Switcheo has announced the tentative launch of the Switcheo Foundation, which seeks to propagate the development of a decentralized finance (DeFi) ecosystem. Additionally, Switcheo is hosting a week-long reward distribution campaign to celebrate its second anniversary.
The Switcheo non-custodial exchange spawned in November 2017 when the team submitted a prototype to the first COZ dApp competition, where the platform won ninth place. The exchange officially went live on the Neo MainNet on Saturday, March 31st, 2018. In its first two years, Switcheo has implemented cross-chain functionality for Ethereum markets and EOS markets.
In the announcement, Switcheo opined on its two years of operation and believes the future of its services lie in building infrastructure for DeFi. Switcheo stated:
What we have observed in the space so far has cemented our vision that decentralized financial markets are the future. To radically decentralize finance, we need more than just decentralized e-money like Bitcoin. We need a truly open and democratic platform that can support any type of financial instrument, as well as any conceivable sort of underlying, such that we can really be free of unfair censorship, unnecessary bureaucracy, and unjust abuse of power by centralized entities.
While the Switcheo Foundation is initially comprised of Switcheo leadership, the team seeks to establish itself as a separate non-profit and deploy as a decentralized autonomous organization (DAO). The DAO will reportedly “be deployed to grant marketing and community initiatives of Switcheo Foundation.”
Further, Switcheo stated, “[Switcheo Foundation’s] sole mission is to champion the growth of a radically decentralized financial system that is truly open.” Currently, leadership believes that means constructing financial markets, and offering access for users to participate.
Second-anniversary reward campaign
To celebrate its second anniversary, Switcheo has announced a reward distribution campaign that will run from Tuesday, March 24th through Monday, March 30th.
Five winners on the first day of the event will receive an equivalent of US $10 in ETH. The second through seventh days of the event will be announced via Switcheo’s social media channels.
Each day, Switcheo will post a new Tweet at 11:00 am (UTC +8) that contains the activity for that day along with the eligibility requirements.
There is a maximum of one entry per person. To be eligible, entrants must have Twitter accounts older than one month, display a non-default avatar, and at least one Tweet (out of the four most recent) that isn’t associated with the Switcheo giveaway.
The full Switcheo Foundation announcement can be found at the link 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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