Switcheo has launched, Demex, a fully non-custodial exchange that will focus on margin and derivatives trading. In its initial phase, Demex offers spot trading for SWTH/ETH, SWTH/USDC, and ETH/WBTC markets, and rewards for liquidity providers. On the Demex launch, Switcheo stated:
This marks a significant milestone in our goal to establish a decentralized trading platform superior to the centralized cryptocurrency exchanges of today.
Demex is built on the TradeHub blockchain, a standalone scalable layer-2 solution capable of handling up to 10,000 transactions per second. Demex was created to offer traders the ability to take positions of up to 150x leverage, and minimize social losses and auto de-leveraging.
Source: Demex
Users can access the platform with their Ledger, MetaMask, or a self-custody wallet.
For the first three months of Demex operations, Switcheo is providing incentives to liquidity providers. 30% of SWTH’s inflationary supply will get redirected to LP providers during the first week, and will gradually decrease for the next 11 weeks.
Reward distributions began on December 17, 2020 and will be weighted to liquidity pools accordingly:
- SWTH-20 / ETH-80: 33.33% (2x)
- SWTH-20 / USDC-80: 50% (3x)
- ETH-50 / WBTC-50: 16.67% (1x)
Liquidity providers can also receive additional rewards for committing LP tokens for more extended periods.
Within the first 24 hours of Demex operations, the platform has reached approximately US $1.48 million in liquidity.
In the announcement, Switcheo stated, “Expect BTC and ETH futures to be rolled out very soon.”
Switcheo has also put a new TradeHub Improvement Proposal to vote. The proposal will upgrade TradeHub to v1.10 with node performance optimizations and fixes for futures trading and liquidity provider rewards. Voting is in progress until December 19, 2020.
Demex is Switcheo’s second exchange. It is designed to serve user needs of derivatives and margin traders that are significantly different to existing Switcheo Exchange users.
The full article can be found at the link below:
https://blog.switcheo.network/demex-spot-trading-is-now-live
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).
More posts by Dylan Grabowski