March 27, 2024
OKX Integrates Uniswap API for Gas-Free Trading
Latest Cryptocurrency News

OKX Integrates Uniswap API for Gas-Free Trading

Crypto exchange OKX has incorporated Uniswap Labs’ API into its decentralized exchange (DEX), enabling gas-free trading through the “Snap” feature. Jason Lau, OKX’s chief innovation officer, stated that this integration facilitates simpler decentralized token swapping by providing access to the UniswapX protocol and connecting it to its liquidity. The novel model introduced allows liquidity providers to cover the fees, resulting in fee-free swaps for users. Lau emphasized the convenience of this process for users, potentially leading to cost savings. He said:

“By agreeing to a price and signing a transaction off-chain, then settling the transaction on-chain, users end up paying no gas fees because the liquidity providers will pay the fee on the user’s behalf.”

The integration aims to benefit DeFi users by offering access to the UniswapX protocol, providing access to additional liquidity. Lau highlighted that users will receive the exact number of tokens quoted, addressing issues such as slippages, Maximal Extractable Value (MEV) bot attacks, and failed transactions commonly observed in the decentralized finance (DeFi) space. Lau sees this as a complementary addition to OKX’s existing offerings and part of their broader initiative to enhance users’ access to all on-chain use cases. He expressed enthusiasm for ongoing development and the addition of functionalities over time, encouraging user feedback.

In addition to the gas-free trading feature, OKX announced an upgrade allowing its wallet users to locate their wallets within the Uniswap interface through the Multi-Injected Provider Discovery on Ethereum, based on the Ethereum Improvement Proposal (EIP)-6963. This enhancement applies to all browser extension wallets, enabling OKX wallet users to seamlessly connect their wallets with Uniswap. This integration empowers users to perform various activities directly, including swapping cryptocurrencies, trading non-fungible tokens (NFTs), participating in liquidity pools, and building decentralized applications (DApps).

This move by OKX aligns with the growing trend of enhancing user experience in the DeFi space by mitigating common challenges such as gas fees and transaction failures. The integration with Uniswap Labs’ API positions OKX to offer users a more seamless and cost-effective decentralized trading experience while expanding their accessibility to a broader range of on-chain use cases.

Image by Gerd Altmann from Pixabay

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