What is the Verse DEX?
A decentralized exchange (DEX) is a type of exchange that specializes in peer-to-peer transactions of cryptocurrencies and digital assets. Unlike centralized exchanges (CEXs), DEXs do not require a trusted third party, or intermediary, to facilitate the exchange of cryptoassets. This is important because it virtually eliminates the possibility of censorship. By contrast, centralized exchanges only allow access to a narrow set of people who meet requirements such as living in a specific region. The Verse DEX, which is a fork of Uniswap V2, uses the automated market maker (AMM) model for incentivizing the creation of pools of liquidity and enabling those pools to be algorithmically traded.
Verse DEX key features and how to use them
Verse DEX smart contracts have been audited by OxGuard. Read the full report here.
Trade on smartBCH
Verse DEX enables permissionless trading via your Web3 wallet. Currently this is only available on smartBCH, but more networks are coming soon and support for Ethereum will launch following completion of the Verse token sale. Sign up to get notified at getverse.com!
Invest in liquidity pools
Users can deposit smartBCH assets (currently BCH, FLEX, flexUSD) to provide liquidity. Doing so will generate yield for liquidity providers in the form of the fees paid by people who trade the pair.
Viewing DEX statistics such as total liquidity, volume, and most popular trading pairs.
Cross chain swaps
You can toggle between CEX and DEX modes, and the centralized exchange enables cross-chain low fee swaps of popular coins on blockchain networks that aren’t yet supported by the DEX.
Getting Set up on SmartBCH
We recommend trading on the Verse DEX using MetaMask.
Adding SmartBCH RPC to MetaMask
Add SmartBCH network to MetaMask
You now have a wallet on the SmartBCH network. This address can be used to send/receive SBCH
Converting BCH to SmartBCH
There are multiple “bridges” for converting BCH on the main network to the smartBCH network. We recommend the option linked in the Verse DEX itself, powered by Sideshift.
You can also use the Bitcoin.com Exchange as a bridge. To do so, simply send BCH to the Exchange, and then withdraw BCH on the smartBCH network. Note that the Bitcoin.com Exchange is a custodial exchange and you will need a separate login. Read more about the difference between custodial and non-custodial wallets here.