Switcheo, a Singapore-based decentralized exchange offering markets on the NEO and Ethereum blockchains, has announced community rewards activities. The promotions are intended to celebrate the one-year anniversary of Switcheo Exchange’s launch on the NEO blockchain’s MainNet.
Switcheo has announced that it will be setting aside 4,000,000 SWTH tokens (0.4 percent of SWTH total supply) as a reward to community members who choose to lock up their tokens in the “Switcheo Chest.” Switcheo will offer two “tiers” which will freeze users’ SWTH tokens for up to 3 months, or up to 6 months. A minimum of 15,000 SWTH is required to participate in the Switcheo Chest events.
Tokens allocated to Switcheo Chest “cannot be unlocked or used” until the event ends. 1,000,000 SWTH tokens have been allocated for participants in a 90-day freeze, from April 8th to July 6th, 2019. Meanwhile, 3,000,000 SWTH tokens have been allocated for participants in a longer 180-day freeze, from April 8th to October 4th, 2019.
Individual rewards will be given in proportion to the number of SWTH tokens that they placed in the Switcheo Chest. Users will not be required to freeze their tokens by April 8th to participate in the rewards program. Late entrants will still earn SWTH tokens, but their rewards will be reduced in a pro-rated manner, according to the date they entered the promotion.
Switcheo also announced a community airdrop of 500,000 SWTH, which is to be split equally between “all existing Switcheo newsletter subscribers.” According to Switcheo, this week’s copy of the Switcheo email newsletter will provide its readers instructions for how to claim their tokens.
Switcheo Exchange’s full birthday celebration announcement can be read in full at the following link: