The Hedera Hashgraph network is a unique distributed ledger technology (DLT) — it has a massive community of loyal supporters praising its focus on enterprise and institutional adoption but a distinct lack of any real decentralized finance (DeFi) running on the network.
Until recently, the only community-driven segment of Hedera was its vibrant nonfungible token space, and this was largely due to previous technical limitations stifling attempts to build functioning decentralized exchanges (DEXs) on Hedera. The recent removal of these limitations has allowed developers to work on these DeFi keystones, and the first DEX for Hedera is now in sight.
Tangent Finance, an advanced automated market maker (AMM) style DEX, will launch today at 7 pm UTC, making it the first DEX to launch on Hedera in a historic moment for the protocol.
Tangent: Hedera’s first DEX
Tangent recently completed the testnet phase of its roadmap, where more than 4,000 unique users completed more than 20,000 swaps, creating 90-plus liquidity pools. Afterward, the Tangent team announced its intention to move to the Hedera mainnet — a strong show of confidence in their technology.
The launch of the Tangent DEX promises a DeFi explosion on the network, and the Tangent team is wasting no time securing partnerships and working with The HBAR Foundation.
The Tangent DEX supports every feature expected from AMM-style DEXs, including fast swaps with low fees, liquidity provided for favorite tokens and yield-farming opportunities on various pairs. It also features unique governance systems to let users change aspects of the DEX to their liking, such as adjusting the weight assigned to a pool for farming purposes.
Hedera’s DeFi summer
Hedera Hashgraph, with its incredible technological advantages over traditional blockchains and impressive community, is primed for some amazing DeFi opportunities in the near future.
Hedera is ready for a “DeFi summer,” and with Tangent and other projects launching soon, there is not much stopping Hedera from becoming the next big thing in crypto. Keep an eye on this enterprise-grade DLT, as it could outperform other layer-1 protocols with massive drivers of growth happening simultaneously.