Sonic, the first decentralized exchange (DEX) to go live on the Dfinity network, has been announced by the Dfinity Foundation.
Dfinity announced on Jan. 23 that Sonic v1 has gone live on mainnet, allowing users to trade tokens and receive liquidity provider incentives. ICP/WICP (wrapped ICP), ICP/XTC (Cycles Token), and WICP/XTC are the only three pools for token swaps using its native token at the moment. The WICP/XTC pool has liquidity provider awards available.
The DEX is billed as a “gasless Automated Market Maker (AMM)” that allows users to add new tokens and pair them together in the same way as Uniswap does. There are no network costs, but users will be charged a 0.3% swap fee on transactions, with a portion of the fee going to liquidity providers.
The fixed set of pairs is temporary, according to the team, who added that for the time being, the team will handle additional tokens.
“This is not an effort to gatekeep, but rather to vet for malicious tokens until we have an automated system in place to do so.”
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. 🚀 — DFINITY Foundation (@dfinity) January 22, 2022
Building of a Decentralized Internet
Dfinity has been working on the Internet Computer for almost five years, a revolutionary blockchain network with the ambitious goal of replacing the trillion-dollar old internet and IT business.
It does it by letting developers deploy their software directly on the internet, bypassing centralized hosting firms, servers, and commercial cloud services.
Sonic v2 will feature a token Launchpad, DAO (decentralized autonomous organization) capabilities, and its own native SONIC governance token, according to the Dfinity Foundation.
The SONIC token has no set launch date, but the announcement did reveal that a public sale will yield 5%, the team will receive 20%, and the remaining 75% will be distributed to the community through airdrops, an ecosystem fund, liquidity incentives, and treasury.
The value of ICP tokens plummets
The protocol’s native token has been hammered once more, and it has been one of the worst-performing crypto assets in the past year. ICP prices have plummeted by 97% to current levels after jumping to approximately $700 during its much-hyped introduction in May 2021.
After losing 33% in the previous week, the token is now hovering around $20. No amount of positive or negative news has been able to resurrect this crypto asset, which has fallen from a top 10 ranking to number 34 in terms of market value.
