What we’ve learnt after 1 week of running NEO’s first live DEX!
It has been an eventful week since Switcheo Exchange went live!
We would like to thank our community for their unyielding support and helping us make this project come into fruition. Although there were some hiccups on our launch, we are extremely grateful to our community for tiding through this period with us and providing invaluable feedback to help us in perfecting our exchange.
We are also elated to announce that we generated over $2,000,000 in trade volume during the first week of our launch. We will continue to work hard to produce more positive results.
We’ll like to give our supporters clearer understanding on why certain issues arose — and what our immediate goals are.
Due to the way the NEO blockchain operates, withdrawal of assets from a smart contract requires two separate steps (transactions) in order to prevent double spending. For Switcheo, the first step is initiated on the client’s UI, and we provide an additional service to automatically trigger the second step, once the first step is commited on the blockchain, in order to ensure that assets are always flushed out to the withdrawing address.
Unfortunately, there were certain issues with our listener nodes as well as our queuing algorithm for triggering step 2 of withdrawal.
We have improved our solution for this, and have processed all withdrawals correctly. If you are still facing errors in this area, kindly email a description of your case and your NEO address to firstname.lastname@example.org. Our core dev team will be overseeing this support channel.
However, there is still room for improvement on Switcheo Exchange. Here are our goals for the next weeks.
- Any action made will have an immediate feedback and conclusion — we will move all transaction broadcasting to our off-chain servers, so users will simply be presented with the result of their action, similar to a centralized exchange, instead of transaction polling bars. This will also fix issues such as stuck cancellations (due to gas requirements) and withdrawals.
- < 30 sec confirmations — we will ensure our backend and listener nodes are robust enough to confirm as soon as a block is mined.
- < 1 min withdrawal — we will improve our queuing system to ensure withdrawals happen within 2 blocks.
- 0 order making failures — making an order should never fail. This sometimes happens currently when an order is made before deposit completes.
- Oversight of where all tokens are at any time — when funds are moving between balances, we will show transition states and values, similar to centralized exchanges. Users will never lose track of where their tokens are.
- Upgrading of transaction status UI — we have many improvements lined up for the transaction status window to provide more clarity on the status of their orders.
- NEO Amsterdam Conference — Switcheo will be presenting at NEO Amsterdam conference on the 14th of April. We’re looking forward to meeting any supporters of our project there! We will also try our utmost best to keep up with development work regardless of the loss of time due to travelling.
- Ledger Support — we are working on other ways to sign transactions on Switcheo Exchange and will have an estimated launch date soon. Do note that your private key never leaves your browser when accessing Switcheo Exchange in either case.
- V2 NEO Contract & Off-chain matching — we will be upgrading our NEO smart contract to make the exchange architecture more robust, and will also consider doing order matching fully off-chain. This is not much different from what we are already doing, and will allow for instant confirmations. However, the ETA for this is a minimum of 2 weeks out.
Switcheo Improvements and Fixes
I’ll like to end off with a round-up that the dev team has prepared, on what we’ve completed this week.
Since the day of launch, we implemented two new order status — Filling and Filled. This is to provide users with a clearer picture of your processing transaction. We are also aware that many of you are requesting for a tutorial on our exchange site. An official guide with the relevant UI updates will be provided very soon.
Trading should also stabilised due to the additional nodes we’ve deployed. Order matching precision and missing orders which happened previously should also have been resolved. As such, orders should not appear to be unfillable (unless they have already been taken) anymore.
There are currently 24 trading pairs available on Switcheo Exchange. IAM token is currently still untradeable and we are looking into possible measures to solve this issue. We seek your kind understanding and patience on this while we create a resolution for this. On a side note, we will be listing other tokens soon so look out for our updates!
To facilitate your ease in trading on our site, the following UI improvements have been made:
- Change in font typings
- Last price of NEO, GAS & SWH
- USD equivalent prices
- 24hr price & volumes
We have a high number of concurrent users during peak periods, and have launched many more backend and cache servers since launch