Switcheo (SWH) is soaring today. At the time of writing in mid-afternoon trading (East Coast US time zone), this coin is up 16% from its price 24 hours ago. Volume is also higher than it usually is with this NEO-based token, as more than $1.85 million worth of tokens have changed hands in the past 24 hours.
So, why is this cryptocurrency surging on the exchanges today?
First, a reminder of what Switcheo (SWH) is
Coinbase, Binance and Bitfinex are all super popular cryptocurrency exchanges – but they have one thing it common that sort of goes against the basic ideals of the blockchain revolution. All three of these exchanges are centralized.
A new wave of decentralized exchanges (DEXs), like Bancor, EtherDelta, Neon Exchange, Radar Relay, and a pretty short list of other non-centralized crypto trading platforms have risen up semi-recently – and they are getting more and more popular.
Switcheo (SWH) is one of the newest of these platforms – it only launched a month ago. It’s an NEP-5 token, which means that it’s a decentralized application (dApp) token that launched on the NEO (NEO) network. It’s not the first of its kind to launch on NEO, but it has a different way of doing things – namely the fact that the trades are on-chain, so there is still the feel of a centralized platform. They also plan to have cross-chain compatibility with other networks, like QTUM (QTUM), in the future.
Switcheo (SWH) Part 2 is already here
This Switcheo (SWH) mainnet launched on March 31st – that was just a month ago. Now, they are already announcing Switcheo Exchange v2.0. The testnet will go live on the 8th of May, and the mainnet will launch about a week later.
Along with new filters for transactions, they are adding:
- Full breakdown of each order (individual trades on a standing offer are also shown)
- Full date and time details for each trade
- Ability to show all pairs (instead of just current pair)
Seems like they are listening to their users.
Honestly, I haven’t used this Switcheo (SWH) before, but by the looks of the market’s response to this cryptocurrency, it seems to be a valuable token.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.