Uniswap, the leading decentralized exchange (DEX) on the Ethereum network, has announced the beta launch of its new protocol, UniswapX. The announcement was made through a series of tweets on the official Uniswap Twitter account.
UniswapX is a permissionless, open-source, auction-based protocol designed for trading across Automated Market Makers (AMMs) and other liquidity sources.
The new protocol aims to provide users with more liquidity, better prices, Miner Extractable Value (MEV) protection, and gas-free swapping. This development is expected to significantly enhance the user experience on the platform.
UniswapX is designed to be a next-level aggregator, outsourcing the complexity of routing to an open network of fillers who compete to fill swaps at the best prices. This innovative approach is expected to streamline the trading process and ensure users get the best possible prices for their trades.
One of the standout features of UniswapX is its gas-free swapping mechanism. Users sign an off-chain order, which is then submitted on-chain by fillers who pay the gas fees on behalf of the users to complete the transaction.
This means that users don't need a chain's native token to trade and don't have to pay for failed transactions, making the trading process more efficient and cost-effective.
UniswapX also addresses the issue of MEV, one of the biggest challenges facing on-chain swapping today. MEV is a phenomenon where miners or validators have the power to arbitrarily include, exclude, or reorder transactions within the blocks they produce.
With UniswapX, MEV that would be left on the table and captured by an arbitrage transaction is instead returned to swappers through improved prices.
In addition to these features, Uniswap plans to launch a cross-chain version of UniswapX later this year. This will combine swapping and bridging into one action, allowing users to swap between chains in seconds.
This includes native asset swaps, reducing the need for bridged tokens and making cross-chain transactions more seamless.
UniswapX is built into the same interface that users are familiar with, adhering to the same principles of security, self-custody, and community that make Uniswap a trusted name in the decentralized finance (DeFi) space.
As always, the code has been extensively tested and audited to ensure the highest level of security.
The opt-in beta version of UniswapX is already live. During the beta phase, most orders will still go through classic routing. However, as more fillers enter the system and parameterization is tuned, more trades will route through UniswapX.
The launch of UniswapX marks a significant milestone in Uniswap's journey and a major advancement in the DeFi space. With its innovative features and user-centric approach, UniswapX is poised to redefine decentralized trading and set new standards in the industry. [pc]
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