First DEX on Internet Computer launches, others coming soon
The first decentralized exchange on the Dfinity Foundation’s Internet Computer blockchain went live this week, following up on the recent release of a new whitepaper. And according to information shared with Cointelegraph, there are already two other exchanges in the works.
The first version of the new DEX called Sonic launched to mainnet on Sunday. There are initially only three pools for token swaps using its native token Internet Computer Protocol (ICP): InterICP/WICP (wrapped ICP), ICP/XTC (Cycles Token), and WICP/XTC. Users can also earn rewards for providing liquidity.
Sonic, the first DEX to launch on the Internet Computer, is now live.@sonic_ooo offers a suite of DeFi products for the #InternetComputer blockchain, operating on a gasless AMM. ⛽️DeFi on the IC has arrived. https://t.co/IjClg4LRxo pic.twitter.com/CH3f3qgIVM
Dfinity Head of Comms Michael Less told Cointelegraph that Sonic plans to redefine what it truly means to be an example of decentralized finance (DeFi). Sonic has sub-one second transaction finality and is entirely run on the IC’s public blockchain network without any gas fees.
“It is completely running on a public blockchain, where it cannot be shut down — you can’t shut it down, it runs perpetually,” he said, explaining that its current primary focus is an upcoming integration with Ethereum, which is slated for Q3 this year.
There are already plans for a Sonic V2, which will add a token Launchpad, DAO (decentralized autonomous organization) tools, and its own native SONIC governance token. The launch date for Sonic V2 is yet to be confirmed.
According to information shared with Cointelegraph, there are at least two other DEXs that will be joining Sonic on the IC “in the next few weeks”,
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