The decentralized exchange (DEX), Sonic, represents the first DeFi suite to launch on the Internet Computer and the first fully-on chain DEX in the crypto industry
NEW YORK, NY / ACCESSWIRE / January 21, 2022 / Psychedelic, a decentralized Web 3 development studio building products for the Internet Computer, today announces the launch of Sonic, a decentralized exchange (DEX) and liquidity provider built end-to-end on the Internet Computer.
Sonic will pioneer a suite of decentralized finance (DeFi) services, complete with liquidity pools and an automatic market maker (AMM) - representing the dawn of DeFi on the rapidly expanding Internet Computer network.
DIP20, a token standard developed by Psychedelic, will serve as Sonic's backbone, enabling direct peer-to-peer (P2P) token swaps within its ecosystem. The first pairings are Cycle Tokens ($XTC) and Wrapped ICP ($WICP), both of which were developed to help integrate ICP and XTC into the broader DeFi ecosystem.
Sonic will begin by supporting ICP-native assets, but an upcoming integration with Terabethia - Psychedelic's recently announced cross-network bridge designed to provide layer-2 functionality and port ERC standards assets to the Internet Computer - will soon enable the swaps of Ethereum assets on the Internet Computer. Moreover, Sonic will eventually leverage the upcoming Bitcoin integration, enabling users to harness their BTC natively within the DeFi ecosystem.
Sonic enables Internet Computer users to swap tokens, earn fees as a liquidity provider, and leverage an AMM. The exchange takes advantage of the Internet Computer's ultra-low fees and high scalability to deliver a seamless Web3 experience.
Alongside becoming the first suite of DeFi tools to launch on the Internet Computer, Sonic also represents the first-ever, fully on-chain DEX in the cryptocurrency industry. Typically - in "decentralized" exchanges such as Uniswap and Sushiswap - the back-end smart contract is the only thing that resides on the blockchain while the front-end and middleware are hosted on a centralized service, leaving them susceptible to censorship and attacks. The Internet Computer is the only blockchain capable of running truly end-to-end dapps fully on-chain without requiring the use of corporate clouds.
Harrison Hines, CEO, and founder of Psychedelic, said: "The point of a DEX is to remove the gatekeepers and enable true peer-to-peer trading - and that's not possible right now with cloud providers acting in the middle. Through the Internet Computer, Sonic eliminates the need for centralized infrastructure, providing a native Web3 experience completely decentralized by blockchain technology."
For more information, please contact:
Cryptoland PR
dfinity@cryptolandpr.com
About Psychedelic
Psychedelic DAO is a decentralized product studio and Web3 developer collective focused on building cool products on Ethereum and Internet Computer. It's a collective of 30 developers, designers, and entrepreneurs decentralizing into a DAO. Join the community on Discord.
About the Internet Computer
The Internet Computer is the world's most powerful general-purpose blockchain and Web3 platform. Its protocols apply advanced cryptography and computer science to scale smart contract data storage and computation without limit, host web-speed smart contracts that can directly serve web experiences to end users without the cloud, and run smart contracts with breakthrough levels of efficiency. For the first time, developers can create truly decentralized dapps and services that run entirely from the blockchain, and push into emerging areas such as SocialFi and GameFi, which blend social media and game functionality with DeFi, and build out the fully decentralized metaverse. The Internet Computer blockchain acts as a complete alternative technology stack, which has been designed to replace the centralized IT stack that is mostly controlled by Big Tech, and it can even be used to build secure and unstoppable websites and enterprise systems. It was incubated and launched by the DFINITY Foundation.
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SOURCE: Dfinity
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https://www.accesswire.com/685045/Psychedelic-Launches-the-Worlds-First-Fully-On-Chain-DEX-and-Liquidity-Pools-on-the-Internet-Computer
