Switcheo is an Exchange on the NEO Blockchain and it will be launching an update of the existent NEO V2 contract to the V3 version. Let’s see what new features bring and when.
The update will take place on the 25th of March, 12 pm SGT. During the update, the V2 contract will be frozen, meaning the users will not be able to trade, deposit and withdraw. All standing orders will be canceled and refunded to the owner’s wallet. Only the orders on the Ethereum market will not be affected by this update. After the maintenance, the Switcheo Exchange will run on the V3 version of the contract and users don’t have to do anything.
Users should be aware of the automatic withdrawal feature. It’s using a queue-based system and may take some time to complete.
Moving on with the upcoming features, the V3 Contract will bring the following:
- The exchange will support atomic swaps and cross-chain token burns in a manner that is benefiting the current user experience.
- NEO V3 Contract brings more options to trade due to the support of the Non-standard NEP-5 Tokens.
- The new upgrade will bring a feature where users can sweep their Dust Tokens for SWTH.
- The new contract supports the claiming of GAS for the NEO held within the contract (It will be available at a later date).
- Parallel withdrawals and speed improvements up to 30 seconds. Users will also be able to add network fees in order to increase the speed of a transaction.
- An extensible contract which will allow future upgrades of the Exchange without requiring users to withdraw and deposit again.
- Fractional NEO on the V2 Contract in order to allow the users to extract fractional values from the contract.
The Switcheo Team asks users to be patient during the maintenance.