Orders are placed off-chain and are executed in batches. This largely resembles the order flow CowSwap popularized, however is a process similar to UniDex V1 in 2020. Traders can submit trade quotes, and our “keepers” (also referred to as solvers or resolvers in other protocols) are responsible for finding the most efficient path for the trade. At the end of each auction period, the order is filled at the best rate determined by relayers, and the trade is executed.

Using Gasless swaps gives the trader a number of benefits such as…

  • Aggregated Limit Orders
  • Same quote scanning from 8 different aggregators
  • Potential additional surplus passed to the trader
  • MEV protected
  • Gasless transactions not needing native token (perfect for selling airdrops on new chains!)
  • 5 EVM networks
  • Potential for 0 price impact fills

Auction Types

Coincidence of Wants
Orders are fulfilled through a process known as “Coincidence of Wants” (CoW). When Bob and Alice both desire to exchange ETH and USDC at the same rate, it is more efficient to facilitate the exchange directly rather than using an AMM. When matching orders cant be found, they are filled against 15 different aggregators, just like instant swaps. Keepers (solvers) can be extremely flexible as well.

By default, orders will be able to fill from numerous different aggregators, This is the common way orders are filled on UniDex and follows the same execution as instant swaps. The benefit of this is that orders are filled by keepers offloading any UX burden from the user such as approving multiple aggregators or paying gas on failed transactions. custom sources like lending liquidations, or even cross-chain fills.

Cross-Chain Coincidence of Wants
Similar to same chain Coincidence of Wants, Cross-Chain CoW orders allow keepers to fill orders between a shared orderbook between chains. This breakthrough allows for orders to be filled between chains while solvers handle all the bridge logic and swap process.
A user can create a 100 ETH -> USDC trade on Arbitrum, and a keeper can fill the order with a matching 100 ETH -> USDC trade on Optimism, and another trade on Polygon to complete the CoW triangle. This is a huge breakthrough for cross-chain liquidity and will be a major focus for UniDex in the future.