Switcheo has announced atomic swap markets for NEO/ETH and SDUSD/DAI. Just a few weeks prior, Switcheo launched ETH/SWTH cross-chain trading, making it the first decentralized market to offer atomic swaps between NEO and Ethereum.
The hashing algorithm used for its atomic swap functionality is SHA-256, which is the same algorithm that was used for the first ever Ethereum and Bitcoin atomic swap. In a previous conversation with NEO News Today, Switcheo VP of engineering John Wong said: “that was also one of the reasons that we decided to go with this general algorithm.”
When conducting an atomic swap on Switcheo, the non-custodial exchange acts as the counterpart responsible for the swap. What this means is that Switcheo is the first party to lock the funds into a contract, which Wong stated: “exposes us to the risk that users will not fulfil their side of the swap.” Since individual users lock tokens into the exchange’s contract, Switcheo can “lock” funds with the token swapper to conduct the transaction.
EOS cross-chain trading
Just a few days ago, Switcheo halted trading and UI functionality on the exchange for an hour of maintenance. The development team cited the maintenance was “in preparation for our upcoming EOS launch.”
At the time of press, the launch date of EOS/NEO cross-chain markets is unknown. However, last month, Wong highlighted that the development team was currently working on the protocol, noting “the EOS contract has the atomic swap, we just haven’t fully tested it with NEO.”
The full announcement of the new atomic swap pairs can be read in full at the link below: