Theta blockchain — the distributed video streaming network — now has its own decentralized exchange (DEX). The move comes amid the rapid scale of DEX adoption occasioned by the emergence of the burgeoning decentralized finance (DeFi) arena.
ThetaSwap v1 Bringing DEX Capabilities to the Theta Blockchain
In a Medium blog post on Friday (Feb. 5, 2021), Theta blockchain announced the launch of ThetaSwap v1, the first DEX built on the Theta blockchain which uses open-source smart contract system.
The open-source smart contract is based on an automated market maker (AMM) similar to the major DeFi platform Unisawp. With the new DEX, users can mint their TNT20 tokens — the native token for ThetaSwap — for trading on the exchange.
Also, the first version of the exchange would enable trading for TNT20 and TFUEL tokens, with plans to later introduce wrapped TNT20 tokens for trading.
The distributed video streaming platform also revealed that several stablecoin issuers wish to bring their tokens in TNT20 form, providing more trading options on ThetaSwap. Furthermore, 2021 would see more upgrades to the DEX platform.
An excerpt from the blog post reads:
“With new tokens being built on Theta blockchain, it’s critical that there’s an easy way for users to trade them and for markets to price them in an efficient manner. With this release, ThetaSwap enables these new use cases in Theta ecosystem that require market-traded assets to function.”
As reported by BTCManager back in December 2020, the decentralized video streaming network launched the Beta version of the Edgecast platform. Edgecast enables real-time transcoding abilities, and also allows users to capture and relay video content in real-time.
Theta also collaborated with Samsung to introduce Theta.tv into the Samsung Galaxy S20 smartphone to enable esports streaming on the device.
Similar to Theta, Vechain back in October 2020 launched its first DEX platform on the VechainThor blockchain.
While centralized exchanges (CEX) has a bigger market share, the DEX arena has seen massive growth and adoption. Reports back in August 2020 noted that compulsory know your customer (KYC) compliance on CEXs are were causing traders seeking anonymity to move to DEXs.
Earlier in January, non-custodial crypto exchange ShapeShift eliminated KYC requirements on its platform, while integrating DEX protocols. According to the exchange, the move would ensure user privacy and security.