The Switcheo team recently announced progress on the version 2 smart contract for the decentralized exchange (DEX), NEP-7 token protocol, the addition of new team members, and have listed two new tokens.

Smart Contract version 2

Switcheo has completed the upgrades to v2 of its smart contract, and is currently waiting for external audits to be finalized.

As Switcheo awaits results of the audit report, the team has been improving the exchange’s UI, making architecture improvements, and developing QTUM blockchain interoperability.

NEP-7 Token Standard

Ivan Poon, CEO of Switcheo, has been contributing to the creation of NEP-7, which allows smart contracts to automatically trigger executions when receiving NEO or GAS. One function enabled by NEP-7 is the ability for a smart contract to reject payments immediately if it isn’t meant to receive them. The NEP-7 standard will remove the need for specialized transactions necessary for events such as token sales.

Once the NEP-7 standard is deployed on MainNet, sending NEO and GAS to a script hash will be possible without the need for a client (such as a wallet) to know the transaction format. This will reduce the complexity behind smart contracts for token sales, and will allow users to participate in token sales through simple clients such as NeoTracker.

Team Members

Switcheo’s team grew by five new members in the following roles: development, marketing, public relations, and communications.

Phantasma (SOUL) and New Kind of Network (NKN) Token Listing

On May 26, Switcheo listed the New Kind of Network (NKN) token. New Kind of Network is a decentralized connectivity exchange that aims to provide network operators the ability to dynamically route traffic according to real time performance metrics and cost.

On May 27, Switcheo listed the Phantasma (SOUL) token. Phantasma is developing a decentralized content distribution system on top of the blockchain that emphasizes security and privacy.

At the time of this writing, the DEX is trading 16 currencies with a 24-hour trading volume of $1,173,109.

For more information about Switcheo follow the links below.

Edit: Updated 24-hour trading volume to correct figure.