Blockchain platform Zilliqa has announced a strategic parnership with crypto exchange Switcheo to build the first decentralised exchange (DEX) on the Zilliqa network.
According to the terms of the agreement, Zilliqa token holders and traders will be able to access their digital assets on the Ethereum blockchain for the first time, essentially bolstering the growth of Zilliqa DeFi ecosystem.
The DEX will also be designed to improve users’ experience and make trading easier for new and experienced traders.
This process will be handled by a simplified onboarding protocol coupled with API based mobile wallet integration that will allow users swap different assets without the requirements of signing up to the platform.
In addition, users will be able to contribute to liquidity pools allowing for consistent market-making while enabling them to earn a cut of transaction fees, encouraging participation for token holders across the Zilliqa ecosystem.
Switcheo is a Leading Player in the DEX Ecosystem
The partnership with Switcheo is an interesting one for Zilliqa as the platform is a key player in developing DEX across different blockchains.
Switcheo was the first decentralized crypto exchange on the NEO blockchain and its expansion to Zilliqa is one that could help the firm solidify its position. It is one of the pioneers of multi-chain DEX that enables cross-chain trading of Ethereum, EOS and NEO based tokens.
It also has an expanding userbase of over 30,000 traders from across the world. At the time of writing Switcheo supports 24 cryptocurrencies with over 40 trading pairs on its platform.
Zilliqa and Switcheo will begin working towards developing the platform with rounds of internal testing expected by the end of Q2 2020. This would lead to external user testing by trading groups in Q3 before the official release of the platform by the end of the year.
Zilliqa is considered as one of the top crypto projects in the ecosystem with its unique sharding technology. Its native token ZIL is ranked 79th on the coin rankings with a market cap of $34 million and is priced at $0.003428 per unit.