As per the latest reports, Theta Blockchain (THETA) has recently launched its first-ever decentralized exchange platform. The exchange is based on Theta Blockchain and the firm has dubbed it as “ThetaSwap”.
The announcement around the launch of the new decentralized blockchain-based exchange was made by Theta Blockchain on Friday, February 5, 2021.
Through the ThetaSwap v1 platform, the users will have the ability to swap the TNT-20 tokens that are based on Theta. This is similar to the service that is provided by some of the automated market maker platforms such as Ethereum Chain and Uniswap. When it comes to Ethereum Chain and Uniswap, the services provided the ability to swap ERC-20 tokens through their platform.
The firm has also announced that the users will be able to benefit a lot from the launch of ThetaSwap v1. The platform will allow the users to be incentivized for their interactions with the TNT-20 token standard.
In addition to Theta Fuel (TFUEL) and TNT-20 tokens, the future upgrades “gas coin” on Theta blockchain will also be providing support for the wrapped tokens. The firm has also revealed that some of the stablecoin projects have also shown interest in the new exchange. These networks have stated that they intend to create their own versions of TNT-20 tokens that will be used on ThetaSwap.
It has been communicated that the streamers will have to have the Theta Chrome wallet extension added to their browsers. The reason for doing this is because that will allow the streamers to swap their tokens on the DEX platform.
The announcement also suggests that the owners that are currently on the web would also be able to migrate to the Chrome extension. The web users will be able to migrate to Chrome extension with the usage of their seed phrases.
The DEX platform “ThetaSwap” has come right after the recent mainnet upgrades that were implemented by Theta Blockchain back in December of 2020.
While implementing the mainnet upgrade, Theta Blockchain had revealed that it was upscaling the network so it could provide support for the smart contract data.
It was back in May 2020 when Theta had launched its mainnet. It is one of the luckiest firms that has managed to stick around after the cryptocurrency bubble period from 2017 and 2018.
For Theta Blockchain, the timing of the launch of its decentralized exchange could not get any better. On one hand, Theta Blockchain has launched ThetaSwap and on the other, the price of THETA token is also showing an upward trend.
As of now, THETA token is the 20th most valued token in the industry in terms of market capitalization. Surprisingly, the token has gained 17% increase in its value in the last 24 hours.