First Decentralized Exchange on Dfinitys Internet Computer Launches

The Dfinity Foundation has announced the launch of Sonic, the first decentralized exchange (DEX) to go live on the network.

On Jan. 23, the Foundation stated that Sonic v1 has launched to mainnet where users can swap tokens and earn liquidity provider rewards. There are initially only three pools for token swaps using its native token: ICP/WICP (wrapped ICP), ICP/XTC (Cycles Token), and WICP/XTC. Liquidity provider rewards are available for the WICP/XTC pool.

The DEX has been touted as a “gasless Automated Market Maker (AMM)” whereby users can add new tokens and create new pairings as they do with Uniswap. There are no network fees, but users will pay a 0.3% swap fee for transactions, part of which will go to liquidity providers.

The fixed set of pairs are temporary, the team explained, adding that to start with, the team will handle additional tokens.

Building a Decentralized Internet

Over the past five years or so, Dfinity has been developing the Internet Computer, a revolutionary blockchain network that has the lofty ambition of replacing the trillion-dollar legacy internet and IT industry.

It aims to do this by allowing developers to install their software directly on the public internet, therefore avoiding centralized hosting companies, servers, and commercial cloud services.

The Dfinity Foundation plans to build upon the DEX with Sonic v2 which will offer a token Launchpad, DAO (decentralized autonomous organization) tools, and its own native SONIC governance token.

There was no launch date given for the SONIC token, but the announcement did reveal that there will be 5% in a public sale, the team will get 20%, and the remaining 75% will go to the community via airdrops, an ecosystem fund, liquidity incentives, and treasury.