Uniswap, a prominent decentralized exchange (DEX), has recently introduced UniswapX - an open-source and permissionless protocol designed for trading across automated market makers (AMMs) and other liquidity sources. The primary objective of UniswapX is to enhance self-custody swapping and promote on-chain trading by providing better prices through the pooling of liquidity sources, gas-free swapping, protection against maximal extractable value (MEV), and zero cost for unsuccessful transactions.
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Uniswap launches UniswapX protocol, causing UNI's price to surge by 3%. Uniswap Latest Protocol Launch
UniswapX is a protocol that aims to simplify on-chain routing and address the issue of fragmented liquidity pools caused by the increasing number of customized pool designs. The protocol relies on a network of third-party fillers to handle the routing complexity and compete to fill swaps using on-chain liquidity such as AMM pools or their private inventory. This allows for transparent recording and settlement of transactions on-chain, while also ensuring that swappers can use the Uniswap interface without worrying about getting the best price.
One of the key features of UniswapX is gas-free swapping. Swappers sign a unique off-chain order, which is then submitted on-chain by fillers who pay gas on behalf of the swappers. This eliminates the need for swappers to pay gas or hold a chain's native network token to trade. UniswapX also provides MEV protection, returning MEV that would be left on the table to swappers through improved prices. Uniswap launches UniswapX protocol, causing UNI's price to surge by 3%.
UniswapX plans to launch a cross-chain version later this year that combines swapping and bridging into one seamless action. This will allow users to exchange between different blockchain networks in a seamless and trustless manner, thanks to the use of specialized smart contracts called bridges. Users will be able to choose which assets to receive on the destination chain, rather than receiving a bridge-specific token.
Strong Resistance Causes UNI To Retract
Following the announcement of the UniswapX protocol launch, UNI, the native token of Uniswap, saw a 3% increase in price. UNI reached a high of $6.152, which hasn't been seen since April 2023. The launch of the new protocol generated excitement, leading to an increase in demand for UNI, as traders anticipated an improved user experience and better prices for on-chain trading.
However, the token faced strong resistance at this level, causing it to retrace and lose all the gains generated by the announcement. Currently, UNI is trading at $5.738, which is a 1.4% decrease in the last 24 hours. Despite this recent dip, UNI has posted significant gains in the 30-day timeframe, with a staggering 28% profit.
According to Token Terminal data, Uniswap's market cap (circulating) has grown by 28.3% over the past 30 days, reaching $4.76 billion. The market cap (fully diluted) has also increased by 26.01% over the same period, now standing at $5.77 billion. However, Uniswap's total value locked (TVL) has decreased by 0.54% over the past 30 days and its trading volume (annualized) has decreased by 8.05%, currently standing at $349.19 billion. Despite this, the price fees (P/F) ratio (fully diluted) indicates that the market values Uniswap's future earnings potential at a premium, standing at 17.50x. In terms of user activity, Uniswap has had an average of 69,640 daily active users over the past 30 days, representing an increase of 2.7%.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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