An Evolution in Simplicity – SWITCHEO

An Evolution in Simplicity – SWITCHEO

By insidetrader | HODL the Universe | 21 Nov 2020

Although only 8 months have passed since the collapse of all markets in the world due to the COVID-19 uncertainty in March, all losses have been recovered. In fact, some assets not only recouped their losses, but rather made their investors profit. Among the positive return assets, Bitcoin and other cryptocurrencies, which increased almost 5 times their value after a more than 50% drop in March, can also be shown.

In the shadow of the COVID-19 epidemic, especially in last summer, popularity began to shift entirely to DeFi projects. Platforms connected to the Ethereum chain, which collected all the lights under the leadership of Uniswap, experienced frantic rises. But as with all kinds of fast explosions, the fire of DeFi fury has decreased for many reasons, such as reduced user demand, rising commissions, and falling transaction speeds. But the recent rise in the price of Bitcoin above 18,000$ has also prompted the entire Ethereum-led altcoin class to prepare for a rocket.


(Photo by Bill Jelen on Unsplash)

Governance tokens of the DeFi group, which many of us have kept up with their new philosophy, are again in demand thanks to their rising prices. But the fact that Uniswap users can no longer earn enough seems to have pushed most Ethereum users to either explore a different platform or move to platforms created on different chains. In short, this period can be seen as a ‘'OK'’ or ‘'Continue'’ vote for Ethereum. But you may not have to choose! How?


What is Switcheo?

DeFi platforms, which entered our lives with the EtherDelta exchange in 2016, are being built on the Ethereum chain, where cryptocurrency users are also interested. But developers are very cautious about using different chains. In 2018, a group of entrepreneurs have created a platform that can be used on many chains, allowing cross-chain migration, and thus aims to appeal to the entire crypto community: Switcheo.

Founded by a team of Switcheo CFOs named Jack Yeu, Henry Chua and Ivan Poon, the platform has been in service since May 2018. The exchange, which has been operating for 2 years in order to become the leading DEX in the ecosystem, has many features other than the characteristics of an ordinary DEX. Even though exchange is mainly known for its activities on the NEO chain, ETH, EOS, and USD pairs are live now.

Switcheo builds platforms that break new ground. We bring you finance without limits, for lives without limits. Whether you’re a battle-weary trader or are just making your first purchase, there’s nothing cryptic about crypto on Switcheo. Leading the pack with multiple world firsts, your time spent with us will be a worthwhile investment

Unlike other DEXs, it allows you to create a Switcheo Account that allows you to store assets in various chains at the same time. During the opening of this account, you perform the same steps that you follow when registering on any CEX. You can log in to your account using an email and a password. This can stand out as a negative score for decentralization. However, there is no direct recording of any password on Switcheo. In addition, thanks to the Multi-Layer Trustless Encryption technique used, the PK of any wallet or user information cannot be accessed, even if the platform database is reached. Thanks to this feature, they establish user ease and trust in projects that strengthen their place on the agenda with the increasing prices of cryptos and expect them to attract new users. (All this writing is not perceived as a feature of any CEX exchange. Because after registration, the keys of each wallet opened in your name are delivered to you.)

I recommend that you read the blog post with all the details about Switcheo Account.


Switcheo Account is an option for users only. In other words, after connecting your wallet directly, you can use all the features of the platform. Most of us have a wallet on the Ethereum chain, especially the wallets we use for Publish0x payments :) But not everyone has a NEO wallet. In this regard, those who want to have a NEO wallet can use O3 Wallet, which is shown as one of the ideal wallets for platform use, stands out. It is the choice of most users because it is ready for use separately on desktop and mobile.

At the beginning of 2020, a significant support was sent to the Switcheo platform from the Neo EcoBoost program, which was put forward for the first time in May 2019 and we have seen its support in many projects over the past 18 months. The scope of this support includes both the further development of the NEO community and the use of the GAS instead of the SWTH to meet platform commissions. In addition, Neo Foundation and Neo EcoFund will participate in Switcheo Tradehub as validators


What is $SWTH Token?

In the months following the launch of the platform, the team created a token that would move along a ‘'deflationary’' path over the years. This token is created using NEP-5 on the NEO blockchain in accordance with the platform's mantle. But with a blog published on 10/06/2020, it was announced that this philosophy was abandoned and converted into a token that will increase the amount with a certain amount of emissions every week. Starting from a total supply of 1 billion, a total of 2.16 billion tokens will be created for 5 years.


After the change, the feature that was basically added to the $SWTH token stands out as staking. In this way, users can simultaneously earn tokens with staking and increase cryptocurrency assets by taking on the task of Market-Making, which is one of the other features of the DEXs. 

As stated in the same statement, the SWTH Token update will be performed both to edit the changes made to the ‘'SWTH Monetary Policy’' and to convert it into a token that will be generated with an emission increase. 


What is Switcheo TradeHub?

In general, when trading on DEXs, the first point that traders check is whether liquidity is sufficient plus the duration of the transaction. The Switcheo platform also has a application chain called Switcheo TradeHub to both provide liquidity and reduce the number of steps that occur during market use. Yes, you didn't hear wrong, it's a application chain!

As a philosophy, it is not different from any chain. In short, it has nodes, validators, delegators, and etc... But thanks to their contribution, it becomes functional just by entering orders. With the creation of separate chain for orders and swaps, users can trade in less time and use advanced orders, which are not easy to see on other DEXs. The 'StopLoss' can be shown as an example of ''Advanced Orders''.

You can visit the blog page to access all other details.


Decentralized Mercantile Exchange

Some cryptocurrency fans are happy to see big profit rates. And some live only to achieve that goal. Currently, most CEXs support leveraged trading, which is one of the most important aids to achieving these dreams. But we don't see a similar one in the DEXs.

Decentralized Mercantile Exchange (aka DEMEX) is an asset to close the gap at this point and avoid some undesirable situations in CEXs. I have stated that high profit rates are vital for most users, but some exchanges can close this position against your will, even if your position is in profit, due to ADL (AutoDeLeveraging) features. They are also eligible to do so through user acceptance agreements, which almost none of us agree to without paying enough attention. This has negative consequences for traders.

DEMEX is preparing to take on a role so that the feature I mentioned above will not be left to the monopoly of exchanges. The platform, which is stated to support up to 100X leverage, is another product of the Switcheo team. I'm sure there are those who are looking forward to the opening of market, which has not yet passed any swaps. 


Switcheo has shown one of the most cyber-secure DEX according to CoinMarketCap research, according to a score of 25 different properties, by the middle of this month.

With the participation of the community, the team gave importance to the formation and development of the Switcheo DAO. Establishment of both SDF (Switcheo Developer Fund) and so far 2 successful community votings have shown the attention of users. You can see the results of 2 current votings here. Or directly shill under the tweet below what you want to see in next few months.

And if you are not still a Switcheo user, give it a try with 25% fee discount in upcoming 90 days.

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Freelance crypto writer & translator

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