- Uniswap’s new blockchain protocol UniswapX plans to offer better prices.
- Total value of assets locked in Uniswap climbed to $3.84 billion in response to the news of UniswapX launch.
- UNI price yielded nearly 33% gain for holders over the past 30 days on Binance.
Uniswap’s new blockchain protocol UniswapX is an attempt to address the challenges of high gas fees and the cost of failed transactions. The world’s largest DEX announced the launch of UniswapX on Monday at the EthCC conference in Paris.
UniswapX’s announcement has acted as a bullish catalyst for UNI alongside other factors driving the DeFi token higher.
Also read: XRP ruling puts cryptocurrencies in nuanced position, industry experts weigh in
UniswapX offers more privacy for auctions
UniswapX’s architecture introduces a new design space for decentralized exchanges. The whitepaper promises higher efficiency, flexibility and more powerful transactions. This is one of the leading catalysts likely to drive UNI gains.
The protocol offers a better foundation for auctions and is built on transaction-based swaps. Dan Robinson, a researcher at crypto market maker Paradigm, notes that the features of UniswapX make it a great fit for the transaction-based swaps of the future.
The researcher notes that the protocol is more privacy-preserving and decentralized when compared to Uniswap. Off-chain orders are currently less opaque and can be tracked easily on Uniswap, while the introduction of UniswapX makes it more aggregated and less easily trackable.
While Ethereum is still working on its rollup-centric roadmap, UniswapX offers them a way to move between rollups faster and more cheaply.
Uniswap’s response to UniswapX announcement
Uniswap’s announcement of the new protocol at the EthCC conference provides new catalysts that could fuel a UNI price rally in the long term.
Uniswap’s Total Value Locked (TVL) has climbed to $3.833 billion of collateral at the time of writing after recovering from a drop to $3.644 billion in June. UNI price rallied 9.2% overnight and yielded upwards of 30% gains to holders over the past 30 days on Binance.
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