The NEO blockchain recently saw its first decentralized exchange (DEX) go live. The platform, Switcheo, comes after its initial coin offering (ICO) raised about $8.5 million, and reportedly already saw a $2 million 24-hour trading volume in its first week.

Decentralized exchanges are nothing new, as platforms like EtherDelta and Idex allow users to trade Ethereum’s ERC-20 tokens without having to rely on a centralized company controlling their funds. Switcheo is, however, the first decentralized exchange working on the NEO blockchain, with NEP-5 tokens.

The project’s whitepaper reads:

“Centralized exchanges fall into two categories: those that accept fiat currencies (government-backed currencies), and those that do not. Switcheo will initially not accept fiat currency transfers and will first work towards a ​multi chain decentralized cryptocurrency exchange​ platform where users may perform trades of virtual tokens and assets trustlessly (i.e. without the need to trust a centralized third party).”

The platform lets users to trade over 20 different cryptocurrencies, with trading pairs being based on NEO, GAS, and its own Switcheo (SWH) token. The token is currently trading at about $0.026 and is similar to Binance’s BNB. It can be used for trading fee discounts, and is subsequently buned. While Switcheo doesn’t charge any fees on deposits and withdrawals, its maker taker fee is capped at 0.5 percent.

The platform’s developers have big ambitions for the future. Per their whitepaper, they plan on implementing cross-chain functionality. The document reads:

“With the increasing popularity of projects developed on the NEO Blockchain, Switcheo will strategically start trading NEP-5 Token contracts for the NEO Blockchain first, before moving on to QRC20 Tokens (QTUM). Using the dynamic call functionality of the NEO blockchain, users will be able to list and buy tokens the moment they are available for transfer on the blockchain.”

According to data from a blog post detailing the developers’ experience running the platform, Switcheo is now the fourth largest DEX, behind Ethfinex, Idex, and Cobinhood. While Switcheo is so far NEO’s only decentralized exchange, there are more to come. Projects like NEX and Aphelion are set to be launched in the future.