OKX, a cryptocurrency exchange, has incorporated Uniswap Labs’ application programming interface (API) into its decentralized exchange (DEX), introducing gas-free trading through a feature named “Snap.”
We're introducing Snap mode, an interoperable OKX DEX feature powered by UniswapX 🦄
💡 Pricing optimization
🛡️ MEV protection
🔁 Gas-free swapping
0️⃣ No charge for failed txsExplore how we elevate your trading game with enhanced access to DeFi: https://t.co/PBo0FYxwub pic.twitter.com/gnLCdmau34
— OKX (@okx) February 29, 2024
Jason Lau, OKX’s chief innovation officer, said in the official press release:
This strategic integration with Uniswap Labs improves the DeFi experience for our users and we’re extremely pleased to be the first to offer UniswapX to a wider Web3 audience.
Decentralized exchanges like @Uniswap have been pivotal in shaping the evolution of trading 🦄
With our interoperable new Snap mode powered by UniSwapX, you can now optimize pricing and swap tokens without any gas fees on our DEX.
Read more on Uniswap 👇https://t.co/etOWCSdqUJ pic.twitter.com/Cf1JKHR1Tb
— OKX (@okx) March 1, 2024
Lau explained that the no-fee swaps are made possible through a novel model wherein liquidity providers assume the transaction fees on behalf of users. This process involves users agreeing to a price and signing a transaction off-chain, with the settlement occurring on-chain, thereby eliminating gas fees for users.
Highlighting the benefits of accessing the UniswapX protocol, Lau emphasized the avoidance of common DeFi issues such as slippage, Maximal Extractable Value (MEV) bot attacks, and failed transactions, which are prevalent concerns in the decentralized finance (DeFi) sector.
Lau sees this integration as complementary to OKX’s existing offerings, marking a step towards expanding user access to various on-chain use cases. He expressed excitement about future developments and encouraged users to provide feedback to further enhance the platform.
In addition to gas-free trading through the API, OKX announced that its wallet users can now seamlessly locate their wallet within the Uniswap interface, thanks to the Multi-Injected Provider Discovery upgrade on Ethereum, based on Ethereum Improvement Proposal (EIP)-6963.
This enhancement benefits all browser extension wallets, enabling OKX wallet users to directly connect their wallets with Uniswap. Consequently, users can engage in activities like cryptocurrency swapping, nonfungible token (NFT) trading, participation in liquidity pools, and development of decentralized applications (DApps) directly through the Uniswap interface.
