Dfinity’s Internet Computer Welcomes Its First DEX Named Sonic

Dfinity’s internet computer blockchain welcomed its first decentralized exchange named Sonic as we can see more today in our latest blockchain news.

The first decentralized exchange on Dfinity’s Internet Computer blockchain went live this week after a recent release on the new whitepaper. According to the information shared online, there are two other exchanges in the works as well. The first version of the new DEX called Sonic launched on the mainnet on Sunday. There are only three pools for tokens waps using the native token Internet Computer Protocol, Wrapped ICP, Cycles token, and WICP/XTC. The users can earn rewards for providing more liqudity.

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

The head of Comms at Dfinity Michael Less said that Sonic plans to redefine what truly is an example of decentralised finances. Sonic has sub-one second transaction finality and is run on the Internet Computer’s public blockchain network without gas fees. He explained that its current focus is an upcoming integration with ETH:

“It is completely running on a public blockchain, where it cannot be shut down — you can’t shut it down, it runs perpetually. 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 more plans for Sonic V2 as well that will add a token Launchpad, DAO, and its own native SONIC token but the launch of V2 is yet to be confirmed. According to the information, there are two other DEXs that will join Sonic on the Internet Computer in the next few weeks like ICP Swap and InfinitySwap. Internet Computer is a public blockchain and a protocol aimed at running a decentralized internet by allowing developers to install smart contracts and dapps on the blockchain. It was launched after a few years of development in Zurich. The new white paper “the Internet COmputer for Geeks” goes back to the basics and explained the fundamentals of how the IC uses smart contracts to power the Web 2.0 decentralized ecosystem.

There are over a thousand developers building on the IC blockchain and the projects include social media dapps like Desocial, Distrkit, and DSCVR as well as other Metaverse projects like PokedStuidos and IC Gallery and gameFI projects like Cube Run.