The VeChain community has welcomed its first decentralized exchange (DEX) as Vexchange goes live on the VeChainThor blockchain.
The milestone comes from a partnership, announced last year, between VeChain and Vexchange to connect VeChain to the Decentralized Finance (DeFi) world.
With the DEX now live, Vexchange allows users to swap VET, VTHO, and other VIP-180 tokens, such as Safe Haven, Plair, and DecentBet.
As a decentralized exchange, traders using the Vexchange protocol do not need to deposit funds to the DEX as tokens are swapped during transactions and immediately returned to their wallets. Every transaction on the exchange is recorded on VeChain’s blockchain, using VTHO as gas.
Aside from connecting VeChain to DeFi, Vexchange, which describes itself as the “Uniswap of VeChain,” has helped solve one of the significant problems facing the VeChain ecosystem by improving the system of trading assets. As a result, the integration of swaps into other dApps and smart contracts has become seamless.
Also, the DEX increases liquidity and provides more on-chain activities for VeChain. Traders can earn rewards by staking their tokens on the protocol.
Following its launch, Vexchange easily surpassed $5,000 in average trade volume. This qualifies the DEX for a $20,000 funding in USDT from the VeChain grant program.
Vexchange passed $5000 avg volume! We’ve seen explosive growth thanks to @VIMworldglobal & $EHrT.
We’re very grateful for all the support & professionalism from @vechainofficial. With this, we managed to claim a total $20000 USDT from the #VeChain Grant Program.#SwitchToVechain
— Vexchange (@VexchangeIO) October 12, 2020
The VeChain grant program was set up by the VeChain Foundation to provide support and funding for blockchain applications, developer tools, and infrastructures on the VeChainThor blockchain.
Eligible projects struggling with funding sources can apply for the grant. If a project is accepted, it receives a grant of $3k – $30k, depending on technical and social merits.
According to information on the VeChain website, Vexchange is the fourth project to benefit from the program. Other awardees on the list are RealItems, VeChainStats, and VeriArti.
Most blockchains are invading the DeFi space as the sector continues to boom. Coinfomania reported last Monday that Zilliqa also welcomed its first decentralized exchange dubbed Zilswap, courtesy of Switcheo.
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