Switcheo is integrating support for Binance Smart Chain, as a result of the TradeHub v1.15 proposal surpassing the minimum vote threshold in TIP #11. The most notable feature of the update is the ability for SWTH to be withdrawn as a BEP-20 token to BSC via the Poly Network interoperability protocol.
BSC is an independent blockchain network that offers smart contract functionality and Ethereum VM compatibility. In 2021, its infrastructure has facilitated more than US $15 billion in total transaction volume, and continues to grow. In the announcement, Switcheo said:
Harnessing the power of Poly Network, Switcheo TradeHub will be able to bring next generation derivatives to various [layer one] blockchains, allowing us to connect and access assets on other [layer one] chains… Our integration with BSC brings us a step closer to our vision of limitless markets, and opens up infinite possibilities for various cross-chain financial transactions.
TradeHub v1.15 will allow for cross-chain transactions between BSC and TradeHub, and offer two primary benefits. First, users have access to decreased onboarding costs by utilizing the benefits of a centralized exchange. Second, it expands order books and derivatives services beyond Uniswap-like non-custodial exchanges via Demex.
Voting for TIP #11 to implement TradeHub v1.15 concludes March 17, when validators must update their nodes.
The full announcement can be found at the link below: