The Switcheo Exchange was fully decommissioned on April 30, 2021. The UI for the Exchange will be kept online with minimal maintenance for six months, at which point it might be taken offline completely. During that time, users should withdraw funds from their Switcheo account and contract balances or risk losing them. Switcheo stated:
We are humbled and grateful for the community and support received over the past three years and the journey is far from over. There is much more in store for Switcheo TradeHub and Demex, and we hope you will continue on this wild ride with us… Switcheo’s vision for full decentralization stands firm as we continue to advocate for and build platforms that bring open and accessible financial economies to all.
Switcheo first announced plans for sunsetting its exchange in Jan. 2021, as transactions on its TradeHub surpassed those on Switcheo Exchange. The team also stated its goal to open-source TradeHub and Demex in 2021 to pursue complete decentralization.
That same month, leadership also rebranded to Switcheo Labs and began transitioning from exchange provider to development entity. Switcheo Labs will work on maintaining the TradeHub codebase and act as a neutral advisor. It calls for the Switcheo community to take control of the ownership, hosting, and development of the Demex platform.
Looking forward, Exchange users can trade assets across multiple blockchains on Demex, Switcheo’s layer-two exchange. If an individual seeks a market pair on Demex previously available on the Exchange, they can put forth a TradeHub Improvement Proposal to request the listing. In April 2021, the first community proposed market pairing (CEL/ETH) was passed in a fully permissionless manner.
The full 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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