- 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.