As the traditional banking system experiences growing instability with the failures of Silicon Valley Bank, Signature Bank, Silvergate Bank, and Credit Suisse, more individuals are turning to decentralized finance (DeFi) as a secure and attractive alternative. Verse DEX, Bitcoin.com’s decentralized exchange, has been flourishing as a result, enjoying a rapid surge in Total Value Locked (TVL) and gaining recognition as a reliable refuge from traditional banking woes.
In recent weeks, Verse DEX has witnessed TVL increase by nearly 300%, surpassing the $15 million mark. This impressive growth has propelled Bitcoin.com’s decentralized exchange into the 13th highest-ranked DEX on Ethereum and the 66th overall. To further strengthen its offerings, Bitcoin.com is now launching VERSE Staking, allowing anyone to earn rewards for depositing VERSE tokens on Verse DEX here.
Dennis Jarvis, Bitcoin.com CEO, emphasizes the significance of Verse DEX in the pursuit of economic freedom: “At Bitcoin.com, our mission is to create economic freedom in the world. Verse DEX is an essential component of that mission, providing individuals with a decentralized trading platform that promotes financial empowerment and independence. The remarkable growth of Verse DEX in TVL rankings showcases the rising appeal of decentralized finance as an alternative to the increasingly unstable traditional banking sector. Bitcoin.com’s ecosystem, including the VERSE token, is playing a vital role in promoting economic freedom and widening access to financial opportunities in these uncertain times.”
Jarvis hinted that higher yields and other benefits may soon be made available to VERSE stakers. “We’re still developing the long-term staking mechanics, but they will likely include incentives for early stakers. Additionally, those who stake for longer or perform certain actions will get boosters, creating additional value for users and the ecosystem.”
How VERSE Fits Into The Bitcoin.com Ecosystem
Launched in December 2022, the VERSE token is designed to incentivize users to progress on their crypto journey. By unlocking rewards along tiers, serving as a method of payment in the Bitcoin.com ecosystem and beyond, and granting access to exclusive platform services, VERSE encourages people to engage with and reap the rewards of the decentralized finance world. Currently, VERSE rewards are available to early adopters through farming on Verse DEX and the newly introduced staking opportunity.
Since launch, Bitcoin.com Verse has secured over 75 partnerships, integrations, and collaborations. Highlights include a strategic partnership with industry-leading fiat←→crypto onramp MoonPay that enables anyone to buy Bitcoin.com’s ecosystem token VERSE with local currency, auto-compounding via Beefy Finance of Verse Farms rewards to boost APY, and a wide range of DEX aggregators, analytical tools, and wallets.
VERSE is the rewards and utility token for users who contribute to and participate in the Bitcoin.com ecosystem. The VERSE token is designed to expand access to decentralized finance and help unlock the economic freedom it provides. Bitcoin.com’s multichain Verse DEX is an automated market maker-based decentralized exchange that aims to bring everyone permissionless and self-custodial trading access.