The Switcheo Team has been hard at work the past week preparing for our MainNet launch, as well as making sure our public crowdsale will be as smooth as possible for all of you.
We’ve also gotten many pertinent questions about our token sale over the past week and hope to answer them fully in this update!
Private Sale
In order to create more valuable partnerships, and to better ensure that we can attain a dominant position in the exchange market, the Switcheo Team has decided a slight increase to our previously announced hardcap is needed. The hardcap amount will be now USD8,700,000 from the previously announced USD5,300,000.
This decision has been made with careful consideration together with the advice from our team’s advisors.
After hearing some of your concerns, we have also reduced the ratio of private sales from 60% to 48%. The ratio of tokens sold during the public crowdsale will be increased from 10% to 20%. Each token will now be sold at USD0.016. We hope that this will now allow our supporters to participate fully in the token sale. Full details on the token numbers can be found later in this post.
The updated figures can be seen on our main webpage here.
All tokens awarded to strategic partners in our private sale has a max bonus of 50%, and bonuses will only be unlocked 1 month after the public crowdsale date.
As we have completed our agreements with our private sale buyers, we do not expect any further changes to the above information.
Public Crowdsale
We also have great news for all of those currently on the waitlist: with the increase in tokens available to the public, we are happy to announce that we have increased the whitelist to 10,000 members!
A total of 200,000,000 SWH (20% of supply) will be sold, for a total of USD3,200,000. The individual caps will be split into two tiers:
Tier 1
The first 5,000 users who joined our whitelist and pass KYC checks are in this tier. 50,000,000 SWH will be added to this tier, on top of the original 100,000,000 SWH.
The personal cap for this tier will therefore be 30,000 SWH.
Tier 2
The next 5,000 users on the whitelist that pass KYC checks are in this tier. 50,000,000 SWH will be allocated to this tier.
The personal cap for this tier will therefore be 10,000 SWH.
You are able to check your whitelist tier here.
Additional details of our token sale are as follows:
- Tokens can be bought with either NEO or GAS equivalent to USD0.016 each
- The public sale will be conducted on our exchange site: https://switcheo.exchange
- Your individual cap will be clearly stated on our UI if you are whitelisted successfully
- You may also use Neon wallet to contribute, but your cap will not be displayed, if you choose this option — keep a look out for the official contract hash and instructions in order not to get phished
- Please try not to send more than your individual cap regardless, as refunds will be processed only after the sale is over
- Fractional NEO to be refunded will be done in the GAS equivalent at the time of sale
- Your individual cap worth of tokens is guaranteed during the first 24 hours — so do not rush
- Ensure that you are purchasing the correct amount of tokens and are either our official site (bookmark it now!), or a supported wallet
- If the hardcap is not reached after the first 24 hours, your individual cap will increase by 5 times (e.g. a second purchase of an additional 120,000 SWH for a total of 150,000 SWH can be made if you are in Tier 1)
- If the hardcap is still not reached after the 48 hours, all individual caps are removed
- Citizens / residents of the United States of America and the People’s Republic of China are not allowed to participate in the token sale
- Only whitelisted users who have passed KYC checks can purchase in the crowdsale at any point during the token sale
- Non-whitelisted users can purchase tokens on Switcheo Exchange and 3rd party exchanges, after the token is listed
- Please read the terms and conditions of the token sale here
We will issue a more thorough security advisory to whitelisted participants on how to safely purchase tokens through all our official channels closer to our crowdsale date. It is impossible to contribute to our public sale before it opens on 16th March 2018.
For the fastest updates, join our announcement channel here.
