Two days ago, the VeChain Foundation welcomed the very first Decentralized exchange on VeChain (VET). The new DEX goes by the name of Vexchange and it aims at becoming the Uniswap of the VeChain network. Below is the announcement by the VeChain foundation regarding the launch of Vexchange.
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.io is a beneficiary of the VeChain Grant program. Its developers received $20,000 USDT from the VeChain Grant Program to develop the platform. As can be seen in the quoted tweet above, two days ago Vexchange had an average 24-hour volume of $5,000. At the time of writing and according to the official Vexchange.io website, the 24-hour trade volume now stands at 5,947,320 VET or approximately $68,000.
Below is a screenshot of the main Vexchange page together with a list of VeChain based tokens available for trading.
Want Uniswap on Vechain? Checkout Vexchange.io. Make sure you access Vexchange with an Vechain enabled browser by using the Comet browser extension, the Vechain mobile wallet, or the Vechain sync application. Now go get your sweet juicy tokens.
Having a decentralized exchange on the VeChain network means that developers, investors and traders can swap new tokens that power decentralized applications. With this DEX, VeChain is very much on a path towards entering the DeFi realm alongside industry heavyweights such as Ethereum and Tron.
In the case of the latter networks, the DeFi explosion of Q3 2020 has led to both ETH and TRX benefiting positively in the crypto markets due to the increased network activity. This means that a similar fate awaits VeChain (VET) once building on the network gathers additional momentum due to the availability of Vexchange to swap tokens that govern DeFi protocols.
Such new DeFi tokens are usually not initially listed on major exchanges due to the risks involved. Therefore, a DEX such as Vexchange provides an avenue for investors with a high-risk appetite to trade them.
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