The DeFi sector continues to grow and develop. Recently, it reached $35 billion in total value locked (TVL), and now, it got to see yet another significant development that will attract more traders to it. This time, the event revolves around Theta Network, or rather, its ThetaSwap, which just launched a new decentralized exchange on Theta blockchain.
DEXes on the rise
The launch of the new DEX does not come as a surprise. After all, decentralized exchanges have seen an incredible amount of growth and development in the past year. Before, they were slow, with an awkward interface, and often lacking liquidity.
From that, in record time, they became professional, easy-to-use trading sites with excellent tools and a huge cryptocurrency offering.
The DEX sector is led by Uniswap, as well as other major DeFi projects, such as Aave and Compound. It is estimated that DEXes process over $2 billion per day, sometimes even more, which puts major DEXes on equal ground with most centralized exchanges. Currently, only the largest ones still perform on a higher level, but it might only be a matter of time before DEXes reach those heights, as well.
In fact, the Theta blockchain’s ThetaSwap v1 might be the one to lead it there, or at least one of those to reach those heights in due time.
ThetaSwap to allow users to trade Theta-based tokens
According to Theta’s recent post, ThetaSwap will be the first DEX in the project’s ecosystem. Theta used an open-source smart contract system, created on AMM logic, which is similar to how Uniswap was designed.
Theta (THETA) also created its new token model, TNT20, which is now available for users to use for creating their own cryptocurrencies. As a result, the Theta ecosystem will grow and expand, much as Ethereum did in the early days.
With the new, emerging tokens, it was important to create a place where users can trade them easily and efficiently. So, Theta decided to release ThetaSwap decentralized exchange.