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press release
As the traditional banking system experiences increasing 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 safe and attractive alternative. Verse DEX, Bitcoin.com’s decentralized exchange has flourished as a result, enjoying a rapid increase in Total Value Locked (TVL) and gaining recognition as a reliable refuge from traditional banking problems.
In recent weeks, Verse DEX has witnessed TVL increase of almost 300%, surpassing $15 million. This impressive growth has been driven forward Bitcoin.com’s decentralized exchange to the 13th highest ranked DEX on Ethereum and the 66th overall. To further strengthen its offering, Bitcoin.com is now launching VERSE Staking, which allows anyone to earn rewards for staking VERSE tokens on the Verse DEX here.
Dennis Jarvis, CEO of Bitcoin.com, emphasizes the importance of Verse DEX in the pursuit of financial freedom: “On Bitcoin.com, our mission is to create financial freedom in the world. Verse DEX is an important component of this mission, providing individuals with a decentralized trading platform that promotes financial empowerment and independence. The remarkable growth of Verse DEX in TVL rankings demonstrates the growing appeal of decentralized finance as an alternative to the increasingly volatile traditional banking sector. The Bitcoin.com ecosystem, including the VERSE token, plays an important role in promoting financial freedom and expanding access to financial opportunity in these uncertain times.”
Jarvis hinted that higher returns and other benefits may soon be made available to VERSE players. “We are still developing the long-term staking mechanics, but they will likely include incentives for early stakers. In addition, those who bet longer or perform certain actions will receive boosters, which creates additional value for users and the ecosystem.”
How VERSE fits in Bitcoin.com ecosystem
Launched in December 2022, the VERSE token is designed to encourage users to progress on their crypto journey. By unlocking rewards along levels, serve as a payment method in The Bitcoin.com ecosystem and beyond, and providing access to exclusive platform services, VERSE encourages people to engage with and reap the rewards of the decentralized financial world. Currently, VERSE rewards are available to early adopters through farming on the Verse DEX and the newly introduced staking option.
Since its launch, Bitcoin.com Verse has secured over 75 partnerships, integrations and collaborations. Highlights include a strategic partnership with industry-leading fiat←→crypto onramp MoonPay enabling anyone to buy Bitcoin.com’s ecosystem token VERSE with local currency, automatic compounding via Beefy Finance of Verse Farms rewards to increase APY, and a wide variety of DEX aggregators, analytical tools and wallets.
About verse
VERSE is the reward and utility token for users who contribute to and participate in Bitcoin.com ecosystem. The VERSE token is designed to expand access to decentralized finance and help unlock the financial freedom it brings. Bitcoin.com’s multichain Verse DEX is an automated market maker-based decentralized exchange that aims to provide anyone with permissionless and self-custodial trading access.
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