On April 7, according to the official announcement, the web version of Uniswap has been officially launched on UniswapX. The next day, Uniswap Labs’ official Twitter account posted that users can already experience the “zero gas” and “anti-MEV” on-chain trading experience brought by UniswapX on the Uniswap web application. Since the launch of the testnet version in July last year, the highly anticipated UniswapX has finally met with users after eight months.
On July 17 last year, Uniswap announced the launch of UniswapX, a non-custodial, Dutch auction-based protocol, which will help users gradually achieve on-chain trading experiences comparable to CEX, such as aggregated liquidity, MEV prevention, and gas-free transactions. Subsequently, UniswapX entered an intensive product development phase. In September of the same year, Uniswap Labs launched a bug bounty program, which included contracts such as Router, V3, and UniswapX, with rewards of up to $2.25 million.
Related reading: "Dialogue with Uniswap founder: The rise of UniswapX and the future of decentralized markets"
In February of this year, Uniswap Labs announced the launch of the limit order feature, which is powered by UniswapX, leverages on-chain and off-chain liquidity, does not require GAS fees, and can be set for any swap size with no minimum requirements. If the market reaches the price specified by the user and the user's swap request is accepted by UniswapX's "fillers", the order will be automatically executed without any GAS fees. If the order is not met within the time set by the user, the order will expire, and expired orders will not incur any fees.
According to the official Uniswap documentation, UniswapX outsources routing complexity to an open network of third-party fillers. Fillers then compete to fill transactions using on-chain liquidity (such as Uniswap v2 or v3) or their own private inventory, and 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 Uniswap wallets in the future.
If users want to experience UniswapX, they only need to turn on the "UniswapX" switch in the settings button in the upper right corner of the Uniswap web application. After BlockBeats tested the product, it was found that only a few currencies such as DAI, UNI, 1INCH, APE, etc. can currently achieve gas-free transactions through UniswapX routing, while currencies such as AAVE, ARB, USDT, etc. are often unable to use UniswapX routing. This is because when the user turns on the UniswapX routing, the Uniswap web application will automatically select the best transaction path for the user based on the optimal transaction fee, that is, when the transaction slippage of V2 or V3 is lower than that of UniswapX, Uniswap will automatically jump to the first two transaction paths for the user.
In addition, since the product is in its early stages, the discussion and usage of UniswapX in the market are not high. Some users even said on social media that they were still attacked by MEV after using UniswapX for transactions, but the situation reported by the user has not been further confirmed.
In any case, as an innovative product that has attracted much attention in the DeFi field, the arrival of UniswapX continues to promote the process of DEX catching up with CEX trading experience. There is no doubt that with the participation of more market participants and users, UniswapX will cover more token trading pairs. Can the arrival of UniswapX open up "zero gas" and "no MEV" transactions in the crypto world? Let's wait and see.
