Switcheo, a decentralized cryptocurrency exchange platform has published its weekly roundup, May 4th. The roundup post highlights the progress that Switcheo has made over the last week and touches on the launch of its Mainnet that went live on the 31st of March.
One of the Switcheo’s most important announcements was Switcheo Exchange v2.0. The Testnet for this new version will be released on Tuesday, 8th of May, and will be packed with new features. Switcheo will be releasing guides and other content for its users to make full use of the upgrade.
In addition to the upgrade for its platform, Switcheo also redesigned its transaction window that gives users a better view of their previous transactions with added details. At a glance, users can now see a full breakdown of each order they make on the exchange, including the date and time and the ability to see all currency pairs. Some filters were also added that let people drill down into different order types, like open, completed, and cancelled trades.
Another big update to the Switcheo platform is its planned upgrade for immediate trade confirmations. Switcheo has been hard at work recoding its backend and smart contracts to allow for this, and will begin public testing sometime next week. At present, it takes 30 seconds for a trade to be confirmed, and a minute to be seen by the client, making it a frustrating and even confusing process for inexperienced users. Once the improvements to Switcheo’s platform are in place, all trades will be executed and confirmed immediately provided the contract balance has enough tokens. As the instant trade confirmations are a new feature, the team will update its whitepaper and documentation reflecting this change, along with a guide for how to migrate to the new contract once TestNet testing is complete.
Instant trade confirmations also opens up the possibility of using bots to operate on the Switcheo platform, made easier through the release of backend APIs. The bot APIs will be released at the same time as the smart contract upgrade. Once released, the API will be made fully public with extensive documentation to support it. Helper libraries (SDKs) will also be made available.
Finally, the Deposit Flow feature was also announced, allowing users to choose the number of tokens they wish to deposit in their contract balance. The deposited tokens can then be used for instantaneous trading, as per the planned smart contract updates once they are rolled out of TestNet over the next couple of weeks.
More information on Switcheo can be found at the links below.