The Switcheo community has passed a governance proposal to resolve late SWH to SWTH token swap claims. The final call for swaps is open for two weeks, concluding at 2:10:07 p.m. (UTC) on April 8, 2021. Afterward, SWH can never be swapped for SWTH again.
SWH token holders must ensure their corresponding wallet is included on a list of addresses to be approved for the final opportunity to swap for SWTH tokens. Any SWH token holder who is not on the list must register their information. On the final boarding call, Switcheo noted:
Extensive efforts were made to inform people of the swap. There were Telegram posts, Twitter posts, and where available, emails to remind people of the swap. If anyone does not make it on [the final token swap] list, they will have to accept that as the consequences for not staying engaged with the project… This will be one of many decisions that we will make together. With this proposal, we will transit from a passive community to an active governing body.
Switcheo began conducting the SWH to SWTH token swap in May 2018. The token upgrade improved the non-custodial exchange’s cross-chain capabilities and helped facilitate a smoother transition to the second version of the Switcheo smart contract.
The official SWH to SWTH token swap concluded on Sep. 27, 2019. At the time, Switcheo noted that users who did not conduct the token swap by that date could no longer claim SWTH tokens under any circumstances.
The vast majority of SWH token holders performed the swap within the allotted time frame. However, roughly 3.6 million SWH tokens still reside across approximately 100 wallets.
The final boarding call governance proposal was put to the vote on March 23, 2021, and passed with a majority Yes vote on March 25. The votes were recorded accordingly:
- Yes: 86.44%
- No: 10.72%
- No with veto: 2.84%
The SWTH tokens will be distributed to SWH holders from the Switcheo Development Fund. A follow-up proposal will identify the exact number of SWTH that will come from the SDF to airdrop to SWH holders who missed the first swap period.
The airdrop will take place in six equal batches over six months.
The full discussion can be found at the link below:
https://forum.switcheo.foundation/topic/66/discussion-for-proposal-to-resolve-late-swh-to-swth-swap-claims
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).
More posts by Dylan Grabowski