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VeRocket: An Upgrade to Our Name
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VeRocket: An Upgrade to Our Name

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by Alex
Feb-06-2022
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Hi guys! Glad to release our first monthly (Feb.2022) transparent report to address some data and progress you’ve been asking about and announce a media upgrade to our project.

Key Figures

Since the debut we made on Christmas 2021, our DEX has grown from a small website to a day-to-day convenient tool for swapping tokens with low fees on VeChain.

  • Accounted for 7% of total DEX liquidity on chain but 28.5% of total swaps.
  • >25,000 swaps happened, total liquidity provided about 12,000,000 VET.
  • Liquidity providers: ≈ 2700, traders: ≈ 5400.

We have seen arbitrage bots between DEX/DEX and DEX/CEX running around trading millions of VET in the past month, that we haven’t dreamed of, what a wonderful collective effort from the community, thank you!

Code Side

Currently, we are working hard on data collection and half-way on charts, the key milestone listed on our roadmap. Some stuff we have completed in the past month:

  • Devs made 26 feature iterations on the website.
  • Optimization, reduced query traffic by 90%.
  • Integration of the VeUSD coin (waiting for launch).
  • Added max button, price impact, and dynamic exchange rate display.
Team Side

We have four members joining us:

Community manager Alex (congrats to myself) and together with two volunteer TG mods @57u and @SngSdrLcrm!

On the devevelopers team, we have a new experienced React frontend developer who will be working on charts.

Business Side

We‘ve made contacts with the VeChain team and other projects in the space.

Talked to developers, project leaders and artists who are all very friendly. eg. VeChainStats (Fabian & Paul), Stably (VeUSD), Byte Ahead (VeChain core dev), VeBlocks (MiRei), Mr.Proper, Bread (VeSea). From these people we collected a lot of feedback and received guidance, thank you all.

Other than that, we have submitted a grant application - a good channel to talk to the core devs on VeChain and ensure our future is deeply rooted in VeChain ecosystem.

Why Upgrade the Brand?

Soon as we launched we realized our ambition isn’t merely a DEX. We take this opportunity to expand our definition beyond a drink, and as community members suggested, a strong, concise, short name to reflect our value: VeRocket.

Verocket Logo
VeRocket, the next logo of our DEX

The rocket is lifting off the ground and a big V shield is surrounding it to resemble our identity as a VeChain project.

The logo reflects our best wishes to the “VeChain to the moon” notion.
– VeRocket Team twitter social icon Tweet

VeRocket is developed by a group of capable VET holders and for the community. It couldn't be done without the support of all community VET HODLers. Let us make the VeChain system flourish together.

How the Upgrade Affects You

Nothing.

The dApp works both under the old domain name and verocket.com smoothly. From now on, you will see a small green notice pop-up on the interface to indicate the change.

All traffic will be redirected to verocket.com starting on Feb-09-2022. (No user action is required)

A new project URL will be submitted to the VeChain app hub to reflect the change.

Web App Banner Interface
Verocket upgrade banner
Funds Safety

Business as usual.

The merit of being a blockchain project is, the funds are untouchable by us, nor anyone other than you. All the money is safely stored in smart contracts on the VeChain blockchain and you are the boss to redeem it anytime!

Web App Banner Interface
Funds are safe as the ring in Bilbo's hands

One More Thing!

We are celebrating this special upgrade by giving away utility NFTs to our early adopters and this event is collaborated with our friend VeSea platform. The designer has been working for days to design the “Moon Lander” series of cards.

Moon Lander NFT cards
VeRocket Moon Lander utility NFT

Make no mistakes, these are utility NFTs that can deduct transaction fees and come with more functions in the future. All cards *will be* distributed to the people that have deposited or traded on our DEX in the first month, before Feb-01-2022. We are still ironing out technical details with VeSea.

To know more latest news and events from VeRocket, follow us on Twitter @VeRocket and join our busy Telegram chat for the heated discussions.


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