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SWITCHEO DIGITAL ASSET REPORT: SWTH Review and Investment Grade

Introduction

Switcheo is the first decentralized cryptocurrency exchange on the NEO blockchain. The exchange was launched back in 2018 after its team raised over $8M during the initial coin offering. At the launch, the exchange only supported NEO tokens. Later, its team also added support for EOS and Ethereum.

However, despite being one of the few multi-blockchain DEXes, the exchange has struggled with user adoption and has not attracted significant liquidity to its platform. Intense competition, along with a relatively low level of interest in decentralized trading has prevented the exchange from gaining popularity among crypto traders.

Although Switcheo does not lead the market with its spot trading solution, it does have a few important milestones on its roadmap that could attract a new wave of interest in SWTH.

The Switcheo team is in the process of launching a new derivatives platform, called Demex. As said by the team, Demex aims to “support any type of financial market possible.” This will include prediction markets, commodities, and financial derivatives (futures and options).

The team is planning to entirely restructure the project’s token economics. It is launching token staking, fee sharing, and a DAO governance model. This should help improve the value capture of the token.

Both exchanges will be working separately. SWTH token holders, however, will share the profits from both of these platforms.

Overall, the project looks promising. The upcoming changes should attract more users to the exchanges, and will significantly improve the value-capture of the token, helping token holders.

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Summary

Convex’s business model is built on Curve, a DeFi blue chip that continues to be one of the market leaders. It repackages Curve’s governance into a liquidity bootstrapping product that is already being used by projects like Abracadabra and Alchemix, and there is potential for more projects using it down the line. Ergo, Convex is one of the few examples of business-to-business models in crypto.

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