According to Raleigh_CA, a VeChain developer, a decision was taken to overhaul the Vexchange through an update, which brought about its latest version, in order to become the foundation of decentralized finance (DeFi) on VeChain blockchain, and rival the DeFi landscape of Ethereum.
The Reasons for Vexchange Version 2
According to the developer in a blog post published on Medium on 15th March 2021, Vexchange was originally launched about 2.5 years ago as vtho.exchange, the popular easy to swap service on the VeChain.
It was due to the success of vtho.exchange that brought Vexchange to life in the VeChain ecosystem. And the decentralized exchange is a modified hard fork of Uniswap version 1, said Raleigh.
Despite the success recorded by Vexchange, “it hasn’t been the massive force we’d had hope for”, the developer said. The first version of the decentralized exchange failed to garner much-needed popularity.
The initial expectation of creating Vexchange is to give users the means to build decentralized applications on VeChain, which have the capability to rival Ethereum’s DeFi landscape. But this has obviously not played out yet.
All the points listed above constitute the reason for the updated version of Vexchange.
According to the VeChain developer, Vexchange v2 comes with the features such as Price Oracles, Flash Loans, Token to token pairs, and will be integrated with Sync 2, among other features. Moreover, the update says Vexchange v2 is coming with a governance token.
As the update stated, considering the list of features mentioned above, Vexchange is now a modified fork of Uniswap version 2. Although this update will not totally turn Vexchange to Uniswap v2.
“As VeChain itself has several key distinctive features that differentiate it from Ethereum, Vexchange v2 inherently will have features that differentiate it from Uniswap v2.”
He added that “Features like VIP 191, MTT, etc. For example, those who hold the Vexchange token might not have to pay for gas through VIP 191. This is a possibility with VeChain.”
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