OKX integrates Uniswap Labs' API for gas-free trading, offering simplified decentralized token swapping and direct wallet access to Uniswap interface.
Leading cryptocurrency exchange OKX has recently integrated Uniswap Labs’ application programming interface (API) into its decentralized exchange (DEX) platform, introducing a groundbreaking feature named “Snap” that enables gas-free trading.
Speaking to Cointelegraph, OKX's chief innovation officer, Jason Lau, elaborated on the functionality of this feature, emphasizing its role in simplifying decentralized token swaps. Lau elucidated that the integration with Uniswap grants the OKX DEX access to the UniswapX protocol and its associated liquidity.
When queried about how this integration facilitates fee-less swaps, Lau outlined a novel approach wherein liquidity providers assume the responsibility of covering transaction fees. He asserted that this process offers convenience to users while potentially leading to cost savings, stating:
“Through off-chain transaction signing and subsequent on-chain settlement, users incur no gas fees as liquidity providers undertake fee payment on behalf of users.”
Lau expressed confidence in the appeal of the UniswapX protocol among DeFi enthusiasts, underscoring its capacity to unlock a fresh reservoir of liquidity. Moreover, he highlighted the elimination of slippages, Maximal Extractable Value (MEV) bot attacks, and failed transactions, common nuisances within the DeFi ecosystem.
Positioning this initiative as a strategic augmentation of their existing offerings, Lau positioned the integration as part of OKX's broader initiative to extend user access across diverse on-chain applications. He encouraged user feedback and signaled the exchange's commitment to continual development and enhancement of functionalities.
Beyond the elimination of gas fees through API integration, OKX also disclosed an enhancement benefiting its wallet users: the integration of their wallets within the Uniswap interface. Facilitated by the Multi-Injected Provider Discovery upgrade based on Ethereum Improvement Proposal (EIP)-6963, this feature empowers OKX wallet users to seamlessly interact with Uniswap, encompassing activities such as crypto swapping, NFT trading, liquidity pool participation, and DApp development.