Sonic has just became the first decentralized exchange (DEX) to be launched on the Internet Computer network, as announced by non-profit organization DFINITY Foundation.
The DEX has initially provided support for the ICP tokens, Wrapped ICP (WICP) and Cycles Token (XTC) of the “Internet computer” ecosystem. In addition, support for a liquidity pool for the WICP/XTC pair has also been added,
Per the announcement made by the project, the platform uses an automatic market maker (AMM) mechanism. Thanks to Internet Computer tech, it does not require any gas for exchanging tokens. As a result, users only must pay a 0.3% fee for the swap to liquidity providers.
The exchange team has said that the limited set of tokens is temporary. Users will be able to import into the network any asset that complies with the DIP20 standard.