Vexchanger launches first DEX on VeChain blockchain

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Last Updated on 13 October 2020 by CryptoTips.eu

VeChain has revealed that its first decentralized exchange (DEX) is live on its blockchain.

They announced this in a tweet, and this signifies a huge milestone within its ecosystem. VeChain and Vexchange announced their partnership last year to connect VeChain to the world of DeFi.

Vexchange launched yesterday and users can swap VET, VTHO and other tokens on the VeChain blockchain. Traders using the Vexchange protocol are not required to deposit funds to the DEX as token swaps are automatically returned to their wallets.

Furthermore, transactions on the exchange are recorded on the VeChain blockchain. The entire process is powered using VTHO as gas. Vexchange is also aiming to become the Uniswap of VeChain and helps the blockchain solve existing problems by improving the way assets are exchanged.

It also aims to encourage the integration of swaps into other dApps and smart contracts seamlessly. Vexechange expects that as the exchange increases in liquidity and provides more on-chain activities traders can be rewarded by staking their tokens on the protocol.

The launch of Vexchange was received with positive sentiments by the VeChain community and it quickly surpassed $5,000 in average trading volume.

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VeChain encouraging blockchain developments

VeChain has been supporting several blockchain applications and developers on its platform. The blockchain foundation set up a grant program that has been beneficial for developers.

The grant is to help fund blockchain applications, developer tools and infrastructure on the VeChain Thor blockchain. The funding ranges from $3000 to $30,000 depending on the scope of the program.

The launch of Vexchange and subsequent passing the $5,000 daily transaction mark, qualifies the DEX for a $20,000 funding in USDT by VeChain foundation.

Vexchange will be the fourth project to benefit from the program that has awarded firms like VeChainStats and VeriArti in recent months.

Decentralized Finance continues to grow with many blockchain platforms looking to take advantage of the current boom. VeChain has excelled in the conventional finance sector and its sojourn to DEX is a great development for the crypto ecosystem.

The VeChain price is currently up 6% the past 24 hours and almost 10% the past week.