Uniswap Labs launches the Uniswap widget, a new tool to simplify users’ navigation in token exchange and other transactions on Web3. The crypto exchange plans to expand its reach on Web3.
Uniswap recently announced its plan to release new tools to help crypto and NFT marketplace users in transactions.
Usually, when a person makes a purchase or trades on the blockchain, they have to use a long process. They leave the site, exchange tokens, then again come back and do the transaction.
Uniswap takes away that effort by introducing this new widget technology, making it easier for users to trade. They can easily navigate through NFT marketplaces without leaving the website using the protocol.
Swap Widget and Web3
The Swap widget is a one-line computer code that can be embedded into the website which can help developers in integration.
Currently, OpenSea, FWB, and Oasis.io apps plan on allowing this embedding feature on the sites.
Uniswap Labs plans on expanding its reach further into Web3. The Swap widget is the firm’s giant leap into the Web3 and blockchain world, following its previous release of a venture arm to invest in Web3 startups.
Uniswap believes that Web3 holds great potential and to step into this market means to contribute to its growth through various tools. COO of the Uniswap, Mary-Catherine Lader says, “We believe that value exchange is essential to Web3,”
Uniswap’s embedding widget will be its entry to facilitate eCommerce online. The technology will help Web3 grow as a market by promoting this feature as a protocol. “To grow, we have to grow the whole market,” Lader added.
Uniswap is Ethereum’s leading crypto trading decentralized exchange founded by CEO Hayden Adams in New York. Adams found this company in 2017 when he lost his job as a mechanical engineer at Siemens.
The exchange dominates the market by holding a share of 74% of trading volume among DEXs on the blockchain making it one of the best exchanges up-to-date.
Although Uniswap’s market share dropped to 6.4% from 12.4%, the data from researcher CryptoCompare shows the exchange has increased with the value of $7.8 billion. Due to the increasing competition in the market, Uniswap struggles to remain on top.
The recent embedding widget is the exchange firm’s strategy to expand itself in Web3 and maintain its dominance in the market.
Uniswap continues to upgrade its protocol to ensure users can easily access it without any complications. As Lader says, “We need to simplify onboarding to Web3 and simplify integration to Web3 infrastructure.”
The decentralized exchanges hope the Uniswap widget will open doors to new opportunities and bring user growth 10x on Web3 by simplifying the process.