UniswapX is a new protocol that offers gas-free swapping and liquidity source aggregation. The Uniswap team introduced the protocol, which is available as an opt-in beta.
The Uniswap decentralized exchange (DEX) has revealed UniswapX, a permissionless, open-source protocol that offers Dutch auction-based trading across AMMs and other liquidity sources. The objective is to expand on-chain trading and improve self-custody swapping.
UniswapX Offers Several Benefits
UniswapX is a major development for the market’s biggest DEX. The team claims that, in time, it will offer several benefits.
These include better prices through the aggregation of liquidity sources, gas-free swapping, and protection against Maximal Extractable Value. There will also be no costs for failed transactions and gas-free cross-chain swaps eventually.
The primary means by which UniswapX operates is by “outsourcing routing complexity to an open network of third-party fillers who then compete to fill swaps using on-chain liquidity like AMM pools or their own private inventory.”
UniswapX is available on the Uniswap Labs interface. The team notes that no one can modify or pause the contract. The code has also been tested and audited, with a bug bounty also available.
The launch of UniswapX solidifies Uniswap’s position as the largest decentralized exchange in the DeFi space. Therefore, not knowing how to use this DEX is a bummer. Check out our guide on Uniswap to learn how to use it: How To Use Uniswap — The Complete Step-by-Step Guide
UNI Gets Price Bump After News
Predictably, the news has resulted in a sizable bump to the price of the Uniswap (UNI) token. It sparked a 3% bump after the news broke. However, it has since dropped to a 1% gain over the past 24 hours.
UNI, like a few other crypto assets, has also experienced a surge over the week, gaining about 15% in the last 7 days. Other major developments in recent days have also played a big role in boosting UNI’s price, and the market’s dominant DEX looks like it will have a strong showing this year.
One of the most prominent developments in recent times was the launch of Uniswap V3 on the Avalanche network. Uniswap will also launch Uniswap V4 soon, which will bring many possibilities and user-generated features. Among them is a new type of smart contract called “hooks,” which allows developers to build on top of liquidity pools.
The price bump will relieve investors as a rally that occurred last week briefly cooled off, with signs of selling pressure. Trading volumes were also disappointing, though the release of new features of UniswapX might abate that.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
