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Sunday, September 25, 2022

The Vechain DEX of Crypto

Hi, crypto fans. Welcome to CCS Cryptocurrency State. My name is Santiago. I’m a web developer and investor and in today’s video, I’m going to show you VexChange. This is the first and only VeChain decentralized exchange in the market.

And if you are a VeChain holder like me, you should be informed about this project and what we could expect in the near future about Vexchange. Before we begin, please like the video, subscribe to the channel, click the bell to get the notifications and remember to put “all” so you get all the notifications from my channel.

And remember to participate in the giveaway the link is in the description, and without anything else let’s go into it. Hey, guys. Well, we are here at vexchange.io, The project is small, It’s not a big project. The UI is very simple. You go here and you will see the list of tokens that are created over the VeChain network. There are not a lot of tokens, mainly these ones.

The last one that was added to the list was VEED, so now you can trade in it The base token here is VET of course and the fees you will pay here will be paid with VeThor tokens. So in order to enter into the proper swap part of the exchange, you will need a wallet like with any decentralized exchange. I usually use metamask for Ethereum or other networks like I showed you in previous videos, like Polygon. You can use metamask on Polygon too. But here you will need this one which is called Comet and this is VeChain’s third browser extension. So basically it’s your own wallet for managing VET tokens, where you can stack your VET tokens. Also, these new tokens mint on the VeChain ecosystem.

So once you download this, like any other, like Metamask or any other wallet extension you will need to put the code and you will need to put the 12 words for security and restore the wallet and everything. Once you got that, you come here and you click on view exchange and they will pop up this part for you. So, the UI is very basic, I don’t like it. I think it’s not attractive to the user but anyways. Here you will be able to select, like with any automated market maker (AMM) dcentralized exchange.

You can select the tokens, you can select the output token that you want to trade. These are all the available tokens right now and all these are projects running on VeChain’s network. So you can look at these tokens and see the projects if you want to enter into them. Right now, you need to understand that there isn’t a native token for Vexchange So, that would be part of the project in the future, but right now there’s no token. If you look at this in Coin Market Cap, you will not find any token to exchange here. Right now, inside this blockchain you will be working with VeThor and VET.

And so you can also send and receive your tokens over this wallet and you can also participate in pools to get liquidity into the decentralized exchange. So you can deposit for example VET here and then a second token, for example, DBET. So here you have your exchange rate. So one VET is 35 DBET. And you have your current pool size and your pool share according to that, and then once you put your tokens here you will add the liquidity to that. Remember that your tokens will always be in your wallet so you don’t need to worry about that.

But this is a great way to participate in the VeChain ecosystem. If we go into some news about this, this exchange is not new. Actually, the launch was in October 2020. So it’s already 8-9 months. One important thing to mention here is that, well, the Vexchange is a fork of Uniswap v2. Right now it’s updating and it’s a fork v2 of Uniswap. So it started as a fork of Uniswap like it says here.

And we are expecting the Vexchange version to update. This will include price oracles, flash loans, token to token pairs and integration with Sync 2. If you want to do some tests of Sync 2 you can do it here, I will put the link in the description, but it’s important to know 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.

Features like VIP 191, MTT, etc. VIP 191 is the code, like for Etheruem the ERC-20 but this is the protocol token for the tokens on VeChain ecosystem. For example, those who hold the Vexchange token may not have to pay for gas through VIP 191 This is a possibility with VeChain, but this will be when we get a token for Vexchange which will happen in this update. That token will work like many other decentralized exchanges: you can also add liquidity, you can use it to pay fees, and many other features.

If we go to dappradar we will see that Vexchange has a balance of over $500.000 The volume is 5.000 per day, it’s a small exchange right now I mean the whole ecosystem of decentralized exchange for VeChain is small. VeChain itself has a lot of partners and potential still, but the projects running in VeChain that held a coin into the decentralized exchange are not so big right now. This is an ecosystem that needs to grow. But anyways Vexchange is at 36th position on the decentralized exchange category in dappradar It’s the only VeChain exchange as you can see here.

Here is PolyDEX at position n 36, I did a video about PolyDEX, If you didn’t see it, click here. This is Polygon’s decentralized exchange. But anyway, being positioned 36 is not too bad. I mean, there’s a lot of room to grow here. And if we go to VeChain Insider, we will see that many of the projects that VeChain has partnered with are listed in the coins of the decentralized exchange. For example, OceanEx. You can see that here in VeChain Insider So this is a good way to see and review all the projects that are running in VeChain’s ecosystem and if you are a VeChain holder like me, that would be interesting for you.

The Github repository is very very small, with not too many updates. That is something that I don’t really like. So I am not sure how many updates they are doing in the decentralized exchange right now. Their Twitter is very small with only 6,000 followers. They have here some news about coins that they have been adding, for example, on May 25. VEED was one of the added available exchanges. But besides that, that will be all for the project. So, remember that in order to check if you want to swap this, right now you will need the wallet extension for the VeThor browser extension and that will make it possible for you to swap or enter into pools here.

Well, this is just an update if you are weren’t aware of this project already. This is the only exchange for VeChain ecosystem and that is all for this video. Remember to like the video, subscribe to the channel, click the bell to get the notifications.

Remember to join the giveaway and you can join me on Twitter if you want to see all my trade alerts and also join me on Facebook, Instagram, and Pinterest. All the links are in the description of the video. I will see you in the next video Bye! Before we continue with the video, remember that I am doing an amazing giveaway.

I will be giving half of a Bitcoin to one winner and Ethereum to five different winners. If you want to participate it’s super easy, with just a couple of clicks. Follow the link in the description. But remember that you need to be subscribed to the channel with the bell on to be considered.

Read More: What is VeChain Supply Chain Management?

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