As a report has it, Vexchange, the first decentralized (DEX) on VeChainThor has launched Vexchange V2.
The new development was shared via the official Twitter handle of Vexchange moments ago. According to the report, the much-awaited launch will bring Uniswap V2 functionality to VeChain.
Vexchange tweeted, “We’re excited to announce the arrival of the broadly successful Uniswap V2 functionality to VeChain, in the form of Vexchange V2!”
To explain the significance of the new development further, VeChain Foundation told its teeming followers that Vexchange 2 will utilize the brand new Sync2 technology that will give VeChain users the ability to access the decentralized exchange seamlessly.
VeChain Foundation further stated that the new development will open the door for decentralized finance (DeFi) on the VeChain blockchain.
VeChain Foundation tweeted, “Vexchange, the first DEX on VeChainThor has launched Vexchange 2! Vexchange 2 utilizes the brand new Sync2 technology which enables users to access the DEX seamlessly, further paving the way for DeFi on VeChain. Check them out!”
Vexchange, the first DEX on VeChainThor has launched Vexchange 2!
Vexchange 2 utilizes the brand new Sync2 technology which enables users to access the DEX seamlessly, further paving the way for DeFi on VeChain.
Check them out! https://t.co/Uf7kih08jJ
— VeChain Foundation (@vechainofficial) July 12, 2021
As stated in the blog post published by a VeChain developer, Raleigh_CA, Vexchange V2 implements new functionality that enables highly decentralized and on-chain price feeds that cannot be manipulated.
Raleigh_CA stated that the manipulation-resistant price feeds can be “achieved by measuring prices when they are expensive to manipulate, and cleverly accumulating historical data. This allows external smart contracts to create gas-efficient, time-weighted averages of Vexchange prices across any time interval.”
On-Chain Price Feeds Are a Critical Component for DeFi Applications
According to the report, on-chain price feeds are a critical component for many decentralized financial applications, including those similar to derivatives, lending, margin trading, prediction markets, among others.
Although Vexchange V1 closely tracked the real-world price, it cannot be used safely as a price oracle due to price volatility. However, the introduction of Vexchange V2 will bring a significant improvement.
Additionally, Vexchange V2 has the ability to adjust swap fees up and down through governance. It’s launching with the same fee configuration as V1 to allow a seamless migration.