How does Vulcan Forged’s New DEX for Gaming Tokens work?
Last week, gaming pioneer Vulcan Forged announced the launch of their brand new DEX for gaming tokens. What this means is that there will be a decentralized exchange. This will be the first-ever DEX that will have been purpose-built for gaming tokens.
The growing market of gaming tokens and coins is one that has been drawing more and more attention from investors and fans alike. Now VulkanDEX will be the first of its kind – a way for users to trade gaming tokens.
What can Vulkan DEX users do?
One of the key features of the exchange (other than its decentralized nature) is the fact that users will be able to trade on the platform without need to specifically register. Instead, they’ll be able to connect their crypto wallets (such as MetaMask) in order to access the functions the site provides. Beyond the plain exchange features, the site will also offer the kind of liquidity pools that some sites like Binance offer. Currently, there are four active pools, with 4 more to come in the future.
Tokens like $YGG, $SAND, $AXS and $VNLA will be added soon – and in-game assets such as NFTs will also be tradable and farmable. The goal is to allow users to share, receive, send, buy and sell gaming tokens that they have or want at their leisure. Crypto gaming tokens have been somewhat neglected by the
How do the liquidity pools work?
DeFi liquidity pools are the backbone of certain elements of the DeFi ecosystem – yield farming, borrow-lend protocols, blockchain gaming and more. Funds from different sources are thrown together into the pool – the smart contract. When a trade is executed, it is done so against the total liquidity in the pool, rather than directly with the owner of part of the currency in the pool.
To simplify it, it’s like everyone pours a bottle of water into a pool – the water taken out is from the pool, rather than from the bottle of an individual person. Each person has a certain stake in the pool and if the pool makes a profit, that is distributed according to what stake contributors have. These pools can be great opportunities to invest low-risk, small-scale.
What else can VulkanDEX do?
Vulkan Forged is implementing a play-to-earn space as part of their platform. It will allow users to play games and earn cryptocurrency while they play. Games using this model include Axie Infinity and the pioneer CryptoKitties. The idea of this setup is to reward users for interacting, and to incentivize them into taking part in a certain game or activity.
This type of DeFi crypto gaming is still pretty new, and it only surged to extreme popularity in the last few months. This means that VulkanDEX is not only the first to do what it offers, but it is in the ideal position to give access to new projects and ideas before they become big. One of the major complaints that people had with Axie was that they missed out before it blew up – a platform like VulkanDEX could make it a lot easier for investors to spot a gem early. The one-stop-shop nature of it means that it’s easier and more efficient for users to take part in various aspects of investing, buying and selling crypto, all without having to use a half dozen different services. It could be a gamechanger – if it works out that way, at least.