On April 6, 2018 Switcheo, reported their successes, issues, and next steps, after the decentralized exchange’s (DEX) first week of operation. Switcheo is NEO’s first DEX platform, which primarily trades NEP-5 tokens. The DEX launched on the MainNet on Saturday, March 31 at 5:00 pm (UTC +8).
Trading Volume and New Listings
In the week since the DEX’s launch, there has been over $2,000,000 USD in trading volume. Tokens traded on Switcheo Exchange since its launch include Red Pulse (RPX), THEKEY (TKY), Bridge Protocol (IAM), Trinity Protocol (TNC), DeepBrain Chain (DBC), Switcheo (SWH), NEO, and GAS.
In addition to the current NEO/GAS token pairings previously listed from the launch date, Apex (CPX) and Ontology (ONT) began trading through the DEX on April 5, 2018 at 6:00 pm (UTC +8).
Issues Concerning Withdrawal Delays
The Switcheo team addressed issues users have faced with regards to withdrawal of assets, and associated delays. In order to prevent double-spending, a smart contract processes the withdrawal of assets, which requires two separate transactions (steps) to take place.
The first step is initiated by the individual through Switcheo’s user interface (UI). Once the first step is committed to the blockchain, Switcheo provides an ‘additional service’ that triggers the second transaction, which ensures assets are sent to the individual’s withdrawal address.
The Switcheo development team located the problem, and identified issues with the “listener nodes as well as [their] queuing algorithm for triggering step 2 of the withdrawal [process].”
The solution for the 2-step transaction process has been improved, and now processes all withdrawals correctly.
If a Switcheo users continues to face errors, they can send an email of the particular issues and the user-specific public NEO wallet address to Support@Switcheo.Network. The Core Development team will be overseeing efforts to resolve individual issues.
Improvements and Fixes Over the Past Week
Over the past week, the Switcheo development team has improved and fixed ordering status, ordering operability, token listings, backend architecture, and the UI.
Two new order statuses, ‘filling’ and ‘filled,’ have been implemented to better provide users with a clearer understanding of how transactions are processed. In the upcoming weeks, Switcheo aims to release an official tutorial guide, with relevant UI updates, to help participants better understand how to use the exchange.
To stabilize trading orders, the DEX launched additional nodes this past week. The addition of the nodes should make orders appear fillable again, that is, if they haven’t already been filled.
Currently, Switcheo is host to 24 trading pairs, but the Bridge Protocol (IAM) tokens have been faced with tradability issues. The development team is aware of the issue, and is seeking a solution to the problem.
The following UI improvements have also been made:
- Change in font types;
- Last price of NEO, GAS, and SWH;
- USD equivalent prices; and,
- 24 hour price and volumes.
Lastly, backend and cache servers have been launched to handle the high number of concurrent users during peak hour trading volumes.
Over the upcoming weeks, the Switcheo development team will focus on immediate feedback and conclusions of actions made by users, strive for sub-30 second transaction confirmations, work towards sub-minute withdrawals within 2 blocks, aim for the reduction order making failures to zero, provide oversight of tokens at all times during the trading process, and create transaction status UI upgrades.
In addition to the development improvement goals, Switcheo will be attending the NEO Amsterdam Conference on April 14, providing Ledger support to sign transactions on the DEX, updating the NEO smart contract to be more robust, and considering fully matching off-chain for instant confirmations.