The first decentralized exchange on the Internet Computer blockchain from the Dfinity Foundation was launched this week following the recent release of a new white paper. And, according to information provided by Cointelegraph, two other exchanges are already in operation.
The first version of the new DEX, called Sonic, launched on the mainnet on Sunday. Initially, there are only three pools for token exchanges using the native Internet Computer Protocol (ICP) token: InterICP/WICP (wrapped ICP), ICP/XTC (Cycles Token), and WICP/XTC. Users may also be rewarded for providing liquidity.
Sonic, the first DEX to run on an Internet computer, is now live. @sonic_ooo offers #InternetComputer blockchain DeFi product suite powered by gasless AMM.⛽️ DeFi on IC has arrived. https://t.co/IjClg4LRxo pic.twitter.com/CH3f3qgIVM — DFINITY Foundation (@dfinity) January 22, 2022
Dfinity head of communications Michael Less told Cointelegraph that Sonic plans to redefine what it really means to be an example of decentralized finance (DeFi). Sonic completes a transaction in less than one second and runs entirely on the public IC blockchain network without any gas fees.
“It runs entirely on the public blockchain where it can’t be turned off – you can’t turn it off, it’s running all the time,” he said, explaining that his main focus right now is the upcoming integration with Ethereum, which is slated for Q3 this year. .
“You will be able to transfer your Ethereum assets to Sonic and it will be like Uniswap, but without gas fees and at lightning speed.”
There are already plans for Sonic V2, which will add the Launchpad token, DAO (Decentralized Autonomous Organization) tools, and SONIC’s own native governance token. A launch date for Sonic V2 has yet to be confirmed.
According to information provided by Cointelegraph, there are at least two other DEXs that will join Sonic on IC “in the next few weeks”, including InfinitySwap and ICP Swap.
The Internet Computer is a public blockchain and protocol designed to run a truly decentralized Internet, allowing developers to install smart contracts and decentralized applications (DApps) directly on the blockchain.
It was developed and launched after several years of development by Dfinity in May 2021, a non-profit organization based in Zurich.
A new white paper, The Internet Computer for Geeks, released Jan. 21, goes back to basics, explaining the basics of how IC uses smart contracts to power the emerging decentralized Web 3.0 ecosystem.
Related: Internet Computer: Correction risk rises after ICP price rises nearly 60% in 5 days
According to Dfinity, there are more than a thousand developers working on the IC blockchain. Projects include social media DApps like Desocial, DSCVR and Distrikt; Metavserse projects like PokedStudios and IC Gallery and gamefi projects like Cube Run and MetaSports Basketball.