The first DEX on Internet Computer has launched, others are coming soon

Following the recent release of a new white paper, the first decentralized exchange on the Dfinity Foundation's Internet Computer blockchain went live this week. According to information shared with Cointelegraph, two other exchanges are already in the works.

The first version of the new DEX called Sonic launched on the mainnet on Sunday. Initially there were only three token exchange pools 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.

Sonic, the first DEX to launch on Internet Computer, is now live. Sonic provides a suite of DeFi products for the Internet Computer blockchain, running on a gas-free AMM mechanism. ⛽️

DeFi on IC has arrived.

— DFINITY Foundation (@dfinity) January 22, 2022

Michael Less, head of communications at Dfinity, told Cointelegraph that Sonic plans to redefine what decentralized finance (DeFi) really means. Sonic has sub-second transaction finality and runs entirely on IC's public blockchain network without any gas fees.

“It runs entirely on a public blockchain, it can’t be shut down — you can’t shut it down, it’s going to run forever,” he said, explaining that its main focus right now is its upcoming integration with Ethereum, which is expected to in the third quarter of this year.

"You'll be able to bring your ethereum holdings into Sonic, and it'll be like Uniswap, but without gas fees, and it'll be super fast."

There are already plans for Sonic V2, which will add a token Launchpad, DAO (Decentralized Autonomous Organization) tools, and its own native SONIC governance token. A launch date for the Sonic V2 has yet to be confirmed.

According to information shared with Cointelegraph, at least two more DEXs will join Sonic in launching on IC in the “coming weeks,” including InfinitySwap and ICP Swap.

Internet Computer is a public blockchain and protocol designed to run 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 of development by Dfinity, a Zurich-based non-profit organization.

The new white paper "The Internet Computer for Geeks" released on January 21 goes back to basics, explaining the fundamentals of how ICs use smart contracts to drive the emerging Web 3.0 decentralized ecosystem.

According to Dfinity, there are currently more than a thousand developers building on the IC blockchain. Projects include social media DApps such as Desocial, DSCVR, and Distrikt; metaverse projects such as PokedStudios and IC Gallery, and gamefi projects such as Cube Run and MetaSports Basketball.

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