DFINITY Foundation launches the Internet Computer’s first DEX

Sonic has become the Internet Computer’s first decentralised exchange (DEX). The news was announced by the non-profit organisation behind the project, the DFINITY Foundation.

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 Foundation (@dfinity) January 22, 2022

Initially, the DEX supported tokens ICP, Wrapped ICP (WICP) and Cycles Token (XTC) of the Internet Computer ecosystem, and a liquidity pool for the WICP/XTC pair.

The platform uses an automated market maker (AMM). On the Internet Computer technology, it does not require gas for swaps. Users pay only a 0.3% swap fee to liquidity providers.

The exchange team said that the limited token set is temporary. Users will be able to import into the network any asset that conforms to the DIP20 standard.

“From the outset, the Sonic team will handle token additions. This is not an attempt at intermediation, but rather a check for malicious assets, until we have an automated system for this,” the statement said.

In January 2021, the DFINITY Foundation completed the first phase of integrating the Internet Computer with the Bitcoin blockchain.

The project developers also announced the launch of a cross-chain bridge with the Ethereum network.

Subscribe to ForkLog news on Facebook.