- VeChain has launched its first decentralized exchange on the VeChainThor Blockchain
- Since its launch, the exchange has had transactions worth $5000
- The transaction limit ensured that the DEX qualified for a $20,000 grant
VeChain News Today – the VeChain network has revealed the presence of a pioneer DEX (decentralized exchange) known as Vexchange (a DeFi platform) on the VeChainThor Blockchain. This new use case for Vexchange was achieved via a partnership that was aimed at connecting the VeChain platform to the DeFi (Decentralized Finances) network.
The collaboration that gave rise to the DEX was between the VeChain network and the Vexchange DeFi platform. Top market players using Vexchange wouldn’t need to deposit any funds into their DEX accounts because, during transactions on the network, the tokens are typically swapped and returned to their wallets.
Users on the New DEX Will be Able to Swap VET, VIP-180, and VTHO
Additionally, the new DEX exchange would allow its users to swap tokens such as VET, VIP-180, and VTHO. The transactions on the exchange would be stored and saved on the VeChainThor network. It would use VTHO as its gas. The new partnership has reportedly been fruitful because it has helped to solve a good number of challenges that have affected the ecosystem.
One of such challenges is the trading system it implements. This system has now become better. It is now more seamless all credit goes to the launch of swaps in dApps and smart contracts. Not only that, the live DEX platform would allow for more on-chain activities. It supports increased liquidity for the exchange. Meaning, users can immediately start to make gains by transacting their tokens.
The Exchange Has Already Qualified for a $20,000 Grant
Within the period in which the new DEX was launched, the decentralized exchange has already had transactions worth more than $5000. This means it has automatically qualified for a $20,000 grant. The $20,000 grant was reportedly initiated by the VeChain Foundation. The primary goal of the VeChain Foundation is to help Blockchain developers that may be struggling to get funds or financial support on their network.
Blockchain projects that typically need funding can put in an application for a grant. After that, they will be assessed for their technical and social viability. All successful applicants are eligible to receive the sum of $3,000 and $30,000. The new Vexchange would reportedly be the fourth successful applicant of the scheme that has already awarded the likes of VeriArti and RealItimes.