Cryptocurrency traders on Twitter have been provided with an option to trade decentralized finance (DeFi) tokens on Uniswap. The Uniswap trading is possible because of a novel widget launched on the social media platform by Mask Network. Notably, Twitter has particularly been an active and interactive platform for cryptocurrency and DeFi participants.
By enabling Uniswap trading on Twitter, many people believe that it will result in more DeFi token trading. Perhaps, it provides an easy to trade on the exchange without leaving the social media platform.
How the Uniswap Trading Widget Work
For a start, the widget is designed to feature a market data and Uniswap trading interface, according to Mask Network. The company specializes in providing users with a seamless option to encrypted messages, DApps, cryptocurrencies, etc., on social media. All the widget features are powered by two entities – Uniswap and Coinmarketcap, a digital currency market and price-tracking platform.
The trading functionality is powered by the exchange while Coinmarketcap will provide the market data of the tokens. As explained, the interfaces automatically popup when Twitter users hover their computer mouse pointer to crypto tickers or signs. This, as an instance, includes the ‘$ ETH’ tickers on tweets.
1) Today we are thrilled to introduce a new version of #Mask with a trading widget powered by Uniswap & CMC. It will automatically pop up whenever your mouse hovers on a “$+ticker” like $ETH or $UNI. Users can now view token price and trade with Uniswap without leaving Twitter! pic.twitter.com/xJQsBNKdTS
— Maskbook (@realmaskbook) September 24, 2020
A Boost to DeFi?
It is believed that the widget will increase trading on DeFi tokens in the DEX and the industry at large. Now, die-hard DeFi traders can perform simple token trades while still staying updated on the social media platform. The company mention that the widget is part of their plan to enable a personal finance experience to the general public.
In addition, Mask Network said it would expand the widget to include other social networks like Facebook. It also intends to update the widget to include additional features geared toward the decentralized finance space. This includes decentralized storage functionality, peer-to-peer (P2P) payments, token issuance, and others.
Over the recent months, the industry has garnered mainstream participation, which was probably fueled by the yield farming activity. Traders are increasingly locking their cryptos in several DeFi protocols to earn better returns.