Artificial Intelligence | News | Insights | AiThority
Bitcoin
$11,855.39
+186.32
(+1.6%)
Ethereum
$396.52
-1.31
(-0.33%)
Ripple
$0.31
0
(+1.02%)
Litecoin
$60.22
+1.09
(+1.84%)
EOS
$3.12
+0.06
(+1.99%)
Cardano
$0.14
0
(+0.91%)
Stellar
$0.11
-0
(-0.65%)
NEO
$13.10
+0.34
(+2.66%)
NEM
$0.06
0
(+8.7%)
DigitalCash
$102.59
+11.21
(+12.27%)
Tether
$1.00
0
(0%)
Binance Coin
$22.98
-0.2
(-0.86%)
QTUM
$2.75
-0.08
(-2.89%)
Verge
$0.01
-0
(-3.77%)
Ontology
$0.72
+0.01
(+1.05%)
ZCash
$99.70
+4.48
(+4.7%)
Steem
$0.21
0
(+1.87%)

Switcheo Launches Multi-Chain DEX on EOS Blockchain

0 3

Switcheo, a leading decentralized exchange (DEX) established on the Ethereum and NEO blockchains, announced the launch of its DEX on the EOS blockchain in collaboration with Obolus. Obolus is a blockchain research and development company founded by former scientists experienced in algorithmic trading, that have developed cutting edge decentralized trading technology using their experience in financial markets.

Described as a combination of smart contract technologies with modernistic trading interface, Switcheo Exchange is designed to bring a superior user experience equipped with maximum security that protects EOS traders from hacks.

Read More: Twenty Interesting AI Symbiotic Events To Look Forward To In 2019

“This launch has allowed us to be one of the first non-custodial exchanges on the EOS blockchain,” said Ivan Poon, CEO of Switcheo, stating that not many decentralized exchanges on EOS allow users to retain ownership of their funds.

Corresponding to past user reports and the loss of funds from a malicious attack on an EOS DEX last year, Poon explains, “such incidents would not have happened on a non-custodial DEX because such exchanges do not take possession of user’s funds. Therefore, we are very happy to be working with Obolus, with whom we share a common vision for a distributed financial system.”

As part of their partnership, Switcheo brings its acclaimed and intuitive trading interface to the users while Obolus developed the trading smart contracts.

Read More: Molecula Launches to Make Enterprise Data AI-Ready

“Transacting on the EOS blockchain can be very daunting,” said Mauricio Hernandes, CEO of Obolus and a previous board member of SBI Alpha. “Unlike blockchains like Bitcoin where users pay network fees using Bitcoin itself, EOS requires users to pay network fees using CPU, NET and sometimes RAM. These can be confusing to a casual trader and be a barrier to entry for new EOS users,” Hernandes explains.

The exchange smart contract uses a first-of-its-kind proprietary staking system, is able to pay EOS network fees for traders. Paired with an efficient on-chain matching system, Hernandes said, “Our smart contract enables trades to be processed directly on the blockchain lightning fast. With Switcheo’s elegant trading interface, EOS traders can trade with ease while retaining ownership of their funds on the Switcheo Exchange.”

Switcheo will introduce the NEO/EOS pair on its atomic swap market, allowing EOS and NEO users to trade between the two blockchains. The DEX is also featured on the popular blockchain explorer, EOSPark.

Read More: IBM AI and Cloud Technology Helps Agriculture Industry Improve the World’s Food and Crop Supply

Leave A Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.