NEO invests in its first and most popular decentralized exchange (DEX) SwitchNEO according to a blog post that was published just a day ago as we are reading in our NEO coin news.
According to the blog post, the investment was done through the NEO EcoBoost program which is an ecosystem funding effort that is run by NEO and a few other partners and though NEO has not revealed the size of the investment, it has already gathered $100 million for the platform in total. Switchneo went live in 2018 and is now the most popular decentralized exchange out there and is known for offering a simple token swap just as ShapeShift does. However, since the platform mainly supports a token that is NEO based or EOS and Ethereum, there’s little support for many major coins. However, since NEO invests, this can can boost the platform and make it more effective.
Starting in February, SwitchNEO will allow the users to pay for trading fees in NEO GAS, which the native fee token of the blockchain.
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SwitchNEO will no longer use the SWTH tokens for free payments and will allow the users to swap the two tokens in the app itself. Since the GAS is more commonly held rather than SWTH, the NEO users can find the exchange much more accessible.
The investment by NEO will also be useful for later developments as the CEO of SwitchNEO Ivan Poon suggests that the funding will help the company realize ‘’several new projects in the pipeline’’ including more DeFi products. In the meantime, the founder of NEO, Da Hongfei, stated that NEO and Switchneo will continue to work together on the further development of the Neo ecosystem.
NEO offers a rather small selection of decentralized exchanges and one notable DEX, Aphelion closed in 2019. Nash is now the closest competitor to Switchneo but it experiences about 1/20 of the daily volume of the platform which stands at $160,000. Trinity Network, however, offers a smaller but potentially more useful NEO-to-ETH Swap tool. At last, there is a limited demand for the NEO DEXes and the NEO-based tokens are the most actively traded on the centralized exchanges such as Binance, Huobi, and KuCoin which list several of the blockchain’s custom tokens. SwitchNeo has a high standard relative to the other DEXes that are NEO based and this is considered an accomplishment in its own right.
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