On January 14, 2020, Switcheo, the chief decentralized exchange (DEX) on the Neo network, announced an equity investment by Neo-Eco Fund, highlighting the community’s commitment via its EcoBoost initiative.
The invested amount was not revealed, but Switcheo stated a number of pending changes and improvements would be soon implemented.
Since its launch in May 2019, the Neo EcoBoost program has been instrumental in fast-tracking the development of the Neo ecosystem by providing full life-cycle backing and maintenance for tasks and developers, hence demonstrating Neo’s community-centric attitude.
Additionally, Neo is also devoted to supporting the Switcheo coin (SWTH) by funding the redemption of SWTH for GAS tokens on the Switcheo Exchange.
This new investment in Switcheo will offer traders improved transparency as specialized trackers will no longer be required to monitor burnt SWTH tokens.
As a prominent DEX on the Neo blockchain, Switcheo currently facilitates the trading of EOS, ETH, and NEO coins as part of its commitment to deliver a first-class trading experience by empowering cross-chain swapping capabilities across numerous blockchains.
The announcement ended with good news for SWTH token users, revealing that as of February 11, 2020, SWTH holders would receive tiered discounts for the Taker fee.
Neo and Switcheo Founders Excited About the Move
In a press release, Neo’s founder, Da Hongfei, stated:
“Neo and Switcheo are aligned in their vision of supporting an open community that builds upon the decentralized ethos of blockchain technology.”
He added that as the preferred DEX on the Neo-blockchain, the two would work in tandem to maintain a robust developer ecosystem.
Switcheo’s CEO and Co-founder, Ivan Poon, stated that the strategic partnership has come at an exciting time for Switcheo with several new projects in the pipeline, and it will further reinforce the its community and set the stage for Switcheo’s emerging decentralized finance products.
Switcheo Upgrades Ethereum Contract
In its continuous effort to develop its ecosystem and add important new features and performance improvements for users, Switcheo recently released the ‘Switcheo Jasper,’ a significant upgrade to its existing Ethereum smart contract.
Switcheo Network also integrated with Kyber Network, which brought increased liquidity to the Switcheo Exchange.