Following the close of its token sale on March 17th, Switcheo – the first decentralized exchange to run on NEO’s blockchain – has now launched.
Switcheo, which succeeded in completing its ICO in March this year, raised some $8,700,000 USD; at launch, the decentralized exchange presently accommodates trading for NEO, GAS, and NEP-5 tokens such as RPX, TKY, IAM, and TNC.
According to the project’s white paper, 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.”
Switcheo’s SWH utility tokens, trading at $0,02 USD at press time, comprise a total supply of 1,000,000,000 SWH, while 25% of all tokens have been locked for the project’s leadership team – accommodating a total circulating supply of some 750,000,000 tokens.
Of Switcheo’s 750 million-strong supply, some 200 million SWH tokens have been allocated to the project’s public sale, while 483 million SWH have been allocated to ‘strategic partners’, while a remaining 67 million SWH has been reserved for marketing campaigns and partnerships.
Switcheo’s premise introduces a capped 0.5% maker and taker fee on transactions facilitated by smart contract. Switcheo features an auto-burning scarcity-mechanism – SWH tokens will automatically burn as increased trading volume arrives on Switcheo itself.
The project’s next major milestone plans to introduce cross-chain functionality, wherein ERC20 and QRC-20 tokens will become exchangeable for NEP-5 tokens, while the initiative has confirmed that it is presently researching the viability of including cross-chain swapping capabilities with blockchains such as Stellar.
The decentralized exchange’s roadmap outlines that QRC-20 token support is expected to be introduced in the second quarter of 2018, while ERC-20 support would similarly follow in the third quarter of the year.