VeChain Launches First DEX on VeChainThor Blockchain

VeChain has revealed the launch of the first decentralized exchange (DEX) Vexchange on its VeChainThor blockchain.  This is expected to usher in the start of new developments for VeChain in the DeFi sector

DEX Launch the Result of Partnership

The launch of the DEX platform was the result of a partnership between VeChain and Vexchange agreed in 2019. The partnership has a goal of connecting the VeChain ecosystem to decentralized finance network.

VeChain tweeted about the launch and Vexchange revealed specifics on how the exchange operates. Users are not mandated to deposit funds into the DEX. Token swapped are automatically returned to their exchange wallets.

A big congratulations to the first DEX on #VeChain – @VexchangeIO for the milestone!

We are proud to have been able to support dApps, projects and startups that are running on #VeChain. #SwitchToVeChain & don't forget to apply for the Foundation Grant! https://t.co/9NqTlo4fIo https://t.co/Smzs6eXZzk

— VeChain Foundation (@vechainofficial) October 12, 2020

Vexchange supports the swap of tokens including VET, VTHO and VIP-180 tokens with transactions stored on the VeChainThor blockchain.  VTHO will be used as the gas for transactions on the platform.

Vexchange believes that the partnership will help solve some of the problems that have plagued the Vechain ecosystem. The launch of the exchange would enable seamless and efficient swaps between smart contracts and dApps.

There are also expectations that the DEX would also integrate more on-chain activities and attract more liquidity. Traders can also profit by transaction their tokens on the exchange.

Since its launch 24 hours ago, the exchange has conducted transactions of over $5000 which automatically qualifies it for a $20,000 grant. VeChain Foundation runs the grant for developers and blockchain platforms on their blockchain.

It is understood that Vexchange will be the fourth firm to be awarded the grant following the likes of VeriArti, Real times, and VeChainStats. The grant ranges from $300-$30,000 for successful applicants.

VeChain Looking Toward DeFi Sector

Vexchange is the first of many developments expected within the DeFi sector on the VeChain blockchain. VeChain is looking towards this promising sector which is still in the growing phase.

Ethereum currently dominates the DeFi scene but VeChain has the potentials to secure a decent share of the market. Vechain is regarded as one of the top blockchain projects with its various tools and solutions used by top organizations across the world.

BTCManager reported on October 1 that premium Jamaican brand Jamaica Blue Mountain Coffee had been listed on Real Items a VechainThor powered blockchain that tracks and guarantees the authenticity of its products.