Switcheo, a Singapore-based decentralized exchange running on the NEO and Ethereum blockchains, has announced its upcoming “NEO V3” exchange smart contract. The upgrade will follow a maintenance period that is scheduled to begin on Monday, March 25th, 2019, at 12:00pm SGT (UTC +8).
NEO V2 Smart Contract
Trading on the current NEO V2 smart contract will be halted to facilitate the upgrade. Users’ balances will be automatically refunded to their wallets during the downtime. Because fractional NEO cannot be sent on the NEO blockchain Switcheo will be reopening its NEO/GAS market so that users can trade their fractional NEO into GAS for withdrawal.
Switcheo claims that it will be supplying additional GAS to the contract to avoid liquidity issues for its NEO/GAS market during this time.
NEO V3 Smart Contract
Meanwhile, Switcheo has announced an extensive list of new features it says will be “progressively rolled out” to its user base. Chief among them is atomic swaps (cross-chain trading), a feature that has been a public development target for Switcheo since October of 2018. Switcheo reports that the ability to burn tokens cross-chain will also be added.
Users will be able to sweep their dust balances for SWTH tokens on the V3 smart contract as well, made possible by a “1-to-N trading capability.”
In addition, support will be added for more NEP-5 tokens, including non-standard tokens; withdrawal speeds are claimed to be increased, with the ability to add network fees for priority transactions; and the NEO V3 smart contract will be extensible, meaning that users will not have to withdraw and deposit again for future upgrades of the exchange smart contract.
Finally, NEO V3 will support the ability for users to claim GAS that is generated by the NEO they hold in the smart contract. However, this feature will be offered to users “at a later date.”
Bridge Protocol’s BRDG Listed
Switcheo has also listed a BRDG/NEO market on the exchange following the Bridge Protocol’s successful smart contract and token upgrade. The identity verification project reports that it burnt over 50 percent of its company-held tokens during the swap. As a result, the community now owns over half of its new total supply, which stands at 450,000,000 BRDG.
Switcheo’s NEO V3 upgrade announcement can be viewed in full at the following link: