It’s already been more than a week since we released the Switcheo Network announcement post, and many things have changed since then. Our team has received a surprising amount of interest — thank you for your support!
We’ve also seen a number of similar questions about our project, so we would like to take the opportunity to answer them as concretely as we can here, and give our followers an update on our progress as well!
Development
- We’ve added an additional feature for the Switcheo Token (SWH). The SWH tokens will now be usable as payment for fees on the Switcheo Exchange. Fees paid this way will be given a 50% discount.
- Although we have finished the technical implementation for SWH token staking, we will remove the ability to stake tokens until further notice, under advisement from our legal team. We are committed to exploring bringing back this functionality in future, but this feature will not be part of our initial token sale.
- Qtum DEX development has begun — stay tuned to more info.
- We’ll update the demo client this week to only use the Switcheo Network TestNet instead of the NEO TestNet. The main reason for this is the difficulty in acquiring GAS on the NEO TestNet (and the lack of TLS support on the CoZ TestNet).
- Currently, we are hoping that NEP-7, NEP-8 and NEP-10 will be implemented by NEO before deploying our contract to the MainNet. We have workarounds planned for those issues in either case.
Partnerships
- We are glad to have Steven Pang and Wang Yingyu on board as advisors for Switcheo with regards to marketing and legal matters respectively.
- Other official partnerships will be announced soon, once the legal team give us the green light. We have more exciting news upcoming.
Whitelist & KYC
- Our whitelist will opens today (12 Feb, Mon)!
- The whitelist will close once it has hit 5,000 members, or on 21st Feb.
- We will have a KYC / AML check for the Switcheo Token public sale.
- Whitelisted members have 1 week to complete the KYC check. KYC instruction emails will be sent after the whitelist closes.
Token Sale
- Due to the strong demand, we have adjusted our token allocations slightly.
- Our private allocation is now closed. We are still open to non-investment based partnerships (that is, we are open to investing time, exchanging technology or building joint products, etc.)
- To give our followers more time to prepare, we have also pushed back our public token sale date to 16th March.
- The hardcap for our public sale will be US$1.2m. Both NEO and GAS can be used. The exchange rates will be published closer to the sale date. The token sale will be done on our on exchange site. Instructions will be available soon.
- In order to ensure all our followers are able to purchase SWH tokens, we will be implementing a individual cap on the purchase amount instead of releasing all tokens at once on the Switcheo Exchange.
- The individual cap amount will be the total tokens released divided by the number of qualified (KYC-ed) members. The cap will be removed after 24 hours.
Airdrop
- We’re happy to announce the official Switcheo Airdrop Program! Find out more here: https://medium.com/@switcheo/switcheo-community-airdrop-d1543e20b61c.
- Please join our telegram chat and share the news with your friends!
