Switcheo has released its SWTH Token Usage report for Q3 2019. The report highlights the number of tokens utilized for trading fees on the Switcheo Exchange.
Switcheo’s native SWTH tokens are permanently removed from circulation when individuals use SWTH to pay for trading fees on the non-custodial trading platform. When a NEO-based trade is conducted, the SWTH are “burnt” immediately by becoming locked in the smart contract. However, when trades are made on the EOS or Ethereum blockchain, Switcheo collects and burns the accrued fees once a quarter by sending them to a null address.
In Q3 2019, 2,283,653 SWTH tokens were locked on NEO-based contracts, and an additional 1,258,971 SWTH tokens were locked from Ethereum and EOS-based fees. Q3 2019’s total token burn was nearly one million SWTH lower than the previous quarter. The percentage of eligible trades that used SWTH for fees also dropped from 66% to 48.27%.
Quarterly token burns in 2019 can be seen below:
- Q1 2019: 3,328,085 SWTH burned
- Q2 2019: 4,517,059 SWTH burned
- Q3 2019: 3,542,624 SWTH burned
In 2019 a total of 13,718,429 SWTH tokens have been burnt or removed from a circulating supply of 700 million SWTH.
Conclusion of HODL Premier
In April 2019, Switcheo announced its Switcheo Chest Campaign, which offered participants the ability to stake tokens in two phases: HODL Lite and HODL Premier. The HODL Lite event ran from April 2019 through July 2019.
The Switcheo HODL Premier campaign ended on October 5th, with users scheduled to be able to reclaim their staked tokens two weeks from its conclusion. The HODL Premier event was a 180-day token lockup began on April 8th with a total of 3,000,000 SWTH tokens allocated for participants.
The full Q3 Token Usage report can be found at the link below:
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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