The Switcheo account is an exchange based on the NEO Blockchain. On March 25th, its launch will occur in the form of an update to existing NEO V2 Contract.
A report released by Switcheo account on March 15th indicates that the company managed to run a beta test successfully.
The beta test was aimed at collecting user views on the overall experience each user had on the exchange. Feedback sampled from the closed beta included comments such as:
I just registered an email account, went smooth, good job guys:+1: Amazing experience doesn’t even feel like a dex anymore
Guys, in general, this is another great step forward. Really good stuff
Smooth and easy UI
Superb! Smooth! SWTH Sell/Buy went well
Registration was smooth!
The company officials stated:
….we are proud to announce that Switcheo Account is now ready for an official release and is ready to go live today on 25th March upon the completion of the NEO V3 update.
The New and Improved Switcheo Account
Creating a Switcheo Account will make it easier for users to trade on all the network chains. Trading will take place on all blockchains without users having to create separate wallets or installing independent software programs.
To celebrate this milestone, on March 13th, Switcheo announced the release of a new and exciting promotion. The promotion targets the first 3000 users on the network.
In their statement,
Just be one of the first 3000 people who successfully sign up for a Switcheo Account and receive $5 in Ether credited to your account automatically! This bonus will also allow first-time users to trade ERC-20 tokens on Switcheo without the hassle of depositing any Ether first for network fees.
Company officials want to start by releasing the mobile version, before launching the desktop version.
The mobile version will feature an enhanced login and sign-up page. Users should also expect to find a step-by-step onboarding guide to direct them on steps to follow.
The update will occur on 25th March. It will start at noon SGT. The old V2 contract will not be available during this period.
Users will, therefore, be unable to deposit, withdraw, or make any trades. According to a company official:
We will cancel all the standing orders when updating the V2 contract and refund them to the originating wallet. Our users should note that only the orders on the ETH market will not be affected by the update.
As soon as the update process gets completed, the Switcheo Exchange will immediately start running on the V3 contract version. Users will not need to make any changes or add anything for the upgrade to begin working.
The future Switcheo update contract will bring changes such as:
- It will provide support for cross-chain token burns and atomic swaps in a manner aimed at enhancing the user experience
- Extensible contracts make it easier to install new upgrades in the future without forcing users to deposit or withdraw again.
- Speed improvements and parallel withdraws by up to 30 seconds
- NEO V3 contract comes with more trading options
What do you think of the NEO V3 contract upgrade? Do you think it will have any meaningful impact on the Switcheo exchange and network? Sound off in the comments section!