Switcheo Network, a NEO based multi-chain decentralized exchange application, today announced the upcoming release of ‘Switcheo Jasper’ a significant upgrade to its existing Ethereum smart contract. The update will bring important new features and performance improvements for users.
- More Extensive Ethereum Tokens – Switcheo will now be able to list a wider variety of tokens that are not yet supported by other DEXs, allowing multiple unique listings. The list of tokens will be announced after official launch.
- Lower Fees – With the upgraded contract, Swticheo’s fees will be reduced by upwards of 50%. The code will also be heavily optimized in preparation for the upcoming Istanbul hard fork on Ethereum. When the fork happens, network fees will be further reduced by 30%.
- Faster Withdrawals – Multiple dApps and DEXs, including Switcheo, have experienced periods of deteriorated performance due to congestion issues on the Ethereum network. This means longer withdrawal times for users because additional time is needed for trades to be settled. To solve this, the newly launched contract will feature batching strategies which will increase transaction speeds by 3x. Withdrawals will be processed much faster, and users will not face noticeable delays even under a congested network.
- Greater Transparency – Now users will also be able to view details of any transactions they are signing. This will delivers greater transparency and security to all our users on the exchange.
A big reason for the upgraded contract is the possibility for any decentralized liquidity pool to be integrated with Switcheo. This means that liquidity from markets such as Uniswap, Kyberswap, 0x, Bancor, or any future automated DEX can be combined with Switcheo’s off-chain orders into a unified order book.
With this, users will be able to fill orders across multiple exchanges through a single order on Switcheo. The unified order book on Switcheo will feature strong, constant liquidity, attracting traders who are not interested in waiting for takers. This feature will be enabled shortly after Jasper’s launch.
Process For Upgrade
To guarantee a seamless transition to the new contract, Switcheo Exchange will undergo maintenance on Thursday, 10 Oct, 11 am SGT (UTC+8). This is estimated to last for 6 hours. During this maintenance, all trades, deposits, and withdrawals will be disabled.
All open orders for the ETH market will be canceled and all funds will be withdrawn from the Ethereum V1.0 contract to the respective wallet addresses for every user, no user action is required. All orders on the NEO and EOS markets will not be affected.
“We’re pleased to have completed a 3rd-party audit for the new contract with lucash-dev, an experienced security researcher who has uncovered issues with multiple high-profile smart contracts in the past, including a critical bug in the upcoming Maker upgrade. The Switcheo team will be continuing to conduct additional formal audits to increase the security and confidence of the new contract even further. We’re confident that this will allow Jasper to be a highly vetted and secure system on the Ethereum blockchain.”
– The Switcheo Team