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Sonic Became The First Decentralized Exchange (DEX) On The Internet Computer Network

Anna Martynova

The non-profit organization DFINITY Foundation announced that Sonic has become the first decentralized exchange (DEX) on the Internet Computer network. DEX provided support for the ICP, Wrapped ICP (WICP) and Cycles Token (XTC) tokens of the Internet Computer ecosystem, as well as a liquidity pool for the WICP/XTC pair.

According to the announcement, the platform uses an automated market maker (AMM) mechanism. Thanks to Internet Computer technologies, it does not require gas. Users only pay a 0.3% fee for the swap to liquidity providers.

The exchange team said that the limited set of tokens is a temporary necessity. In the future, users will be able to import into the network any asset that complies with the DIP20 standard.

Image: Medium

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