Switcheo Network has released its round-up for Quarter 3 of 2018. The decentralized exchange (DEX) provider included updates pertaining to the V1/V1.5 smart contract token balances, a SWTH token usage report, trading fee changes, and the addition of a new team member.
V1/V1.5 Contract Balance
Switcheo encourages its users who still hold tokens in the legacy version 1 and version 1.5 Switcheo Exchange smart contracts to withdraw their tokens. As NEO core developers discuss the potential implementation of minimum transaction fees on the NEO blockchain, withdrawals from the legacy contracts could face a potential delay.
Additionally, once Switcheo’s interface for Callisto is live, the legacy contracts will not be supported, and users will be required to access a separate web page to withdraw their old tokens. The Callisto release is expected to provide support for the trading of assets across Ethereum (ETH), QTUM, and NEO. NEO News Today recently covered Switcheo’s plans for Callisto.
To ensure a “frustration-free” legacy SWTH token withdraw, Switcheo recommends users withdraw their old tokens before either of the above events take place. Instructions for token withdrawal can be found in this guide.
SWTH Token Usage Report
In the round-up, Switcheo released its SWTH token usage from June 30th through September 27th.
A total of 840,025 SWTH tokens were used for DEX fee purposes. This is a significant increase in fee usage from Quarter 2, which is a growth of 380%.
The total amount of SWTH tokens locked in the V2 contract is 414,061.
The total amount of SWTH tokens locked in V1/V1.5 contracts is 646,747.
Update to Trading Fees
In anticipation of Ethereum blockchain integration, beginning October 31st, 2018, Switcheo will update its trading fees. Order makers will continue to pay 0% in fees, however order takers will pay 0.20% in fees without SWTH, and 0.15% in fees with SWTH.
Switcheo has also stated that until its cross-chain implementation is complete, “trades with a notional value of less than US $500 will bear the cost of blockchain network fees.”
To offset the changes in SWTH trade fee discounts, the SWTH token will be used in upcoming reward and loyalty programs so users can earn rewards.
New Marketing Lead
Switcheo recently hired Junice Liew as its senior marketing manager. Junice was brought on to the Switcheo team due to her experience in “the creation and management of marketing and communications strategies, and [previous leadership in] numerous growth and development campaigns in companies such as Eyecorp (oOh! Unmissable), Moove Media, and JCDecaux.”
On the hire, Switcheo’s CEO, Ivan Poon, stated “we are glad to be able to continually attract talents like Junice. I am confident her strong leadership will guide us in our vision to be among the top exchanges in the world.”
For more information about Switcheo visit the links below.