- Vexchange developers have unveiled the second iteration of the decentralized exchange (v2) and its new features.
- v2 will offer price oracles, flash loans, token to token pairs and the integration with Sync 2.
VeChain developer Raleigh_CA has presented a preview of the second iteration of decentralized exchange Vexchange. Initially launched with a simple swap function, Vexchange was later merged with a fork of the first version of Uniswap.
In terms of the current crypto landscape, Raleigh asserted that there is a need for a robust DeFi ecosystem that can “compete with Ethereum.” While Vexchange has received support from the VeChain Foundation, Raleigh sees a need to draw more attention to Vexchange’s potential and capabilities that can be tapped by developers looking to build dApps.
(…) we sought out to update the nuts and bolts of Vexchange to become the foundation of DeFi on VeChain.
The second version of Vexchange (v2) will therefore have quite a lot of new features: price oracles, flash loans, token to token pairs, integration with Sync 2, among others. Additionally, the community will be incentivized to participate in the governance model with a native token. Raleigh added:
It’s important to note that we are still a modified fork of Uniswap but in this case Uniswap v2. As VeChain itself has several key distinctive features that differentiate it from Ethereum, Vexchange v2 inherently will have features that differentiate it from Uniswap v2.
Among these features is the low cost of use for Vexchange. Eventually, VIP-191 is set to make the use of the decentralized exchange free of fees.
VeChain’s developer also revealed that they have enabled a developer preview. That way, interested developers will be able to “start gathering ideas” about future projects that can be built on top of Vexchange v2. To connect to the preview version of the decentralized exchange, it is first necessary to obtain VET and VTHO tokens on the testnet faucet.
However, developers should note that there are three bugs that could interfere with their experience using Vexchange v2 preview. One is an inconsistency in the user interface and how browsers (Firefox, Chrome) interact with VeChain’s Sync 2 wallet.
VeChain’s decentralized exchange sets a new record
The official Vexchange Twitter handle has reported on the growing usage of the protocol. In the last 24 hours, the exchange recorded a trading volume of $1 million for the first time. The tokens with the highest trading volume were VTHO with 12 million VET, followed by EHrt with 966,000 and SHA with 799,012 VET.
As reported by CNF, VeChain’s core developer “A Byte Ahead” admitted that the high fees on Ethereum have left a “gap” that the Vexchange team could fill with lower fees. However, he also admitted that Vexchange’s biggest problem is the lack of interesting tokens besides EHrT and VTHO.