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- Alchemist’s MIST token has gone viral amid rumors of a new partnership with Uniswap.
- The rumors spread after a video showing the Uniswap v3 interface with the front-running protection feature from mistX was posted to Reddit.
- mistX, the main product of the protocol, helps protect against MEV attacks on DEXs.
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MIST, the original token of the MEV Alchemist security project, has gone viral after rumors of a partnership with the decentralized exchange Uniswap circulated online.
Chemist rumored to partner with Uniswap
Alchemist’s original token has gone viral amid rumors of a new partnership with Uniswap.
According to social media reports, Uniswap may soon publish Alchemist’s mistX product, a popular Mining Value (MEV) protection solution. MEV is a phenomenon where by rearranging transactions in the next block on the chain, miners can manage trades on decentralized exchanges of Ethereum (DEXs).
The price hike followed a video posted on Reddit that showed a privately hosted Uniswap v3 interface with a protection feature running in the foreground that reads “Powered by Flashbots and mistX”.
UNISWAP + MISTX FRONT RUNNING PROTECT DEMO (UNOFFICIAL GITHUB DEMO) by alchemist_coin
Acting as an effective solution against MEV, Alchemist’s mistX product has generated more than $311 million in trading volume over the five months since its launch in May 2021.
Reports of the Uniswap partnership coupled with the increased use of the protocol have led to a strong rally for Alchemist’s MIST, which is up 68% since October 1 and is currently trading at around $130.
Although nothing has been officially announced yet, the team at Alchemist and Don Vincenzo, a key member of the team, has previously fueled rumors surrounding the partnership Hint An important announcement will follow soon.
mistX, one of Alchemist’s flagship products, uses Flashbots technology to protect DEX traders from extractable mining value (MEV). MEV has become a major concern for the Ethereum blockchain, allowing miners to “steal” millions of dollars every day. With the increasing incidence of forward operation, the need for MEV protection has grown proportionately.
Simply put, mistX acts as a layer on top of DEXs and directs transactions through Flashbots, a type of private communication protocol between DEXs and miners that is intended to protect against MEV attacks.
If the rumors are true, the partnership with Alchemist could improve deals for users of Uniswap, the largest DEX by daily trading volume. according to ReportsUniswap traders are vulnerable to MEV attacks as there is currently no solution.
Other projects such as Gnosis’s CowSwap and Eden Network have deployed MEV protection solutions, but with different approaches. For example, another leading DEX company, Sushi, has integrated the Eden Network to protect its users from MEV. Partnering with a large DEX such as Uniswap can give an additional boost to the fees generated by the Alchemist.
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