Vexchange Receives $ 20,000 Grant from VeChain
CONTENT

  • VeChain launched its own DEX

  • VeChain Continues to Give Grants to Cryptocurrency Startups

  • DeFi market continues to fall

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Decentralized cryptocurrency exchange Vexchange received a development grant from VeChain in the amount of $ 20,000. The site, launched in January 2019, runs on the VeChainThor blockchain.

VeChain Encourages DeFi Projects

The idea of ​​creating a decentralized exchange arose last year, but only now the platform managed to increase trading volumes to $ 5,000 per day and take part in the VeChain financing program.

Vexchange Receives $ 20,000 Grant from VeChain

On Vexchange, users can exchange VET, VTHO and other VIP-180 tokens such as Safe Haven, Plair and DecentBet. As the company explains, traders using the Vexchange protocol do not need to deposit funds on the DEX, as tokens are swapped during transactions and immediately returned to their wallets. Every transaction on the exchange is recorded on the VeChain blockchain using VTHO as gas.

According to VeChain, Vexchange is the fourth project to receive funding from the program. Other winners on the list include RealItems, VeChainStats and VeriArti.

Vexchange Receives $ 20,000 Grant from VeChain

DeFi tokens are losing value

Despite the fact that exchanges are quick to create and launch their own decentralized platforms for the DeFi marketDecentralized finance (DeFi) is financial services built on the basis of blockchain technology that offer users access to an open, efficient and … More, the price of many tokens is going down … One of the most popular DeFi tokens, COMP, recently plummeted to a record low of $ 101.16.

Other tokens followed. So the rate of the YFII token has been falling since September 12, when the quotes reached a local maximum of $ 6,940. On September 24, the price bounced off the support level of $ 2,800, stopping the fall. However, the rally turned out to be short-lived, and as of early October YFII, the price made a bearish break, dropping to a record low of $ 1,169. SUSHI fell 94% from its all-time high, and the Uniswap token fell more than 60%.

DeFi Top 5 EXPLOSIVE Projects Revealed with 100x Potential in 2021

Curve, Swerve and bZx tokens also dropped significantly from their peak values.

Santiment argues that the long-term decline in the DeFi market sets the stage for recovery. At the same time, fundamental indicators indicate that cryptocurrency whales are not yet very interested in DeFi..

 

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