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VeChain launches its first DEX on VeChainThor blockchain

TL;DR

  • Vexchange is first decentralized exchange on VeChainTor
  • It has won a grant of $20,000
  • Uses VTHO as gas

VeChain launches first DEX

VeChain has announced the presence of a pioneer decentralized exchange (DEX), Vexchange, on its blockchain, VeChainThor.

This was achieved through a partnership that had a goal of connecting the platform to the Decentralized Finances (DeFI) network. The partnership was between VeChain and Vexchange.

Market players using the Vexchange platform would not need to deposit funds into the DEX because, during transactions on the exchange, the tokens would be swapped and then returned to their exchange wallets

The exchange would also enable its users to swap tokens like VET, VTHO, VIP-180 (DecentBet, Plair, etc.). The exchange transactions would be stored and saved on VeChainThor, and it would be making use of VTHO as its gas.

The partnership has been very fruitful as it has helped solve several challenges that had always affected the ecosystem. One such challenge is its trading system, which has now become better and much more seamless thanks to the implementation of swaps in smart contracts and dApps.

Not only that, but the live DEX would also be allowing for more on-chain activities and increased liquidity for the crypto exchange. Thus, users can begin to make gains just by transacting their tokens on the platform.

Qualification for $20,000 grant

Within the period it was launched, the exchange have had transactions over $5000 which automatically qualified it for a $20,000 grant.

The grant was initiated by the VeChain Foundation whose aim is to help blockchains, developers that might be struggling for funding or support on their blockchain.

Projects that need funding can apply for a grant, and they are assessed based on their technical and social viability. Successful applicants get between the sum of $3,000 and $30,000.

Vexchange would be the fourth successful applicant of the grant that has also awarded the likes of RealItimes, and VeriArti.

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Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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