NEO Blockchain’s First Decentralized Exchange Reports $2M USD Trade Volume In First Week

Announcements, News | April 20, 2018 By:

NEO blockchain’s recently launched decentralized exchange (DEX) has reportedly seen an average $2 million trading volume in its first week.

The Switcheo Exchange, which went live on March 31, has reportedly risen to become the fourth-largest decentralized exchange, following Ethfinex, Idea, and Cobinhood.

Majority of the decentralized exchanges on the market allow users to trade ethereum’s ERC-20 tokens without having to rely on a centralized company controlling their funds. Switcheo is the first decentralized exchange to operate on the NEO blockchain. Switcheo allows user to trade NEP5 tokens, including NEO, GAS, Switcheo Token (SWH), Red Pulse (RPX), TheKey (TKY), Bridge Protocol (IAM), Trinity (TNC) and DeepBrainChain (DBC).

“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),” reads the Switcheo whitepaper. “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.”

Over the upcoming weeks, the Switcheo development team will focus on immediate feedback and conclusions of actions made by users. The team will work towards sub-minute withdrawals within two blocks and aim for the reduction order making failures to zero. It will also provide oversight of tokens at all times during the trading process, and create transaction status UI upgrades.

“Moving forward, we will continue to earn your support by constantly testing the exchange and making sure that it will provide you the best user experience,” the Switcheo development team said. “We have also heard your requests on other tokens and will list them progressively once the exchange stabilizes.”