The first decentralized exchange built upon the Dfinity Foundation’s Internet Computer blockchain was officially introduced, following the roll-out of a new whitepaper.

Specifically,  there are reportedly two other exchanges being developed at the moment. 

The first version of the new DEX – goes by the name “Sonic” – was reportedly introduced on the mainnet on January 30th. 

Initially, there are only three pools supporting token swaps that utilize its native token Internet Computer Protocol (ICP), including InterICP/WICP (wrapped ICP), ICP/XTC (Cycles Token), and WICP/XTC. Users will have the ability to also earn rewards for providing liquidity.

Dfinity head of communications Michael Less further disclosed that Sonic has plans down its pipeline to conduct redefinition of what it means to function as an instance of decentralized finance (DeFi).

Sonic reportedly has sub-one second transaction finality, and is operated completely on  the IC’s public blockchain network, free of any associated gas costs. 

Per Less, it operates entirely on a public blockchain, preventing it from ceasing to function. Currently, the main concentration is for an upcoming integration with Ethereum, with the introduction timeline being the third quarter of 2022. 

“You’re going to be able to bring your Ethereum assets into Sonic, and it will be like Uniswap but with no gas fees and lightning fast.”

The plans for a Sonic v2 are reportedly in the works, which will include a token Launchpad, decentralized autonomous organization (DAO) tools and its own native SONIC governance token. The launch date for Sonic 2 still needs finalization. 

There are at least two different DEXs that will be becoming a part of Sonic on the IC “in the next few weeks,” including InfinitySwap and ICP Swap.