For the past two years, Switcheo has been providing its users with a platform for non-custodial trading across multiple blockchains, with a strong emphasis on transaction speeds and a world-class user experience. We launched the exchange back in 2018 with a strong belief in the self-sovereignty of wealth and investments and strived hard to solve the problems faced by traders trying to use decentralized exchanges. The continuous positive feedback and support we receive from our traders around the world have been incredible.
What we have observed in the space so far has cemented our vision that decentralized financial markets are the future. However, as Bitcoin gradually becomes less volatile and more mature, traders are turning to cryptocurrency derivatives to maximize profits, hedge positions, and perform other complex financial flows using these advanced financial instruments.
While Bitcoin has proven it’s worth thus far in being immune to corruption, influence, and takeover by central authorities, it has failed to provide the necessary tools for a complete financial ecosystem that can still remain decentralized. As a result, the Bitcoin derivatives offered by centralized exchanges have become increasingly popular, causing a re-centralization of e-money within these platforms.
Decentralized Finance (DeFi) on Ethereum (and possibly other smart contract platforms) have been seeing exponential growth as of late, displaying a valiant attempt to recapture that market. However, current platforms still have issues such as challenges in ensuring security due to the over-generality of smart contracts, as well as requirements for complex and un-composable Layer 2 solutions due to high block times or low transaction throughput.
To radically decentralize finance, we need more than just decentralized e-money like Bitcoin. We need a truly open and democratic platform that can support any type of financial instrument, as well as any conceivable sort of underlying, such that we can really be free of unfair censorship, unnecessary bureaucracy, and unjust abuse of power by centralized entities.
Switcheo Exchange was the first phase of our vision to revolutionize the trading of digital assets. We are now embarking on the next phase of our ambitious journey to create an ecosystem that will offer the world just that.
We are therefore exhilarated to announce today the formation of Switcheo Foundation.
Switcheo Foundation is a newly formed non-profit organization by the Switcheo founders, and its sole mission is to champion the growth of a radically decentralized financial system that is truly open, in terms of being able to construct financial markets (i.e. construction), as well as in terms of participation (i.e. access).
This new foundation will not have a direct relation to Switcheo Exchange or the Switcheo Token other than sharing our branding and vision. Instead, a Decentralized Autonomous Organization (DAO) will be deployed to grant marketing and community initiatives of Switcheo Foundation.
We hope you are as excited as we are on this revolutionary endeavour!
Stay tuned and follow us on Twitter for more updates on Switcheo Foundation.
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