Switcheo announced the upcoming launch of the Switcheo Development Fund to incentivize community-driven development and various facets of decentralization. Switcheo will bootstrap the fund with 3 million SWTH tokens and appropriate a portion of trading, inflation, and other protocol fees for ongoing support. Regarding decentralization, Switcheo said:

The core focus of decentralizing Switcheo TradeHub’s development is to ensure that the ecosystem remains censorship-resistant and robust by having distributed points of development. When alternative user interfaces are hosted by the wider community and can interact with the ecosystem independently, network stability and security can be safeguarded in the event of a system fault.

As part of the initiative, Switcheo will prioritize projects that have higher relevance to decentralizing the protocol. Initial priorities include additional interfaces, public nodes, explorers, and wallets. Eventually, Switcheo envisions the SDF supporting the development of new features, capabilities, and products built on the TradeHub order matching engine.

To help boost the effectiveness of the SDF, Switcheo is launching a six-month Community Boost Campaign. Projects that successfully apply to the SDF will be eligible to receive additional matched funding. Switcheo noted, “Projects will be screened according to their relevance in decentralizing the protocol, and are selected at the discretion of the Switcheo team.”

Switcheo concluded, “We believe that many heads are better than one… We can’t wait to see what development ideas the community will have to further propel Switcheo TradeHub forward.”

The full announcement can be found at the link below:
https://blog.switcheo.network/decentralizing-switcheos-development

Tags: