UniswapX is now available, can you really trade with zero Gas fees?

On April 7th, according to the official announcement, Uniswap's web version has officially launched UniswapX. The next day, Uniswap Labs tweeted that users can now experience the "zero Gas" and "MEV-resistant" on-chain trading experience brought by UniswapX on the Uniswap web application. Since the launch of the testnet version in July last year, the highly anticipated UniswapX finally met users after eight months.

Related reading: "Opinion: Can UniswapX Bring New On-Chain Prosperity?"

On July 17th last year, Uniswap announced the launch of the non-custodial, Dutch auction-based protocol UniswapX, which will help users gradually achieve an on-chain trading experience comparable to CEX with features like aggregated liquidity, MEV resistance, and gas-free trading. Subsequently, UniswapX entered a busy product development phase. In September of the same year, Uniswap Labs also launched a bug bounty program, offering rewards for contracts including Router, V3, UniswapX, with rewards of up to $2.25 million.

Related reading: "Conversation with Uniswap Founder: The Rise of UniswapX and the Future of Decentralized markets"

In February this year, Uniswap Labs announced the launch of limit order functionality, supported by UniswapX, utilizing on-chain and off-chain liquidity, without GAS fees, and can be set for any exchange size with no minimum requirements. If the market reaches the price specified by the user and the "fillers" of UniswapX accept the user's exchange request, the order will be executed automatically, with no GAS fees. If the order is not fulfilled within the user's specified time, it will expire, and expired orders will not incur any fees.

According to Uniswap's official detailed document, UniswapX outsources routing complexity to a network of third-party fillers. These fillers compete to fill trades using on-chain liquidity (such as Uniswap v2 or v3) or their own private inventory. Anyone can become a third-party filler for UniswapX trades. Currently, UniswapX is only available on the Ethereum mainnet through the Uniswap web application and will expand to other products like the Uniswap wallet in the future.

To experience UniswapX, users simply need to enable the "UniswapX" switch in the settings button at the top right of the Uniswap web application. BlockBeats found in its product testing that currently only a few tokens such as DAI, UNI, 1INCH, APE can achieve gas-free trading through UniswapX routing, while tokens like AAVE, ARB, USDT often cannot use UniswapX routing. This is because when users enable UniswapX routing, the Uniswap web application will automatically select the best trading path for users based on the optimal trading fees, i.e., when the slippage of V2 or V3 is lower than UniswapX, Uniswap will automatically redirect users to the former two trading paths.

Furthermore, as the product is in its early stages, discussions and usage intensity of UniswapX in the market are not high. Some users even expressed on social media that they were still subjected to MEV attacks after trading with UniswapX, but this user's situation has not been further confirmed.

Nevertheless, as an innovative product in the DeFi sector that attracts attention, the arrival of UniswapX continues to drive the process of DEX catching up with CEX in trading experience. Undoubtedly, with more market participants and users involved, UniswapX will cover more token trading pairs. Can the arrival of UniswapX open up a "zero Gas" and "MEV-free" trading world in the crypto space? We wait and see.

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