The first decentralized exchange on the Dfinity Foundation’s Internet Computer blockchain went live this week, following up on the release of a new whitepaper. According to information shared with Cointelegraph, there are already two other exchanges in the works.
The first version of the new DEX, called Sonic, launched to mainnet on Sunday. There are initially only three pools for token swaps using its native token Internet Computer Protocol (ICP): InterICP/WICP (wrapped ICP), ICP/XTC (Cycles Token), and WICP/XTC. Users can also earn rewards for providing liquidity.
Dfinity head of communications Michael Less told Cointelegraph that Sonic plans to redefine what it means to be an example of decentralized finance (DeFi). Sonic has sub-one second transaction finality and is run entirely on the IC’s public blockchain network without any gas fees.
“It is completely running on a public blockchain, where it cannot be shut down — you can’t shut it down, it runs perpetually,” he said, explaining that its current primary focus is an upcoming integration with Ethereum, which is slated for Q3 this year.
“You’re going to be able to bring your Ethereum assets into Sonic, and it will be like Uniswap but with no gas fees and lightning fast.”
There are already plans for a Sonic v2, which will add a token Launchpad, decentralized autonomous organization (DAO) tools and its own native SONIC governance token. The launch date for Sonic 2 is yet to be confirmed.
According to information shared with Cointelegraph, there are at least two other DEXs that will be joining Sonic on the IC “in the next few weeks,” including InfinitySwap and ICP Swap.
Internet Computer is a public blockchain and protocol aimed at running a truly decentralized internet by allowing developers to install smart contracts and decentralized applications (DApps) directly on the blockchain.
It was incubated and launched in May 2021 after years in development by Dfinity — a nonprofit based in Zurich.
The new whitepaper “The Internet Computer for Geeks” released on Jan. 21 goes back to basics, explaining the fundamentals of how the IC uses smart contracts to power the emerging Web3 decentralized ecosystem.
According to Dfinity, there are over a thousand developers building on the IC blockchain. Projects include social media DApps such as Desocial, DSCVR and Distrikt; Metavserse projects such as PokedStudios and IC Gallery, and GameFi projects such as Cube Run and MetaSports Basketball.