only on the Friends with Benefits, Oasis.app, and OpenSea websites. In an interview, Uniswap Labs COO Mary-Catherine Lader stated:
“[Uniswap Labs] believes that value exchange is essential to Web3… To grow, we have to grow the whole market.”
For example, Uniswap users can directly exchange any token they own for Wrapped ETH in order to buy NFTs on OpenSea. It also means that users will have easier access to complete transactions without having to visit the decentralized exchange.
Access to a fair, open, and transparent market
The developer, whose primary purpose is to provide accessible financial markets, has created a number of tools and infrastructure to enable it to reach this goal. The Swap widget, the most recent of such gadgets, will promote a seamless swapping experience. Uniswap CEO Hayden Adams said on the launch:
“At UniSwap Labs, we are working to give anyone with an Internet connection access to fair, open, and transparent markets.We are pleased to partner with OpenSea, Friends with Benefits, and Oasis, each of which has built a leading web3-based application and whose users will benefit from the Swap Widget. We look forward to building on our suite of infrastructure and tools to make user experiences simpler and more secure.“
Uniswap expects Web3 development
Given the success of such features with companies such as PayPal, Uniswap Labs believes the new tool will help it grow even faster. In addition, the company recently established a venture unit to invest in other web3 projects. It announced this in a recent blog post, stating that it is looking for projects centred on consumer-facing applications, development tools, and infrastructure.
While it continues to be the dominant Ethereum DEX, it has encountered significant competition from alternative DEXs both within and outside of its blockchain ecosystem. As of press time, the protocol was responsible for 74% of Ethereum’s decentralized exchange trade.
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