SWH -> SWTH Token Swap

Dear Switcheo Community,

First and foremost, we would like to apologise for extended downtime on our site maintenance.

While we were upgrading our platform to the Version 2.0 smart contract, we discovered an issue with our existing token that may cause plausible obstacles in the future.

As we have always intended to do a token upgrade to enhance Switcheo Exchange cross-chain capabilities, we have decided to bring this forward in order to remove the possibility of complications happening in the near-term, and to allow Switcheo Exchange Version 2.0 to achieve the best security and smooth transactions process.

As such, we will commence a 1:1 swap for all SWH holders to our new token, which will trade under the SWTH ticker, prior to deploying the Version 2.0 smart contract. This means the circulating supply of SWTH tokens is identical to SWH. We will shortly communicate with 3rd party apps and tools to reflect the new ticker symbol. Overall, we are certain this will also allow us to establish a more secure and reliable infrastructure which will allow for atomic swaps in future.

Currently, our tokens are only listed on the Switcheo Exchange and gate.io. We are currently coordinating with gate.io to ensure that the token swap proceeds even for tokens currently on their exchange. We advice users not to trade SWH on gate.io for now as well.

For Switcheo Exchange, we will halt trading and allow users to cancel orders as well as withdraw the SWH tokens to do the swap. When V2 launches, you may only use SWTH tokens as the fee discount token that will be burnt on expenditure, so the existing SWH tokens will no longer have value without swapping.

Rest assured that all tokens within Switcheo Exchange remains secure, and the token upgrade does not affect the security of tokens stored within the decentralized exchange smart contract.

Finally, to facilitate this token swap, we will be extending the current trading halt on the exchange for 24 hours, until 15 May, 6PM +8UTC.

This is a big step forward for the Switcheo Team, as we are one step closer to unveiling the new Version 2.0 contract, which will include — instant trading and withdrawals, making deposits into the smart contract, a detailed transaction interface, the public bot API, and much more. Therefore, we ask for your patience and understanding during this period of time as we transition to our new smart contract.

Token Swap Instructions

We have prepared a new page where users are able to perform their tokens swap.

  1. Click the Token Swap link available at the top left of the Switcheo Exchange, or visit https://switcheo.exchange/tokenswap directly
  2. Login by clicking on the LOGIN TO SWAP button
  3. Specify the amount of SWH you want to swap by clicking the SEND MAX button
    Or manually typing it in.
  4. Click the SEND TOKENS FOR SWAP button

Note: You may also swap tokens by sending tokens directly from your wallet to our token swap address: AHiewWqeQByNX5a6VCkqiTR9tgYfDqMWY7

To see the upgraded tokens in other wallets such as NEON, add the following Script Hash (SWTH): ab38352559b8b203bde5fddfa0b07d8b2525e132

Once completed, the current SWH tokens will then be locked in the smart contract. Please also note that after this token swap occurs, previous SWH tokens will no longer be utilized by Switcheo and the new v2.0 smart contract will solely utilize the new SWTH tokens.

Please do not rush as there is plenty of time to complete the swap.

Finally, we at the Switcheo team would like to personally thank each and every one of you for supporting the Switcheo Exchange. Without you, our project could not have excelled at the rate in which it has since we began this endeavor. We greatly look forward to unveiling the new Switcheo Exchange Version 2.0 smart contract, and we know you will be excited to see all the hard work our team has put into this project.

Sincerely,
The Switcheo Team

Like what you read? Give Jack Yeu a round of applause.

From a quick cheer to a standing ovation, clap to show how much you enjoyed this story.