Verto Wants to Eliminate Exchanges With Its New Token Design Tool
Verto, over the past weekend, launched Verto Flex – a design feature that allows order books to be built into smart contracts. They are saying the tool opens token design for exploration and could eliminate exchanges.
Verto Flex is not an exchange nor a liquidity provider. It is not a token nor tokenisation platform. It is a smart contract design feature. Programmably exchangeable tokens are an emerging category of tokens that contain functionality necessary for exchanging. In other words, a PET is a token with DEX built into it, Tate Berenbaum, founder of Verto exchange, told Arweave News.
2/ Smart contracts have enabled an enormous amount of exploration of programmable value.
But they’ve always required one generic component: exchangeability.
— Verto (@vertoexchange) August 6, 2022
With Verto Flex, developers will have the ability to control how tokens are exchanged, Verto Exchange said. Its use cases when embedded in smart contracts range from locking tokens for a period of time to encourage long-term participation, to ensuring people can buy tokens at an average yearly price.
Verto Flex could also be used by developers to comply with know-your-customer and liquidity regulations by authorities; enforce agreements by members of a decentralised autonomous organisation (DAO); programed NFT royalty to be remitted to a designated receiver after it is purchased.
Berenbaum said that the open source tool launched into beta and was yet to be audited.
So people should take precaution when integrating into their own projects, but the codebase is public and anyone can use it as of now, he said.
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