Uniswap Labs has launched UniswapX, a new open-source and auction-based blockchain protocol that is completely permissionless. The objective of the protocol is to enable cross-market crypto trading between automated market makers (AMMs) and other liquidity sources. Chief Executive Hayden Adams had announced the protocol during the Ethereum Community Conference (EthCC) in Paris. Currently in beta-stage, UniswapX is available on the Ethereum Mainnet, with planned expansions to other respective blockchains including Uniswap Wallet. The users would receive better prices, gas-free swapping capabilities, zero cost failed contracts and greater “extractable value (MEV) shield according to the exchange. Furthermore, the transactions can look forward to performing the convention swaping mechanisms without worrying about receiving the best price.
Additionally, UniswapX would also provide native asset swaps that solely reduces the need for assets tokens. Following the protocol’s releasement, there has been notable developments in Uniswap’s governance, as it increased a staggering 3%-rate. At the time of writing, the token traded at $5.97 and incepted a bullish trend.