Zilliqa, the high-performance, high-security blockchain platform has announced a partnership with Switcheo, the first decentralised cryptocurrency exchange on the Neo blockchain, to build a non-custodial, decentralised exchange (DEX). With the new Zilliqa DEX, Zilliqa token holders and traders will have the ability to tap into digital assets on the Ethereum blockchain for the first time, essential to bolstering the growth of Zilliqa’s DeFi ecosystem.
Designed with improved user experience as a core value proposition, users and traders on Zilliqa DEX will not need to sign-up to the exchange to access trading services. This simplified onboarding process coupled with API-based mobile wallet integrations will allow users to swap between different assets without any infrastructural hindrances.
Amrit Kumar, President and Chief Scientific Officer at Zilliqa, said: “We believe that this partnership with Switcheo is essential to supporting the meaningful progress we’ve made for our stablecoin initiative, StraitsX, as more companies look to come on board. The opportunity to collaborate with one of the world’s leading decentralised exchanges was one that we simply couldn’t pass up as we hope to garner further ecosystem support and look to solidify our position in the global DeFi ecosystem.”
Built from the ground up and designed to address existing inadequacies in today’s order book-based DEXs, the new Zilliqa DEX will leverage a Uniswap-like exchange model along with an atomic swap protocol, enabling traders to undertake automatic digital asset exchanges without the need for centralised intermediaries. In addition, users will be able to contribute to liquidity pools allowing for consistent market-making while enabling them to earn a cut of transaction fees, encouraging participation for token holders across the Zilliqa ecosystem.
Ivan Poon, CEO at Switcheo, said: “Decentralised exchanges have been recognised for the absence of centralised governance which enables greater security and safety for users and their assets. By leveraging advancements such as off-chain order matching engines and liquidity pools, we look forward to being able to provide Zilliqa traders and token holders with a world-class trading experience.”
Designed with high-grade security standards and distinguished by its emphasis on intuitive user experience, Switcheo is the industry’s first multi-chain DEX that enables cross-chain trading of Ethereum, EOS and NEO-based tokens. With an existing user base of over 34,800 traders around the world, Switcheo supports 24 cryptocurrencies and 43 market trading pairs to date. In January 2020, Switcheo received a significant equity investment from the Neo EcoFund, as part of the Neo EcoBoost programme.
Zilliqa and Switcheo will be working towards a minimum viable product and rounds of internal testing by the end of Q2 2020 and external user acceptance testing with trading groups by the end of Q3 2020. The development of the Zilliqa DEX is estimated to conclude by the end of the year.