A lot of cryptocurrencies are undergoing change. We’ve seen a stronger focus on decentralized exchanges, in an effort to remove the need to deal with centralized entities altogether. Switcheo Network is one of those projects which can make a rather large impact moving forward.
THE IDEA OF SWITCHEO
As one might expect, Switcheo was constructed on top of the NEO platform. This new method of developing decentralized trading solutions will surely entice plenty of interest from NEO fanatics. The motive of this project is to manipulate the whole trading experience on-chain, which should provide an enjoy similar to centralized exchanges without the need to depend on third parties.
The principal reason for this decentralized exchange is to permit people to trade all of their MEP-5 tokens. Once the ICO ends, these new currencies need to be indexed in this trading protocol, that’s a rather exciting method. This can be accomplished via Switcheo’s dynamic call function. Whether or not listing ICO tokens on a decentralized exchange so fast is a superb idea.
Although Switcheo isn’t always the first project to focus on building an NEO-based totally decentralized exchange, the company has a barely specific attention. Its predominant precedence is providing a relaxed and handy user experience and being cross-chain well suited as quickly as possible. Speaking of which, the developers are currently trying to introduce compatibility with Qtum, which is an alternatively exciting desire, all things considered.
At the trading fee front, Switcheo will charge between 0% and 0.5% for each market makers and takers, depending on particular market conditions. It’ll be alternatively thrilling to peer how that plays out precisely; although it appears obtrusive this structure is more than truthful given the shortage of centralized entities. Initiatives like those still want to generate sales, and it seems using this method will work best for all parties concerned.
THE SWITCHEO TOKEN
As one could anticipate, this decentralized alternate venture has its own currency, known as Switcheo Token or SWH. This token may be used for cross-chain swaps, in addition, to serve as “gas” for all operations at the network itself. There will also be a further base trading pair related to SWH, which must improve its overall liquidity. Those tokens can even furnish customers a 50% bargain on fees, which makes it well really worth looking into.
THE ROAD AHEAD
Even though it appears this decentralized trade is nearing completion, there’s still work to be completed. The Switcheo exchange is being examined on a tested, with the mainnet release scheduled for this month. It seems the trade itself will go live in some days, although no genuine date was shown at the time of writing. QRC20 token trading will go live in Q2 of this year, with ERC20 tokens to be added in Q3. Cross-chain trading won’t occur until late 2018, however, it’s something to look forward to.