NEO-based decentralized change (DEX) Switcheo partnered with the Zilliqa blockchain to permit buying and selling of Ethereum- and EOS-based proper
NEO-based decentralized change (DEX) Switcheo partnered with the Zilliqa blockchain to permit buying and selling of Ethereum- and EOS-based property on the platform.
In response to an announcement on March 16, after the launch, Zilliqa token holders will have the ability to entry Ethereum-based property for the primary time. A Switcheo spokesperson additionally knowledgeable Cointelegraph that there are plans so as to add Bitcoin (BTC) help as properly.
The 2 groups plan to launch a minimal viable product by the tip of Q2 2020 and exterior consumer acceptance testing by Q3. The event is predicted to conclude by 2021.
A notably inter-blockchain platform
Switcheo claims to be the primary multi-blockchain DEX platform that permits cross-trading of Ethereum, EOS and NEO-based tokens. Moreover, the platform reportedly counts practically 35,000 merchants and helps 24 cryptocurrencies and 43 buying and selling pairs.
A Switcheo consultant informed Cointelegraph that the DEX will use the prevailing Switcheo order guide and that every one the sensible contracts are designed to be interoperable. Moreover, the property of different blockchains might be swapped with Zilliqa-based tokens.
A Zilliqa spokesperson stated that any ERC-20 compliant token is supported by the DEX. The corporations concerned within the venture plan to construct a liquidity pool to facilitate buying and selling.
The rise of decentralized exchanges
Because the cryptocurrency house matures initiatives trying to decentralize their market infrastructure are gaining traction. One of many major benefits of a well-built DEX is the shortage of a central level of failure.
Switcheo CEO Ivan Poon identified the benefit of DEX platforms over their centralized counterparts:
“Decentralized exchanges have been acknowledged for the absence of centralized governance which allows larger safety and security for customers and their property.”
As Cointelegraph reported in December, builders of inter-chain structure Komodo launched AtomicDEX, which runs a full peer-to-peer node within the net browser of its customers. That very same month, the Waves DEX upgraded to undertake a hybrid structure that provides options typical of centralized buying and selling platforms to the change.