NEO’s First Decentralized Exchange Launches
The first decentralized exchange on the NEO blockchain is up and running.
Switcheo says it racked up more than $2 million in trading volume in its first week online. The platform features 10 tradable coins, including DeepBrain Chain, QLINK and Red Pulse.
The developers have some big ambitions in the coming months, with plans to expand and integrate multiple popular blockchains.
The next step is implementing cross-chain functionality to allow users to swap tokens between the NEO and Ethereum blockchains.
Right now, coins are paired with NEO, GAS and Switcheo’s own trading-fee token, which is similar to Binance Coin.
In all, a total of 24 trading pairs are listed on the platform, although some of them currently have very low volume. Here’s a look at the full list of coins:
- NEO (NEO)
- GAS (GAS)
- Switcheo (SWH)
- DeepBrain Chain (DBC)
- THEKEY (TKY)
- QLINK (QLC)
- Red Pulse (RPX)
- APEX (CPX)
- Ontology (ONT)
- Trinity Network Credit (TNC)
Developers say they’re working to add ERC20 tokens to the platform in the third quarter of 2018. The company is also planning to implement the QTUM (QRC20) blockchain, and says it’s taking a look at the Stellar blockchain as well.
Switcheo’s token sale launched in March and raised more than $8.5 million. At time of publishing, the coin is just over $.02 on Coinmarketcap. The total supply of coins is set at 1 billion, with 25% reserved for the Switcheo team.