Having raised $8.5 million during its initial coin offering (ICO), NEO’s first decentralized trading platform, Switcheo, is proving a success so far. In its first week of operation, it recorded a trading volume of more than $2 million, according to company figures.
The exchange has become the fourth largest DEX (Decentralized Exchange) after Ethfinex, Idea, and Cobinhood. Singapore-based Switcheo has recently been added to CoinMarketCap’s list, which may have contributed to its growing popularity.
https://twitter.com/SwitcheoNetwork/status/987175577810604032
Switcheo stands apart among the plethora of decentralized exchanges because most of them support only ERX20 tokens. Switcheo operates on the NEO blockchain, allowing users to make transactions with 20 NEP-5 tokens. The latter include NEO, GAS, Switcheo Token (SWH), Red Pulse (RPX), TheKey (TKY), Bridge Protocol (IAM), Trinity (TNC), and DeepBrainChain (DBC).
“Using the dynamic call functionality of the NEO blockchain, users will be able to list and buy tokens the moment they are available for transfer on the blockchain,” Switcheo states in its white paper.
At this stage, Switcheo functions as a multi-chain DEX and does not accept fiat currencies. The platform users may trade digital assets without centralized third parties or intermediaries for a small fee payable in Switcheo Token (SWH). At the time of writing, SWH was trading at $0.0552, as per CoinMarketCap data.
Plans for the future
The project plans to launch QRC20 standard tokens (assets of services created on QTUMQ blockchain technology) this spring and add ERC20 token support in the third quarter of 2018. This will expand the list of tradable assets, adding to it the most popular of the top five cryptocurrencies.
There are currently no plans to support crypto/fiat pairs as the platform has chosen to focus on multi-chain support and decentralized features that make trading more secure and less expensive.
This article appeared first on Cryptovest
