Today, Switcheo has announced the launch of a DEX based on the EOS blockchain.
Switcheo Network is a Singapore-based non-custodial digital assets market, integrated with the Ethereum and NEO blockchains, whose goal is to bring transparency to the conventional financial system by restoring people’s financial freedom which is now held by centralised entities.
Thanks to a collaboration with the blockchain research and development company Obolus, founded by former scientists experienced in algorithmic trading, it is now possible to trade cryptocurrencies on the DEX Switcheo Exchange, based on the blockchain of EOS, and described as a combination of smart contract technologies with a modernist trading interface.
Mauricio Hernandes, CEO of Obolus, said:
“Transacting on the EOS blockchain can be very daunting. Unlike blockchains like Bitcoin where users pay network fees using Bitcoin itself, EOS requires users to pay network fees using CPU, NET and sometimes RAM. These can be confusing to a casual trader and be a barrier to entry for new EOS users”.
Thanks to a dedicated smart contract, the new exchange allows traders to pay fees in EOS, and according to Hernandes, allows transactions to be processed quickly and directly on the blockchain.
In addition, as it is a decentralised exchange, traders can easily trade their funds while retaining full ownership of the tokens.
Ivan Poon, CEO of Switcheo, commented:
“This launch has allowed us to be one of the first non-custodial exchanges on the EOS blockchain”.
For example, with regard to the recently stolen funds on exchanges, Poon said:
“Such incidents would not have happened on a non-custodial DEX because such exchanges do not take possession of user’s funds. Therefore, we are very happy to be working with Obolus, with whom we share a common vision for a distributed financial system”.
Switcheo will soon add the NEO/EOS exchange pair to its atomic-swap-based market, allowing EOS and NEO users to exchange tokens between the two blockchains. The DEX is also featured on the popular blockchain explorer EOSPark.