Crypto exchange OKX has integrated Uniswap Labs’ application programming interface (API) into its decentralized exchange (DEX) to allow gas-free trading through a feature called “Snap.”
OKX chief innovation officer Jason Lau told Cointelegraph that the feature allows simpler decentralized token swapping. Lau explained that the integration with Uniswap gives the OKX DEX access to the UniswapX protocol and is connected to its liquidity.
When asked how the integration allows no-fee swaps, Lau explained that this is done through a new model, with liquidity providers covering the fees. He believes that the process is convenient for the users and would allow for some savings. He explained:
“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 believes that DeFi users will appreciate access to the UniswapX protocol, as this allows them to tap into a new source of liquidity. In addition, Lau said that users will also start getting “the exact number of tokens they are quoted for.” This means there will be no more slippages, Maximal Extractable Value (MEV) bot attacks and failed transactions, which are common headaches within the decentralized finance (DeFi) space.
Lau believes this complements their other offerings and mentioned that this launch is part of their broader efforts to expand their users’ access into “all on-chain use cases.” He added that they are excited to further develop and add functionalities over time and urged users to give them their feedback.
Related: Uniswap DEX to launch web wallet extension
Apart from eliminating gas fees through the API, OKX also announced that its wallet users will now be able to find their wallet within the Uniswap interface thanks to the Multi-Injected Provider Discovery upgrade on Ethereum, based on the Ethereum Improvement Proposal (EIP)-6963.
OKX highlighted that this applies to all browser extension wallets, which means that OKX wallet users can connect their wallet directly with Uniswap and perform activities like swapping crypto, trading nonfungible tokens (NFTs), participating in liquidity pools and building decentralized applications (DApps).
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