Decentralized exchange leader Uniswap announced yesterday that users can now purchase cryptocurrency on Uniswap through their Venmo accounts. This service is made possible through the integration of the crypto payment platform MoonPay and Venmo. The Uniswap development team stated that they are dedicated to providing users with more frictionless ways to purchase cryptocurrency; unlike centralized exchanges, using Uniswap to buy cryptocurrency allows users to self-custody their assets, reflecting greater transparency and complete control over their assets.
"By integrating with Venmo, users will not need to enter credit card or debit card numbers, nor activate bank transfers to purchase cryptocurrency through Uniswap."
Is DeFi hard to operate? Venmo helps you solve it!
Users can now easily interact with Venmo and Uniswap, with the following operation method:
Open app.uniswap.org in a web or mobile wallet browser
Click on the 'Buy' label
Enter the token and amount you wish to purchase
Select MoonPay and add the payment option 'Venmo'
Confirm the transaction and return to the wallet homepage to check the balance
Source: Uniswap Buying cryptocurrency on Uniswap through Venmo
PayFi brings in a massive number of users! Uniswap is ready!
According to Dune Analytics, the median number of monthly active users on Uniswap is approximately 100,000; as of the end of 2023, Venmo's annual user count has reached 83 million. Therefore, this payment integration means that Uniswap will be able to reach a far greater audience than just DeFi through Venmo, further maximizing its revenue performance.
Source: businessofapps.com Venmo annual user count
Current state of the Uniswap ecosystem
Data from DefiLlama shows that Uniswap's total locked value (TVL) is $4.717 billion, with a trading volume of $12.483 billion in the past week, and weekly transaction fee revenue exceeding $17 million, firmly maintaining its position as the leading decentralized trading platform.
Source: DefiLlama Uniswap liquidity and user count
Venmo continues to deploy ahead, partnering with ENS
Apart from Uniswap, Venmo has previously collaborated with another DeFi project—ENS (Ethereum Name Services)—to allow users to conveniently log in and purchase cryptocurrency using a domain name. With the introduction of the Venmo payment channel, Uniswap is expected to attract more Web2 consumers into the Web3 world, significantly enhancing the Web3 experience through the integration of Ethereum domains, thereby accelerating the adoption of the DeFi sector.
[Disclaimer] The market carries risks, and investments should be made cautiously. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions herein are suitable for their specific circumstances. Investing based on this is at your own risk.
