Switcheo Network, the first decentralized exchange on the NEO blockchain which now allows trading of Ethereum, NEO and soon EOS tokens, today announced a strategic partnership with Obolus, a research, and development company that provides solutions in the finance and blockchain sectors.
This partnership will enable Switcheo users to trade on the EOS blockchain on Switcheo Exchange. By leveraging an efficient on-chain matching engine designed by Obolus, the exchange allows users to trade in a fully trustless, fair and transparent manner. This technology is unique compared to other EOS DEXs which typically use less secure key delegation technologies.
To easily onboard new users, the new EOS DEX will be launched with a proprietary staking system, which pays the network fees for the users while they interact with the exchange contract. This first-of-its-kind system will allow users to trade on Switcheo without staking their own EOS tokens.
Users unfamiliar with the EOS ecosystem can also create a Switcheo Account, where they will be able to trade on all chains without requiring separate wallet and software for each of the blockchains.
Headquartered in Japan, the core Obolus team are former scientists with PhDs in mathematics, physics, and computer science. The team met while working for SBI, the largest online broker in Japan, where for two years they ran the algorithm trading desk for capital markets. Last year, the team established the trading desk of SBI’s centralized cryptocurrency exchange in Japan. Since November last year, Obolus started developing their own decentralized exchange technology using the paradigms of the financial systems.