With the many new features we have been preparing for since the launch of the NEO V2 trading smart contract, the Switcheo team has decided that it is time to launch a new trading contract to support these features better.
Dubbed NEO V3, this will be launched during an extended maintenance on Monday, 25 March, 12pm SGT (UTC+8). Trades on Switcheo Exchange will run on the V3 contract after the maintenance.
Upgrade Process
Trading will be halted and the NEO V2 contract will be set to a frozen state.
This state disables all trading functions, and enables all standing orders to be cancelled and balances refunded to the owner’s wallet automatically. Orders on the Ethereum market will not be affected.
Besides re-depositing tokens into the V3 contract once it is live, users do not have to do anything — we hope this new upgrade process will be an improvement on the overall upgrade experience for our traders.
Please note that the automatic withdrawal process uses a queue-based system and may take some time to complete. Users who wish to expedite their withdrawal after the maintenance may choose to manually trigger withdrawal on legacy.switcheo.exchange, in order to move themselves up the withdrawal queue.
Alternatively, users have the option to cancel and withdraw their assets prior to the maintenance. Here is a guide on how to withdraw from Switcheo Exchange.
V3 Features
The V3 contract enables the following features which will be progressively rolled out to users.
Atomic Swap & Token Burn
With the new contract, we’ll be able to support atomic swaps and cross-chain token burns in a manner that is befitting of our current user experience.
1-to-N Trades
NEO V3 adds a 1-to-N trading capability which will allow us to introduce a feature where users can sweep their dust tokens for SWTH.
Support for Non-standard NEP-5 Tokens
This enhances Switcheo Exchange’s compatibility with more NEP-5 tokens, opening traders to more options on Switcheo Exchange.
GAS Claims
NEO V3 supports claiming of GAS for NEO held within the contract. The process for claiming and dispersal will be made available to users at a later date.
Faster Withdrawals
Users will experience significant improvements due to support for parallel withdrawals of the same token. The ability for users to add network fees on withdrawals will also increase withdrawal speed during network congestions. With this upgrade, we expect withdrawal speed improvements of up to 30 seconds.
Extensible Contract
This will allow future upgrading of Switcheo Exchange trading contract without requiring users to withdraw and deposit again.
For example, a NEO V4 trading contract will be able to interact seamlessly with the current NEO V3 smart contract.
Fractional NEO on V2 Contract
Once all automatic cancellations and withdrawals have been processed, Switcheo will resume trading of the NEO/GAS pair on the V2 exchange contract at legacy.switcheo.exchange, to allow users to extract fractional NEO values from the contract.
The team will be supplying additional GAS at or below the market rate (based on third-party exchanges), so users do not have to worry about liquidity.
We seek your patience and understanding during the maintenance so that we can bring you a better trading experience.
