UniswapX employs a unique auction-based mechanism for token swaps, encouraging competition among liquidity providers while users benefit from optimal execution prices and a familiar interface.
The protocol involves two key roles: the swapper, who initiates the swap with an 'Exclusive Dutch Order', and the filler, who completes the order with the necessary asset.
The execution mechanism in UniswapX is designed to reduce costs over time, making longer-held orders more appealing to fillers while benefiting swappers.
By allowing third-party protocols to manage liquidity and swap routes, UniswapX delegates complexity from users while maintaining a unified user interface within the main application.
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