A new kind of token exchange, Switch.ag, is changing the way cryptocurrency owners exchange their assets by providing a unique interface which simplifies the process of exchanging tokens.
One of the growing challenges of token fungibility on a traditional cryptocurrency exchange is the limited trade pairs among assets. The most popular trade bases are either BTC, ETH, a few others of the top 10 cryptocurrencies by market capitalization, and a host of stablecoins. With its new design, Switch.ag allows its users to switch between any of their assets without going through a third party pair like BTC, ETH or any regular trade pair found on most exchanges, thereby saving the cost of fees and time and improving token fungibility.
A New Way to Trade Tokens
Backed by prominent industry movers, Switch.ag promises to give users – regardless of their location – an unprecedented user experience with its intuitive and simplistic design that allows users to switch between different pairs of over 100 assets. It even lets them purchase cryptocurrency using gift cards, and make donations to charitable causes easily from within the exchange.
Switch.ag has both an asset switching platform and a decentralized exchange – SwitchDex.ag. The former allows users to select which tokens they want to switch between and, at the click of a switch-button, perform transactions that average a few minutes to trade to any cryptocurrency asset of their choice. Notably, the assets are pegged to their dollar rates at the time of switching, making exchange rates easier to calculate, independent of the platform’s fees.
The Switch platform features a deposit address where funds can be refunded to in case of an error, and a receiving address that indicates where the switched funds are to be transferred. These allow for enhanced security of funds.
A DEX for all ETH-based Tokens
The SwitchDex promises to deliver the most seamless trading experience and rebate system. The platform has a similar operational model to regular decentralized exchanges with the option to pair with either ETH, Wrapped Bitcoin (WBTC) or a few Ethereum-based stablecoins such as DAI, TUSD, USDC, and PAX.
The platform has seen the likes of John McAfee (tech mogul and cryptocurrency evangelist), Simon Cocking (Editor-in-Chief of cryptocurrency news media CCN), and Mate Tokay (founder of Bitcoin.com News and Bitcoinist) serving in advisory roles to the project.
The SwitchDex promises huge benefits such as giving users full control of their funds as the funds are not held by the exchange. It also offers a competitive trading fee of 0.2% which is applied to the taker transaction only. Members who whitelist their address by paying a one-time fee will also benefit from zero (0%) taker fees permanently.
As for the fees generated on the platform, 50% of fees collected by SwitchDex are airdropped to SDEX token holders each month (SDEX has a total supply of 200) while 50% of Switch fees are airdropped to DESH holders each month (DESH has a total supply of 1,000).
Switch.ag has its own platform token called ESH, which is backed by 50% of the fees generated by the platform from both of its trading desks. ESH tokens are airdropped each month to holders of ESH tokens proportionately. These are is already tradable on several reputable cryptocurrency exchanges including Instant Bitex and DOBI, with plans being made to negotiate listings on Mercatox, IDEX, and other exchanges soon.
To learn more about the platform visit the website https://switch.ag/.
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