Although the Ontology Network is a relatively new public blockchain network, it supports a number of decentralized exchanges. The network allows companies without fundamental knowledge of cryptos to integrate blockchain technology into their business processes. Ontology network is an advanced and distributed blockchain network that operates to ensure the interoperability of different systems.
In this post, we will explore some of the top decentralized exchanges Dex on the Ontology Network.
Decentralized Exchanges Built on Ontology Network
The first decentralized exchange on our list is Chocoswap. It is a cross-chain decentralized system that runs on the Ontology Network. The goal of Chocoswap is to leverage the Ontology platform to provide instant transactions, lower fees, improve user experience, and cross-chain asset exchange.
The dual token economy model of Chocoswap (Choco & VNLA) is designed to help incentivize users to provide liquidity to the system. The Choco token is the utility token, while VNLA is the governance token. Both tokens will be used to facilitate the sustainable development of the Chocoswap ecosystem.
The dual token mechanism ensures that the ecosystem members can enjoy the development of Chocoswap while ensuring unbiased DAO governance. Chocoswap is not just a good trading platform; it also has a user experience akin to the centralized exchange.
This is the last but not the least of leading decentralized exchanges built on Ontology on our list. OIN Finance is a layer-2 cross-chain infrastructure that connects non-ERC-20 blockchains to power more DeFi applications. It is also a liquidity pool lending platform built on the Ontology Network, with cross-chain functionality.
It will most likely be the first DeFi platform to offer liquidity mining and loans on the Ontology network.
We have discussed quite a few numbers of decentralized exchanges built on the Ontology Network. There is the likelihood that more decentralized exchanges will seek the Ontology platform’s support in the future. Ontology is a relatively new blockchain system; hence there is no knowing its full potential and applications.
Okereke has a passion for researching blockchain and cryptocurrency. He enjoys creating long form educational content to inform others on the opportunities in this space.