The decentralized NEO (DEX) Switcheo exchange has partnered with the Zilliqa blockchain. This should make it possible to trade Ethereum and EOS assets on the platform.
According to an announcement on March 16, Zilliqa token holders will have access to Ethereum-based assets for the first time after launch. A spokesperson for Switcheo also told Cointelegraph that Bitcoin (BTC) support is also planned.
The two teams plan to launch a scalable product on the market by the end of the second quarter of 2020 and to carry out acceptance tests of external users by the third quarter. This development is expected to be completed by 2021.
Outstanding inter-blockchain platform
Switcheo claims to be the first decentralized exchange platform for several blockchains that allows cross-chain trading of tokens based on Ethereum, EOS and NEO. There are also nearly 35,000 traders on the platform and 24 cryptocurrencies and 43 trading pairs are offered.
A Switcheo representative told Cointelegraph that DEX would use Switcheo’s existing order book and that all smart contracts would be interoperable. In addition, the assets of other blockchains can be exchanged for Zilliqa tokens.
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A Zilliqa spokesperson said that each ERC-20 token is supported by DEX. The companies involved in the project plan to build a pool of cash to facilitate trade.
Increase in decentralized exchanges
The cryptocurrency space is becoming more and more mature. Consequently, projects which wish to decentralize their market infrastructure are gaining in importance. One of the main advantages of a well-built DEX is that there is no central point where everything can fail.
Ivan Poon, CEO of Switcheo, explained the advantage of DEX platforms over their centralized counterparts:
“Decentralized exchanges have the advantage of not having centralized management. This offers greater security for users and their assets.”
As reported by Cointelegraph, the developers of the Komodo cross-chain architecture started AtomicDEX in December 2019. The platform operates via a full peer-to-peer node in the web browsers of its users. The same month, Waves DEX was renewed and obtained a hybrid architecture. This gave the trading functions which are typical of centralized trading platforms.
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