The Switcheo team has announced the launch of NEO V3, their latest trading smart contract.
Before the announcement, the company had been developing new features for the NEO V2 trading contract. The upgrade is scheduled to take place on March 25, 2019.
The Upgrade Process
During the update, all trading activities running on the NEO V2 trading contract will be ‘frozen.’ This means that all transactions will be disabled. Also, incomplete orders will be canceled and refunds made to involved users’ wallets. Orders placed on the Ethereum network will continue normally.
Once the NEO V3 contract is up and running, users will have re-deposit their tokens into the new platform. The upgrade is expected to provide a better experience to Switcheo users and improve the efficiency of transactions.
It is worth noting that the automatic withdrawal process uses a queue-based system. This means that it can be time-consuming. To make the process faster, users can initiate it manually on legacy.switcheo.exchange. This also moves them up the aforementioned queue.
Also, there is provision for withdrawing the tokens before the update. Details for this procedure are outlined on the Switcheo website.
Features of the NEO V3 Trading Contract
As expected, NEO V3 will introduce several new features to the Switcheo Network. They include;
Atomic Swap and Token Burn
The new contract will support atomic swaps and cross-chain burning of tokens in line with principles of the current contract.
NEO V3 will introduce 1-to-N Trades, allowing users to swap their old tokens for the newer SWTH tokens.
Support for Non-standard NEP-5 Tokens
The new contract will make the Switcheo exchange compatible with NEP-5 tokens. This increases trading options for users on the trading platform.
Users will be able to claim GAS for NEO tokens held within the new contract. The procedure for this transaction will be publicized soon after the update.
The new platform will support the parallel withdrawal of the same token. During network congestions, users will be able to charge higher fees for withdrawal transactions. These' two are expected to significantly improve the turnaround times for withdrawals.
This feature will eliminate the need for withdrawing and re-depositing funds during future upgrades on the Switcheo Network.
Fractional NEO on V2 Contract
After the processing of automatic withdrawals and cancellations, trading of GAS against NEO will resume on the NEO V2 contract. This allows users to extract fractional NEO values from the contract. Liquidity will be maintained by the supply of extra GAS at a rate lower than the standard market rate.