Switcheo Exchange to sunset on April 30, six month grace period to transfer assets to Demex
The Switcheo Exchange will fully decommission on April 30, 2021, as part of Switcheo’s roadmap to complete decentralization. This action aligns with the plan first announced in Jan. 2021, as transactions on TradeHub surpassed those of the Switcheo Exchange’s legacy smart contracts. Switcheo said:
Switcheo Exchange was beloved for enabling seamless trading of tokens that were difficult to find and trade on other platforms… Understandably, this is a big change for traders and longtime users of Switcheo Exchange… We plan to sunset Switcheo Exchange gradually such that users have sufficient time to move their trading over to Demex.
The UI for Switcheo Exchange will be kept online with minimal maintenance for six months, at which point it might be taken offline completely. During that time, users must withdraw funds from their Switcheo account and contract balances.
For NEO that can’t be subdivided on the Exchange, the team noted, “a legacy pair will still be available on Switcheo Exchange so that they can be traded against nNEO for withdrawal, even after the decommission date.”
Switcheo has already transitioned a handful of markets from the Exchange to Demex and plans to transition all markets with high trading volume (i.e., nNEO/GAS and nNEX/nNEO) to Demex in due time.
The full announcement can be found at the link below:
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