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- A brand-new open-source blockchain protocol named UniswapX has been introduced by DeFi exchange Uniswap.
- UniswapX will enable trading across automatic market makers and other liquidity sources.
- Users should benefit from the new protocol's increased liquidity, better pricing, MEV protection, and gas-free switching.
- Following the most recent development, the governance token UNI of the decentralized exchange increased by more than 3%.
The largest decentralized cryptocurrency exchange in the world, Uniswap Labs, has introduced UniswapX, a permissionless, open-source, auction-based protocol. Trading will be possible across automated market makers and other liquidity sources thanks to the new blockchain technology.
At the Ethereum Community Conference in Paris earlier today, Uniswap CEO Hayden Adams revealed the new blockchain protocol. On the Uniswap Labs interface, the DeFi exchange released an opt-in beta for the protocol. Most orders will use old routing because the protocol is still under beta testing. UniswapX is presently accessible on the Ethereum Mainnet and will subsequently be made available on other chains including the Uniswap Wallet.
According to Uniswap Labs, UniswapX will provide "next-level aggregation" by delegating the challenging task of routing to an open network of fillers who compete to fill swaps as cheaply as possible. The protocol's users will gain from the competitive filler forms' maximum extractable value (MEV) protection, better pricing, gas-free swapping, and zero costs for unsuccessful transactions.
The DeFi protocol said that it will present a cross-chain UniswapX that would unite swapping and bridging under one ceiling. This would feature native asset exchanges, which would decrease the requirement for bridged tokens. Following the unveiling of the new blockchain protocol, Uniswap's governance token, UNI, increased by more than 3%. At the time of writing, the token value is $5.97.
Final Thoughts
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