- VeChain now has its first DEX (Decentralized exchange) dubbed Vexchange
- Vexchange’s vision is to be the UniSwap of the VeChain network
- Vexchange has a 24-hour trading volume of 6 million VET at press time
VeChain News Today – A few days ago, the VeChain Foundation announced the first DEX (Decentralized exchange) on the VeChain network. The new DEX on the VeChain network is called Vexchange. The new project is designed to function like the Uniswap of VeChain’s network. The announcement given by the VeChain foundation about the launch of Vexchange was posted on Twitter. The new Vexchange.io is a beneficiary of VeChain’s Grant scheme the VeChain Grant Program. Its developers have received more than $20,000 USDT from the VeChain Grant Program. The funds were used to develop the platform.
Vexchange Has a 24-hour Trading Volume of 6 Million VET at Press Time
According to the tweet about the announcement a few days ago, on average the new Vexchange had a 24-hour trading volume of $5,000. When this content was published and according to Vexchange.io’s official website, the 24-hour trading volume stands at 5,947,320 VET (which is approximately $68,000). As mentioned earlier, Vexchange is aimed at becoming the Uniswap of VeChain’s network.
The team behind the initiative further offers a brief guide on how to begin trading on the new platform. Firstly, you must have access to Vexchange with a Vechain enabled browser using the Comet browser extension, VeChain’s mobile wallet, or VeChain’s sync app. Once you have the products mentioned above you will be able to access tokens.
VeChain’s Value Benefiting from Vexchange
Having a decentralized exchange on VeChain’s network means that all developers, investors, and traders on the Blockchain can swap their new tokens (these tokens power decentralized apps). With this DEX, the VeChain network is on a path to entering the DeFi ecosystem along with industry heavyweights Tron and Ethereum.
In the case of the two latter Blockchain networks, the DeFi explosion of quarter three of this year has led to ETH and TRX benefiting greatly in the crypto markets. This was triggered by increased network activity. It implies that a similar fate is on the cards for VeChain once building on the Blockchain gathers additional momentum as a result of the availability of Vexchange (when it comes to swapping tokens that govern DeFi projects).
Typically, such new DeFi tokens are not initially listed on most major exchanges because of the risks involved. Hence, a DEX like Vexchange offers investors an avenue to trade them despite a high-risk appetite.