Switcheo is sunsetting the Switcheo Exchange and rebranding to Switcheo Labs. In 2021, Switcheo plans to open-source TradeHub and Demex and pursue a path to complete decentralization.
Rebranding to Switcheo Labs, the team will transition from exchange provider to development entity. Switcheo Labs will continue to work on maintaining the TradeHub codebase and act as a neutral advisor. Switcheo Labs calls for its community to take control of the ownership, hosting, and development of the Demex platform.
Switcheo Exchange Pte Ltd is a registered corporate entity in Singapore, however institutional decentralization has long been a priority. Switcheo launched TradeHub in August 2020 and recently saw the passing of its first community-developed improvement proposal. CEO Ivan Poon also spoke about architectural and political decentralization on the Neo News Today podcast in December.
Transactions on TradeHub have surpassed those of the Switcheo Exchange legacy smart contracts. To address demand, Switcheo is sunsetting its exchange to focus on TradeHub and Demex. Poon envisions a community-built platform to replace the exchange once the TradeHub and Demex code is open-source. He said, “Our vision for Switcheo is to allow the community to rapidly list markets and tokens that may have extrinsic value, by acting as prediction markets, or by improving capital allocation.”
Before Switcheo can decentralize, there are vital components that need to be built first. For example, community-commissioned purpose-built trading wallets for TradeHub. Such wallets are necessary to allow users to access Demex and other future exchanges. Interested developers can apply for grants through the Switcheo Development Fund. Poon noted:
“Blockchain projects rise and fall on the strength of their communities. Every validator, developer, and delegator must play a part in bringing Switcheo to greater heights. This 2021, we will go forward, together.”
Switcheo Labs will release a sunset and migration plan for Switcheo Exchange in the coming weeks. Further, It aims to begin releasing the open-source code of the TradeHub blockchain and Demex platform.
The full announcement can be found at the link below: