NEO’s first decentralised crypto exchange has finally gone live. The much-anticipated exchange has been named Switcheo.
Switcheo’s ICO had created headlines after raising funds in excess of $8.5 million USD. Now that it has gone live and appears on the list of top crypto exchanges on CoinMarketCap, its average trading volume for the first week of operations is a little over $2 million.
— Switcheo (@SwitcheoNetwork) April 20, 2018
What’s all the more surprising is that within just a few days of operations, it has climbed to the fourth spot on the list of the Largest Decentralised exchanges. The first three positions are taken by Ethfinex, Idea and Coinhood.
Although there are already a number of successfully-operating decentralized exchanges on the market, the majority of them only allow users to ERC20 trade tokens built on the Ethereum blockchain (ie Idex and EtherDelta). Switcheo is the first decentralized exchange to operate on the NEO blockchain, allowing users to trade NEP5 tokens.
Here’s what the Switcheo whitepaper reads:
“With the increasing popularity of projects developed on the NEO Blockchain, Switcheo will strategically start trading NEP-5 Token contracts for the NEO Blockchain first, before moving on to QRC20 Tokens (QTUM). 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.”
The exchange claims that it will “first work towards a multi-chain decentralized cryptocurrency exchange platform where users may perform trades of virtual tokens and assets trustlessly (i.e. without the need to trust a centralized third party).”
This means that the exchange will initially not accept fiat currencies in exchange for crypto. However, the feature could be introduced in the near future. As of now, more than 20 different cryptocurrencies are being traded on the exchange. The exchange allows users to pay the trading fees using SWH tokens (which is the exchange’s own crypto token) with an added discount.
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