OKX Integrates Uniswap’s API for Gas-Free Trading and Enhanced User Experience
Summary:
Cryptocurrency exchange OKX has incorporated Uniswap Labs’ API into its decentralized exchange, enabling gas-free trades via a feature called “Snap.” The integration allows simpler token swapping processes and gives access to the UniswapX protocol. Users are spared from gas fees as these are covered by liquidity providers. In addition, the upgrade allows wallet users to connect their wallet directly to Uniswap, facilitating a range of activities like crypto swapping, NFT trading, and participation in liquidity pools.
OKX, a key player in the cryptocurrency exchange sphere, has successfully incorporated Uniswap Labs’ API (application programming interface) into its own decentralized exchange, enabling trades to be executed without incurring gas fees through a function referred to as “Snap.” Jason Lau, the Chief Innovation Officer at OKX, revealed in an interview with Cointelegraph that this feature paves the way for simpler token swapping processes in a decentralised context.
Lau expanded on how combining forces with Uniswap has enabled OKX's DEX to access the UniswapX protocol, drawing on its liquidity. Lau dispelled the mystery behind the zero-fee swaps by explaining that the fees are actually covered by liquidity providers in a novel model, resulting in a smoother, cost-saving experience for the user. This process requires users to agree to a price, sign an off-chain transaction, before settling this transaction on-chain. However, the user won’t pay gas fees as they are covered by the liquidity providers.
Lau anticipates a positive response from DeFi users towards access to the UniswapX protocol. This step allows a new wellspring of liquidity to be tapped into. In addition to this, Lau suggested users would reap the benefits of receiving the precise amount of tokens quoted for their trades. This ensures an end to common issues in the DeFi arena such as slippages, MEV bot-related disruptions and unsuccessful transactions. Lau sees this as enriching their existing offerings and is part of a wider initiative to increase the user’s access to “all on-chain use cases.” Lau signaled further developmental undertakings in the pipeline and requested user feedback on their experiences.
Aside from avoiding gas fees through the API, OKX disclosed a noteworthy update for its wallet users. The Multi-Injected Provider Discovery update based on Ethereum Improvement Proposal (EIP)-6963 will allow users to locate their wallet in conjunction with the Uniswap interface. This applies to every browser extension wallet and permits OKX wallet users to connect their wallet directly to Uniswap, facilitating crypto swapping, NFT trading, participation in liquidity pools, and decentralised application building.
Published At
2/29/2024 8:00:00 PM
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