NEL documents NNSDEX and NELSwap development progress in June reports

NewEconoLabs, a China-based development community for NEO, released its two bi-weekly reports for June, emphasizing the development of its NNSDEX and NELSwap projects.

The first bi-weekly report may be read here. The second may be found here.

NNSDEX

NNSDEX is a decentralized exchange designed to facilitate the trading of .neo domains provided by the NNS (NEO Name Service) project.

These .neo domains can be bound to a public address, allowing services that support NNS (such as the O3 wallet) to transfer funds to a domain instead of the address instead. Although typically treated as a novelty, it is hoped that the use of domain names will help reduce the chance of error for users that are transferring funds.

NEL confirmed that the NNSDEX will be accessed via its Teemo chrome extension wallet. According to the team, the trading section of the DEX has been completed and tested, with support built in for the use of CGAS and NNC for domain name auctions and purchases.

NEL also noted that users will need to stake NNC to create open orders of pre-owned .neo domain names. The staked NNC is returned after the pending order is cancelled or fulfilled.

Later in June, the team also implemented the ability to transfer and map domain names from within the NNSDEX, and also plans to add a renewal function in the future. This would allow users to fully manage their domains without leaving the DEX.

NELSwap

NELSwap is a decentralized token exchange based on a constant product protocol. The goal of the project is to allow users to make markets and easily exchange tokens, with liquidity provided by NNC.

The contract for NELSwap has now been completed, alongside the trade, exchange, and pool management web page designs. In July, NEL will work on the functionality for these web pages.

In addition, USD/CNY exchange rates and GAS/USD exchange prices will be provided in real-time, allowing NELSwap to accurately determine token prices. NELSwap will also be equipped with its own market price analysis page, which is currently in development.

NEL confirmed that although both the NNSDEX and NELSwap contract are functionally complete, they are currently unavailable for release, reportedly due to restrictions stemming from the current NEO transaction fee strategy.

Following the revision of the fee strategy, these services will be made available on MainNet. According to NEL, this is expected to happen in the second half of 2019.