ThetaSwap v1 launches as the first decentralized exchange (DEX) for Theta blockchain
The decentralized exchange (DEX) space has seen incredible growth in the past 12 months, as DEXs evolved from slow, clunky interfaces to easy-to-use sites protocols like Uniswap and key enablers of the DeFi ecosystem. What used to be a insignificant percentage of crypto trade volume has given way to daily volumes of $2b per day or more, led by Uniswap and DeFi protocols like Compound and Aave, and rivaling all but the largest centralized exchanges. We’re excited for Theta blockchain to join this growing market with the release of ThetaSwap v1.
ThetaSwap is the first decentralized exchange built on Theta blockchain, using an open-source smart contract system built based on Automated Market Maker logic similar to that of UniSwap. It allows users to exchange their newly-created TNT20 tokens built on Theta blockchain in a trustless, non-custodial way. Already we are seeing Theta streamers and community leaders create their own TNT20 tokens, and expect many more to come as the ecosystem grows!
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. From streamers issuing loyalty tokens to their fans, to pools and DAOs to fund entertainment and media ventures, this creates many exciting new ways to use Theta blockchain. We expect the launch of media/entertainment tokens to be a major theme for 2021, as everyone from the smallest streamer to the largest Hollywood studio looks for new ways to monetize their content in a seamless and decentralized way, free of middleman fees.
You can find ThetaSwap here: https://swap.thetatoken.org/
ThetaSwap uses your Theta Chrome Wallet to interact with the exchange. You can download that here to add to your Chrome browser. To import your existing Theta web wallet or mobile wallet into the Theta Chrome Wallet, just use your 12-word mnemonic phrase you recorded at wallet setup.
For instructions on how to use ThetaSwap, see here:
Version 1 of ThetaSwap allows trading of TFUEL and TNT20 tokens, but future versions will add functionality for THETA trading via a version of the THETA token in a TNT20 wrapper (similar to wETH or wBTC which you may have used in other DeFi protocols, you would use wTHETA in ThetaSwap). Several stablecoins issuers have also expressed interest in bringing their assets to Theta blockchain in TNT20 form, making it even easier to trade on ThetaSwap. Look for continued upgrades to ThetaSwap along the way into 2021.