Uniswap Launches UniswapX, Enabling Gas-Free Transactions for Select Tokens
Uniswap recently announced the official launch of UniswapX on its web version. The following day, Uniswap Labs tweeted that users can now experience the “zero gas” and “MEV protection” on-chain trading experience brought by UniswapX on the Uniswap web application.
UniswapX, which has been highly anticipated by the market since its testnet version was released in July last year, has finally been introduced to users after eight months.
Uniswap Announces the Birth of UniswapX
On July 17th last year, Uniswap announced its plan to launch UniswapX, an unhosted protocol based on Dutch auctions. It aims to gradually provide users with an on-chain trading experience that rivals centralized exchanges (CEX) through features such as aggregated liquidity, MEV protection, and gas-free transactions.
Afterwards, UniswapX entered a rigorous product development phase. In September of the same year, Uniswap Labs launched a bug bounty program with rewards of up to $2.25 million, covering contracts such as Router, V3, and UniswapX.
In February of this year, Uniswap Labs announced the introduction of limit orders, a feature supported by UniswapX. It utilizes on-chain and off-chain liquidity without requiring gas fees, and can be set for any exchange size without a minimum requirement.
If the market reaches the price specified by the user and the UniswapX “fillers” accept the user’s exchange request, the order will be automatically executed without any gas fees. If the order is not fulfilled within the user’s specified time, it will expire without incurring any fees.
According to the official documentation of Uniswap, UniswapX outsources routing complexity to third-party fillers on an open network. These fillers compete to fill transactions using on-chain liquidity (such as Uniswap v2 or v3) or their own private inventory. Anyone can become a third-party filler for UniswapX transactions.
Currently, UniswapX is only available on the Uniswap web application on the Ethereum mainnet and will be expanded to other products such as the Uniswap wallet in the future.
Limited Tokens Available for Gas-Free Transactions via UniswapX
To experience UniswapX, users simply need to enable the “UniswapX” switch in the settings button located in the upper right corner of the Uniswap web application.
After conducting tests, BlockBeats found that currently, only a few tokens such as DAI, UNI, 1INCH, and APE can be routed for gas-free transactions via UniswapX. Tokens like AAVE, ARB, and USDT often cannot utilize UniswapX routing.
This is because when users enable UniswapX routing, the Uniswap web application will automatically filter the best transaction path for users based on optimal transaction fees. When the slippage of V2 or V3 is lower than that of UniswapX, Uniswap will automatically redirect users to the former two transaction paths.
Furthermore, due to its early stage, there is currently limited discussion and usage intensity surrounding UniswapX in the market. Some users even claimed on social media that they have still experienced MEV attacks after using UniswapX, but these claims have not been further confirmed.
In any case, as an innovative product in the DeFi field that attracts much attention, the arrival of UniswapX continues to drive DEX to catch up with CEX in terms of trading experience. Undoubtedly, with the participation of more market participants and users, UniswapX will cover more token trading pairs.
Can the arrival of UniswapX open up the era of “zero gas” and “MEV-free” transactions in the crypto world? We await with anticipation.
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