After the successful operation by the community of the Switcheo TestNet, the team of NEO NEP-5 token exchange Switheo has announced the MainNet has now launched live as of March 31st 17:00 SGT (UTC +8). Tokens that will be in the first listing group will include NEO, GAS, Switcheo Token (SWH), Red Pulse (RPX), TheKey (TKY), Bridge Protocol (IAM), Trinity (TNC) and DeepBrainChain (DBC).
Switcheo Network aims to build a decentralized exchange (DEX), that will allow secure trading of NEP-5 tokens as soon as their token sales end.
As one would expect, Switcheo was built on top of the NEO platform. The purpose of this project is to manage the entire trading experience on-chain, which should provide an experience similar to centralized exchanges without the need to rely on third parties.
Switcheo Token or SWH will be used for cross-chain swaps, as well as serve as “gas” for all operations on the network itself. There will also be an additional base trading pair linked to SWH, which should improve its overall liquidity. These tokens will also grant users a 50% discount on fees, which makes it well worth looking into.
Future plans for Switcheo will include launching on QTUM and Ethereum. In the meantime, the team says it will continue to “strive and achieve the milestones that are set out in its white paper,” some of which include:
- Q2 2018 — Launch of QRC20 trading
- Q3 2018 — Launch of ERC20 trading
- Q4 2018 — Cross-swap feature using SWH and Wanchain
- 2019 — Launch of trading for top 5 chains
Although Switcheo is not the first project to focus on building a NEO-based decentralized exchange, the company has a slightly different focus. Its main priority is providing a secure and convenient user experience and being cross-chain compatible as quickly as possible.
The token sale took place on March 16, 2018.
The hardcap for the public sale was set at $1.2 million USD. Switcheo allocated the token in the following manner:
- 60% to strategic investors;
- 25% to the Switcheo team;
- 10% for the public sale; and,
- 5% for partnerships and marketing.