OKX, a cryptocurrency exchange, has incorporated Uniswap Labs’ API into its decentralized exchange (DEX) to enable gas-free trading via a feature named “Snap.”
According to Jason Lau, chief innovation officer of OKX, the feature makes decentralized token exchanging easie. According to Lau, the OKX DEX is linked to the liquidity of UniswapX and has access to its protocol through the integration.
In response to a question about how the integration makes no-fee swaps possible, Lau said that a new approach is used, in which liquidity providers pay the fees. He thinks that the procedure would provide some savings and be convenient for the users.
He clarified, “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.”
Lau thinks that since it gives them access to a new source of liquidity, DeFi customers will value having access to the UniswapX protocol.
Furthermore, according to Lau, consumers will begin receiving “the exact number of tokens they are quoted for.” This implies that the decentralized finance (DeFi) industry will be free of slippages, failed transactions, and Maximal Extractable Value (MEV) bot attacks.
Lau stated that this launch is a part of their larger efforts to increase their users’ access to “all on-chain use cases” and expressed her belief that it enhances their other offers. He asked consumers to provide comments, saying that they are eager to continue developing and adding features.
OKX reported that in addition to doing away with gas fees via the API, wallet users will now be able to locate their wallets within the Uniswap interface because of the Ethereum Multi-Injected Provider Discovery improvement, which is based on the Ethereum Improvement Proposal (EIP)-6963.
OKX users, via browser extension wallets, can now connect directly with Uniswap using the integrated API. This enables activities like crypto exchange, NFT trading, liquidity pool participation, and DApp creation.
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