Switcheo, a Singapore-based non-custodial exchange offering markets across the Neo and Ethereum blockchains, announced in a blog post that its upcoming TradeHub blockchain is on schedule for creation on August 12, 2020. The TradeHub MainNet’s genesis block and growth will be showcased on Switcheo’s “Tradescan” block explorer.
Meanwhile, deposits of SWTH tokens on Switcheo TradeHub have been postponed until August 18th, 2020, with staking rewards scheduled to start on August 19th.
Switcheo’s Tradehub is expected to mint its first block on August 12th. The upcoming “sidechain” blockchain uses a delegated proof-of-stake system, in which the tasks of processing and trade execution are delegated to a small group of specialized validator nodes, and plans to offer one-second block times. The TradeHub sidechain will be responsible for transparently batching and executing the trades conducted on the platform’s supported layer one blockchains such as Neo and Ethereum.
The dedicated sidechain exists as a method to provide verifiably fair order matching and trades for its exchange without the possibility of front-running. In Switcheo’s system, staked SWTH tokens are posted as collateral to ensure that trades are performed according to the rules of the exchange. Validator nodes that do not follow Switcheo’s rules of operation when matching and exchanging customers may have their staked tokens destroyed, along with those tokens that are delegated to them.
TradeHub is planned as the technical foundation for Switcheo’s upcoming “Demex” derivatives trading platform.
Switcheo also postponed the opening of SWTH token staking to August 18th, 2020. There will be a 24-hour grace period in which users can deposit and delegate their tokens before block rewards begin on the 19th.
Switcheo has stated that because the process of delegation involves cross-chain communication between the Neo-based SWTH token and the TradeHub sidechain, “we want to give our engineers ample time to integrate and test that cross-chain transfers operate with the various Layer-1 networks as expected.”
Finally, Switcheo notes that because SWTH deposits to the TradeHub interface will be made live before the withdrawal function is active, moving SWTH to TradeHub is “currently a one-way transfer”.
Switcheo’s full TradeHub update can be viewed at the following link: https://blog.switcheo.network/go-for-launch-an-update/