Uniswap Labs, the decentralized finance startup behind the world’s largest decentralized crypto exchange, has launched a permissionless, open-source, and auction-based protocol called UniswapX. The new blockchain protocol will allow trading across automated market makers and other liquidity sources.
According to a blog post by Uniswap, Chief Executive Hayden Adams unveiled the new blockchain protocol earlier today at the Ethereum Community Conference (EthCC) in Paris. The DeFi exchange rolled out an opt-in beta for the protocol on the Uniswap Labs interface. Given that the protocol is still in beta, the majority of the orders will go through classic routing. UniswapX is currently available for Ethereum Mainnet and will be expanded to other chains as well as the Uniswap Wallet later.
Uniswap Labs stated that UniswapX will offer “next-level aggregation” by outsourcing the complexity of routing to an open network of fillers who compete to fill swaps in a cost-effective manner. The competitive filler forms will benefit the protocol’s users by offering maximum extractable value (MEV) protection, better prices, gas-free swapping, and zero cost for failed transactions.
With UniswapX, swappers will be able to use the Uniswap interface without worrying whether they’re getting the best price, and transactions will always be transparently recorded and settled on-chain.”
The DeFi protocol stated that it would launch a cross-chain UniswapX that would combine swapping and bridging under one roof. This would include native asset swaps that would reduce the need for bridged tokens. Uniswap’s governance token UNI surged by more than 3% following the announcement of the new blockchain protocol. At the time of writing, the token was trading at $5.97.
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