How would the $HIVE market change if there was a DEX within our ecosystem capable of trading the HIVE-wBTC or HBD-wBTC pair quickly and with very low fees? The impact for Hive users and the entire industry could really generate a significant increase in investor attention on our project. But let's see some more details regarding the future DEX!
The project is being developed by the VSC and V4V.APP teams who are working to implement Bitcoin wrapping technology on our chain, taking advantage of the speed of V4V.APP's LN and VSC wrapping. The creation of an internal dex is an exceptional application that will allow all of us to easily exchange $HIVE, and indirectly other second level tokens, with Bitcoin in just a few clicks and simple steps to follow.
HIVE's lack of liquidity could finally find a solution because a decentralized exchange, therefore without the need for KYC, would allow large movements on the market, recalling coins from CEXs. Furthermore, Bitcoin will only be the beginning because other cryptocurrencies will be part of the DEX and this will allow us to easily exchange coins in a short time and without limits.
On top of just working with Bitcoin, we are looking at supporting a number of other cryptocurrencies. Hive won't just have Bitcoin, but a larger variety of cryptocurrencies to choose from. Not only will this bring more options to the table, but it is a first step in becoming our own Thorchain or Maya Protocol.
The first tests are underway and soon the team will show us some previews of the DEX UI. No release dates have been announced but I hope we can start transacting by the end of the year! Super excited by the future that lies ahead for Hive!
For more information I invite you to read the official post.