How Dutch Auctions Deliver Better Swaps

Crypto intents are a standard on Ethereum designed to simplify how users interact onchain. Instead of handling every step of a transaction themselves, users can express their desired outcome, like swapping one token for another, and let a third party complete it on their behalf.

That change unlocks new ways to design crypto protocols. Some intent-based protocols bundle many swaps together and execute them in batches. Others process each swap individually through a Dutch auction, giving users an upfront quote and lightning-fast execution.

When seconds can make the difference between a good price and a sub-optimal price, design matters. Learn how Dutch auction-based protocols like UniswapX put your swap first, so you’re never waiting for a batch to clear.

Intents are changing how you swap

Decentralized exchanges (DEXs) enable users to swap crypto tokens without an intermediary. These swaps are often routed through onchain liquidity pools that are accessible anytime. But with many sources of liquidity available onchain, a challenge for users is finding a protocol and liquidity source that matches their desired user experience and intended outcome.

One popular solution, the meta-aggregator, is a protocol that finds the most competitive liquidity source on users’ behalf by soliciting from multiple potential liquidity sources, not just one.

Meta-aggregators with intents-based architecture can offer numerous user benefits:

• Help users find the most competitive liquidity source, as determined by the most competitive price
• Offer gasless swaps, which eliminate the need for users to have sufficient amounts of the network token in their wallets
• Improve transaction success rates by matching intents with offchain solvers who can route or bundle transactions efficiently
• Help mitigate MEV by using private order flow or competitive solver auctions to minimize front-running and sandwich attacks
• Enable cross-chain or multi-source execution — solvers can fulfill a user’s intent using liquidity from multiple chains or DEXs, abstracting away complexity
• Reduce failed or reverted transactions, since execution only occurs once a solver confirms it can complete the trade under the specified parameters

Intents can be structured to execute swaps in different ways, each shaping the user experience.

Dutch auctions vs. batch auctions

Intent-based auctions generally settle in one of two ways, batch auctions and dutch auctions.

• Batch auctions group many swaps together and wait for an optimal moment to execute all the swaps at the same time. But because you’re waiting on multiple swaps, batch auctions can introduce delay and dependency.
• Dutch auctions, as used by UniswapX, treat each intent individually. Fillers compete to execute it at the most competitive price and fast, without relying on a batch or market timing.

Each design has its advantages, but when you weigh the benefits and tradeoffs, one clearly stands out.

Why Dutch auctions offer more competitive execution

The approach taken in designing the UniswapX protocol shows why Dutch auctions are built to put your individual swap first, combining speed, simplicity, and value in a way batching can’t match.

Batch auctions defer execution until the window closes, which can delay your swap. Dutch auctions, on the other hand, can fill your swap as soon as liquidity is available.

Here are some of the benefits of Dutch Auctions:

• Tailored execution: Your swap is handled on its own, not lumped into a batch with other orders.
• Fast fills with deep liquidity: In most cases, swaps settle in a single block—so you’re not left waiting on a multi-order window.
• Instant quote option: We first check if your requested price can be met via a private RFQ fill. If it is, your swap happens almost immediately, with no auction needed.
• Real competition, real savings: If the RFQ doesn’t fill, the auction starts and fillers race to win your order—driving better prices through live bidding.
• Gasless swaps: You never need to worry about network fees with UniswapX. If your swap doesn’t go through, you don’t lose anything.
• MEV earned goes to you: Any value extracted by the auction process returns to your swap as price improvement, not to market makers. That’s why, historically, 80% of the time your UniswapX swap has settled at a better price than what you were quoted.
• No batch delays: There’s no waiting for a group of swaps—your swap moves when it’s ready, not when a batch is full.

With Dutch auctions, you get faster, clearer, and more cost-effective swaps, whether you’re trading $50 or $5 million.

How Dutch auctions work on UniswapX

Several features of the Uniswap Web App help you get competitive prices on your swaps. One of those ways is to route your swap through UniswapX.

When your swap is routed via UniswapX, it’s submitted as an intent to swap. In many cases, these swaps are filled by an exclusive RFQ filler before a Dutch auction even kicks in.

If your swap is not filled at this point, that’s when UniswapX’s Dutch auction begins — helping you get fast, competitive execution.

Here's a high-level overview on the process:

1. UniswapX initiates the Dutch auction for your individual swap. The price available to fillers starts slightly higher than your target and ticks down over time.
2. Fillers compete to fill your specific swap as the price decays. Whoever accepts first wins the right to settle the swap.
3. The auction ends the moment someone fills your order. There’s no batching, no waiting, and no exposure to onchain frontrunning or sandwiching.

This model encourages fast fills and competitive pricing, especially in volatile markets — because every swap gets its own execution path.

Put your swap first with Dutch auctions on UniswapX

UniswapX’s Dutch auctions are designed to prioritize your swap, not a batch. That means faster execution and pricing that reflects your intent.

UniswapX is live now on the Uniswap Web App and Wallet.