Switcheo, a decentralized exchange running on the NEO blockchain, has released a preview of its upcoming “Callisto” update. Switcheo also announced a delay of the Callisto release, and revealed plans to migrate to its own specialized blockchain “to provide a truly trustless cross-chain exchange”. The Callisto release is expected to bring support for trading assets across the Ethereum, Qtum, and NEO blockchains.
Co-founder Jack Yeu released a video preview of Switcheo’s upcoming update to give an early look at pending user interface improvements. Upcoming features include:
- collapsible tabs to give more room for the rest of the exchange;
- support for multiple languages (Switcheo is looking for community translators to add more language packs);
- a ‘light’ theme to complement the default dark theme;
- a clearer listing of the transaction history, and;
- a restructured interface for mobile users. A preview of the mobile interface will be released separately, at a later date.
Switcheo CEO Ivan Poon posted that the Callisto update is not likely to be released in September, 2018. He claims that “we have expanded our scope-of-work slightly” and outlined the remaining steps to finish before the update is complete.
On the technical side, Switcheo announced that it is waiting for the completion of third-party smart contract audits for its Ethereum contracts. During this time, Switcheo is also doing additional research on working with the Qtum blockchain, working to develop the synchronization mechanism of its APIs, and finalizing the user interface improvements on both desktop and mobile platforms.
Switcheo is also working on its marketing and partnerships during this period, with plans to launch a new website, more trading competitions and promotions, and new partner tokens (especially those projects with ties to the Ethereum and Qtum blockchains).
Switcheo’s fee structure and business model are also being analyzed, as the on-chain network costs on Ethereum and Qtum vary, and NEO transaction costs are also expected to change in the upcoming months. The changes will be announced in late September. Poon reports, “We are confident that these changes will also improve our token economics significantly in the short-to-medium term.”
Finally, Switcheo has come to the conclusion that building its own specialized blockchain with a native token will be necessary for operating a truly decentralized and trustless cross-chain exchange. This “DEX chain” is expected to utilize public validators who stake its tokens. These validator nodes have the benefit of removing the possibility for Switcheo to front-run its own customers when filling large orders on the exchange. Poon commented: “By re-decentralizing every component of the exchange, it will allow us to realign with our original vision.”
The full updates from Switcheo can be found at the following links:
More information about the Switcheo DEX can be found by following the links below.