At 9:47 am (UTC) on August 13th, 2020, Switcheo TradeHub minted its MainNet genesis block. TradeHub is a standalone order matching engine that can process and execute trades through a small group of specialized validator nodes. The Neo Foundation and Neo Global Development (NGD) are two of the first validators selected to verify trading transactions on TradeHub.
Switcheo has also launched the Switcheo Tradescan TradeHub blockchain explorer. Tradescan provides information on blocks, transactions, tokens, and validator nodes, among other statistics. At the time of press, TradeHub has an average block time of between one to two seconds.
As previously covered by Neo News Today (NNT), deposits of SWTH tokens on Switcheo TradeHub have been postponed until August 18th, 2020, with staking rewards scheduled to begin August 19th, 2020.
NGD and Switcheo
In January 2020, NGD established a partnership with Switcheo. As part of the arrangement, Switcheo integrated support for Neo’s native GAS token to be accepted as payment for trading fees on its exchange. The partnership also indicated that the price of the NEP-5 SWTH token would be supported by a “price floor” in a SWTH/GAS market.
Alongside the Neo EcoBoost program, NGD also owns shares of Switcheo’s company. In a previous conversation with NNT, Switcheo founder and CEO, Ivan Poon, noted that Switcheo is working closely with NGD on cross-chain mechanisms and that NGD is a shareholder of Switcheo Pte. Ltd.
The full announcement can be found at the link below:
https://blog.switcheo.network/neo-foundation-neo-ecofund-supports-switcheo-tradehub-as-validators
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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