NEO-Based DEX First in Asia to Trade ETH/NEO Pair
The first decentralized exchange (DEX) on NEO has announced that it now offers trading of ETH vs. NEO pair.
The Singapore-based DEX, Switcheo, made the announcement on Friday May 24. Ranked 195th by CoinMarketCap in volume, the exchange currently trades more in NEO token. Its approximately $3.36 mln 30-day trading volume covers 56 different markets. Nine others are not verified yet by CoinMarketCap though they may be available for trading.
Going by the DEX’s whitepaper, the exchange launched last year March. Switcheo seeks to join the general pursuit to outdo centralized exchanges as well as address the shortfalls of existing DEXs. These shortfalls include order mistakes, wrong trades and mis-clicks. Others are smart contract security, low liquidity / exchange volume and ensuring KYC/AML requirements are met.
It seeks to serve “the increasing popularity of projects” on the NEO blockchain. It also wants to ease “the difficulty of listing such NEP-5 tokens on credible exchanges.”
Speaking about the news, Jack Yeu, a Switcheo Network co-founder, notes in a statement: “Traders around the world will finally be able to buy or sell NEO with ETH in a trustless manner for the first time, via Switcheo’s cross-chain atomic swaps”.
The announcement comes a day after NEO Colorado co-hosted an event for community reps from NEO, Ethereum, and EOS. It was not a platform to discuss which of the platforms should rule them all. Rather, it sought to compare and contrast their public blockchains and foster engagement among members. Main topics of discussion include token economics, developer tools and issues related decentralization.
The significance of moves like this may not be obvious at this point, they could be meaningful tomorrow. Their collaboration, as seen in this case, could propel a competitive spirit to produce better products. There have always been talks that suggest a form of rivalry between these chains. Yet, each platform continues to put in place various developments. show that all the blockchains could be successful.
Trading ETH and NEO (as well as EOS tokens soon) puts Switcheo in a better position. It would help achieve offering cross-chain swapping capabilities across popular blockchains. It also plans to enable swaps for QRC-20 tokens on the QTUM blockchain.