Switcheo has announced the soft date rollout of its new trading platform, Callisto, along with new token offerings, trading changes, an updated fee structure, and roadmap for the rest of Q4. Switcheo is the first decentralized exchange (DEX) on the NEO blockchain, and aims to offer trading options for Ethereum and Qtum tokens.
Beginning October 29th, the Callisto trading platform update will be under invite-only beta testing, with tentative plans to open the DEX to the public on Thursday, November 8th. The platform will first be available on the Switcheo beta website, prior to migrating to the main trading website.
Once Callisto is live, Switcheo stated it will offer Dai (DAI), OmiseGO (OMG), and Maker (MKR) ERC-20 token offerings paired with Ethereum (ETH). Following these first token offerings, Switcheo plans to quickly scale up and provide trading functionality for 22 pre-selected ERC-20 tokens.
Upon the launch of its new trading platform, Switcheo will manually purchase and burn 70% of fees associated with trading non-NEO tokens. The team has opted not to use its native SWTH token for discounted fees, as the user experience for paying atomic swap fees between NEO and other blockchains does not yet meet Switcheo’s standards.
The development team hopes to implement updates by the end of Quarter 4, where users will be able to purchase SWTH with ETH, and re-enable discounts for trading with SWTH. Until then, Switcheo will subsidize transaction fees for withdrawals and trades, but not deposits.
With regards to trading, Switcheo has made changes to its “maximum precision for order price and amounts,” resulting in a larger minimum order book spread to “encourage more market makers to partake in trading.”
Legacy NEO contracts on Switcheo V1 or V1.5 will not be supported by the Callisto UI. To withdraw tokens from the legacy contracts, users will need to utilize a legacy URL, which will be provided by the development team.
Qtum wallet integration will not be incorporated in the launch of the new trading platform; updates are still pending.
Work to be done through Quarter 4
The NEO upgrade to v2.9 includes NEP-8 functionality. As is such, the Switcheo development team is considering releasing a new NEO smart contract. A new NEO contract will provide some of the following advantages:
- Faster withdrawals,
- Cross-chain atomic swaps for SWTH from contract balance, and
- Splitting of the smart contract into a vault/broker contract.
For a full list of potential advantages, visit the article link below:
Switcheo has also stated they feel “confident on providing an interface for purchasing Ethereum with fiat currencies by the end of the year,” where users will be able to make their first cryptocurrency purchase without leaving the platform.
Lastly, Switcheo will be making updates to its whitepaper, to better outline the technical architecture of its proposed cross-chain swapping functionality.
For more information about Switcheo visit one of the links below.
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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