NEO news 2018 - V2 DEX update, Ledger integration
Switcheo is a NEO based decentralised exchange or DEX which supports trading of NEP-5 tokens on its platform. It is obvious that Switcheo network also supports NEO system assets such as GAS and NEO too. The NEO team announced ICO for Switcheo with an expected hard cap of $1.2 million for its public sale but the NEO community enthusiastically contributed to the idea of NEO having its own DEX that they managed to raise around $8.5 million. Crypto enthusiasts have been keeping a close eye on Switcheo’s updates and improvements because it shifts NEO’s markets as well.
Switcheo announcement in June - Ledger Integration
A couple of days ago Switcheo exchange announced completing integration process for Ledger Hardware Wallet. This means that Switcheo’s DEX platform now has Ledger support. Ledger devices can easily make use of the Switcheo DEX. The ledger integration is yet to be functional as it needs updating NEO application on their firmware. Although both the internal and external test conducted by the NEO team have shown no issues regarding functionality. NEO has already declared that the detailed instruction on Ledger NEO application and firmware will be released at the time of its public release.
Upcoming Switcheo Updates on NEO Blockchain.
NEO’s engineering team is presently working on perfecting the upcoming updates in order to add improvements and upgrade certain NEO upgrades to be pushed to the Mainnet. The Switcheo V2 will be released after these upgrades are taken care of. It's being delayed guaranteeing that users can experience full compatibility. Neo has also laid out the core enhancements Switcheo V2 is expected to get.
- After the upgrade, Switcheo will support instant trading of digital assets
- The upgrade is also said to include public trading API
- Withdrawals and Deposits will be improved for the ease of traders in order to save their time.
- This upgrade of Switcheo smart contracts to V2 will also include updates to other NEO based smart contracts for example,
- NEP-7: the recent upgrade will focus on complete deployment to the NEO Mainnet since the new contract is going to be compatible with NEP-7
- NEP-8: it’s still a proposal that’s close to completion but Switcheo platform has to wait before its implementation is merged with core codebase.
- Payable contracts: still unsure of when these will be deployed to NEO Mainnet the V2 upgrade of Switcheo is taking its time to release.
What is NEO Market Position?
NEO is considered as China’s Ethereum because of its gigantic market presence and influence over NEP-5 tokens. Currently, its ranked as 11th largest cryptocurrency of the world. According to the data on CoinMarketCap, the total market capitalization is $3.56 billion while its individual price is close to $54.25 which is rising at the rate of 3.54%. Around $90 million worth NEO has exchanged hands within the last 24 hours.
Final thoughts about NEO
It’s clear to see that NEO is aiming to enter the top-5 cryptocurrencies of the world. For this reason, the platform and its dedicated team are working incessantly on upgrades of smart contracts in order to perfect it. If things go according to NEO’s plan then it might see a bullish trend in the near future.