Switcheo launches DEX on EOS Blockchain with Obolus

Switcheo, a leading decentralized exchange (DEX) established on the Ethereum and NEO blockchains announced the launch of its DEX on the EOS blockchain in collaboration with Obolus. Obolus is a blockchain research and development company founded by former scientists experienced in algorithmic trading, that have developed cutting edge decentralized trading technology using their experience in financial markets.

"This launch has allowed us to be one of the first non-custodial exchanges on the EOS blockchain," said Ivan Poon, CEO of Switcheo, stating that not many decentralized exchanges on EOS allow users to retain ownership of their funds. Corresponding to past user reports and the loss of funds from a malicious attack on an EOS DEX last year, Poon explains, "such incidents would not have happened on a non-custodial DEX because such exchanges do not take possession of user's funds. Therefore, we are very happy to be working with Obolus, with whom we share a common vision for a distributed financial system."

As part of their partnership, Switcheo brings its acclaimed and intuitive trading interface to the users while Obolus developed the trading smart contracts. "Transacting on the EOS blockchain can be very daunting," said Mauricio Hernandes, CEO of Obolus and a previous board member of SBI Alpha. "Unlike blockchains like Bitcoin where users pay network fees using Bitcoin itself, EOS requires users to pay network fees using CPU, NET and sometimes RAM. These can be confusing to a casual trader and be a barrier to entry for new EOS users," Hernandes explains.