The Dfinity Foundation’s Internet Computing Blockchain has welcomed its first decentralized exchange called Sonic.
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The Dfinity Foundation’s first decentralized exchange on the Internet of Things went live this week, following the recent release of a new official report. And according to information shared with Cointelegraph, there are already two other exchanges operating.
The first version of the new DEX called Sonic went live on the mainnet on Sunday. Initially there were only three pools for token swaps using its native Internet Computer Protocol (ICP) token: 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 Internet Calculators, is now live.@sonic_ooo offers a suite of DeFi products for #InternetComputer blockchain, works on air AMM. ️
DeFi on IC has arrived. https://t.co/IjClg4LRxo pic.twitter.com/CH3f3qgIVM
– DFINITY Foundation (@dfinity) January 22, 2022
Dfinity CEO Michael Less told Cointelegraph that Sonic plans to redefine what it really means to be an example of decentralized finance (DeFi). Sonic has a transaction duration of less than a second and runs entirely on the IC’s public blockchain network without any gas fees.
“It runs entirely on a public blockchain, where it cannot be shut down – you can’t turn it off, it runs forever,” he said, explaining that its main focus right now is on the upcoming integration with Ethereum, expected Q3 this year.
“You will be able to put your Ethereum assets into Sonic and it will be like Uniswap but with no gas fees and lightning fast speeds.”
There are already plans for Sonic V2, which will add a Launchpad token, DAO (decentralized autonomous organization) tools, and its own native SONIC governance token. Sonic V2’s launch date is yet to be confirmed.
According to information shared with Cointelegraph, there are at least two other DEXs that will join Sonic on IC “in the next few weeks,” including InfinitySwap and ICP Swap.
Internet Computer is a protocol and public blockchain that aims to run a truly decentralized Internet by allowing developers to install smart contracts and decentralized applications (DApps) directly on the Internet. blockchain.
It was incubated and launched after years of development by Dfinity in May 2021 – a non-profit organization based in Zurich.
The new white paper “Enthusiast Internet Computing” released on January 21 goes back to basics, explaining the fundamentals of how microchips use smart contracts to provide powering the emerging Web 3.0 decentralized ecosystem.
Related: Internet Computing: Risk Correction Increases After ICP Price Up Nearly 60% in 5 Days
According to Dfinity, there are over a thousand developers building on the IC blockchain. Projects include social DApps, such as Desocial, DSCVR and Distrikt; Metavservere projects such as PokedStudios and IC Galleries, and gamefi projects such as Cube Run and Basketball MetaSports.