Monday, July 22, 2024

Uniswap to expand Web3 paradigm of apps.

Uniswap wants to expand the Web3 paradigm of apps using tokens and blockchains with the launch of the embedding features. Mary-Catherine Lader, the COO of Uniswap, believes that value exchange is essential to Web3. She highlighted that to grow, they need to grow the whole market.

Lader highlighted that Web3 is revolutionizing financial technology and financial infrastructure in one. It allows any app, any website to create value in the digital economy without having to ask for permission or paying for that service.

Uniswap’s total value locked (TVL) has increased over 200% to $7.8 billion since the beginning of 2022, but its market share on Ethereum has declined to 6.4% from 12.4%. David Moreno Darocas, a research analyst at CryptoCompare, pointed out that the expansion of financial apps like Curve and Aave is responsible. But Uniswap Labs has been persistent to maintain the dominance of its protocol.

Founded by Hayden Adams in 2017, Uniswap dominates crypto spot trading on Ethereum. It has a 74% share of trading volume among DEXs on the exchange. Only crypto derivatives-focused dydx, as per CoinMarketCap, has higher trading volumes. Moreover, Uniswap is an open-source, permissionless protocol that developers use and embed into their platforms for crypto users to swap tokens. It builds a business that builds products on top of the protocol.

This week, Uniswap Labs launched Swap Widget. It allows users on the NFT marketplace like OpenSea and other Web3-based applications to exchange cryptocurrency on the platform without having to actually leave the site. Furthermore, Uniswap Labs also introduced its venture capital arm – Uniswap Labs Ventures – to invest in Web3 projects.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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