VeChain embraces its first DEX as it ventures into the DeFi space

The VeChain ecosystem has launched its first decentralized exchange Vexchange on the VeChainThor blockchain as a part of the alliance.

By · Oct 15, 2020 . 6min read

VeChain launches first DEX latest news

The VeChain introducing its first decentralized exchange (DEX) as Vexchange goes live on the VeChainThor blockchain. The move originates from a collaboration, declared last year, between VeChain and Vexchange to unite VeChain to the decentralized finance (DeFi) world. With the DEX now live, Vexchange enables users to swap VET, VTHO, and other VIP-180 tokens, like Safe Haven, Plair, and DecentBet.

According to VeChain, traders utilizing the Vexchange protocol do not have to invest funds to the DEX as tokens are swapped through transactions and quickly retreated to their wallets. Moreover, every transaction on the exchange is listed on VeChain’s blockchain, utilizing VTHO as gas.

Apart from combining VeChain to DeFi, Vexchange, which defines itself as the “Uniswap of VeChain,” has helped solve one of the prominent difficulties confronting the VeChain ecosystem by enhancing the trading system assets.

Thus, the combination of swaps into other dApps and smart contracts has become seamless. Additionally, the DEX enhances liquidity and contributes to more on-chain activities for VeChain. Also, traders can receive rewards by staking their tokens on the protocol. Moreover, the VeChain community’s positive sentiments supported the launch of Vexchange, and it quickly exceeded $5,000 in average trading volume.

VeChain promotes blockchain technology.

The VeChain grant program is an initiative by the VeChain Foundation to offer assistance and funding for developer tools, blockchain applications, and infrastructures on the VeChainThor blockchain. Qualified projects grappling with funding sources can demand the grant. Additionally, if a project qualifies, it receives a grant of $3k – $30k, depending on technical and social benefits. 

According to its website, Vexchange is the fourth project to benefit from the program. Other awardees on the list are VeChainStats, RealItems, and VeriArti. Moreover, maximum blockchains are advancing in the DeFi space as the sector continues to grow. 

Recently, Zilliqa welcomed its first-ever decentralized crypto exchange Zilswap, produced by the team Switcheo. The new platform will enable users to trade ZIL or ZRC tokens straight from their Zilliqa blockchain’s wallets. Users will also attach the tokens they have to a liquidity pool to receive a passive income as market makers. However, Zilswap plans to launch with ZIL-XSGD as its first token pool.

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