Uniswap Labs will now enable its swap widget to be embedded into websites with a line of computer code as it seeks to expand its growth in Web3.
The company serves as the primary developer for the biggest decentralized exchange for spot-market cryptocurrency trading, Uniswap.
Websites, such as non-fungible token marketplace OpenSea, can now allow their users to swap tokens through the DEX widget without having to leave the page.
Other websites such as Oasis.app and Friends With Benefits will also have access to the embedding feature.
Market growth
In addition to its own ambitions, Uniswap is also hoping to expand the Web3 paradigm of apps using tokens and blockchains with the launch of the embedding feature. “We believe that value exchange is essential to Web3,” said Uniswap COO Mary-Catherine Lader. “To grow, we have to grow the whole market.”
According to Richard Crone, the head of Crone Consulting, PayPal Holdings utilized a similar feature, which not only contributed to its own growth but helped expand the whole of online commerce.
Yet, within the cryptocurrency industry, Coinbase Global is among the few using these widgets so far, and only for certain functions.
Uniswap spreading
Uniswap was founded by CEO Hayden Adams in New York after losing his job as a mechanical engineer at Siemens in 2017. Dune Analytics data show that the decentralized exchange now dominates crypto spot trading on Ethereum, with a 74% share of trading volume amongst DEXs on the blockchain.
According to CoinMarketCap, only crypto derivatives-focused dydx has higher trading volumes.
But while Uniswap’s total value locked has increased over 200% to $7.8 billion since the beginning of the year, according to researcher CryptoCompare, its market share on Ethereum has dropped from 12.4% to 6.4% during that period. Research analyst at CryptoCompare David Moreno Darocas says 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, the recent widget embedding features being just one of them.
Last year, Uniswap upgraded the software of its protocol enabling users to trade more volume with less capital and spread onto other blockchains, such as Polygon. The company also recently launched a venture arm to invest in Web3 startups.
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