On February 12 , 2018, the whitelisting process for the Switcheo Network launched in preparation of the public crowdsale set to take place March 16, 2018. Switcheo Network aims to build a decentralized exchange (DEX), that will allow secure trading of NEP-5 tokens as soon as their token sales end. The whitelist will close when 5,000 participants successfully register, or on February 21, 2018; whichever arrives first.
Switcheo is among the first batch of projects that emerged from the first City of Zion (CoZ) dApp competition held in September of 2017. Other projects from the first CoZ dApp competition include imusify, NeoAuth, and NEO Smart IoT.
SWH will be Switcheo’s native token used for cross-chain trades on the DEX. Fees from the exchange will be disbursed to SWH holders once staking begins. In addition to NEO and GAS, Switcheo will use SWH as a quote currency to increase token liquidity. Using SWH will provide a 50% discount on trading fees, as opposed to using other tokens.
The decentralized exchange seeks to operate with other blockchains, such as Qtum and Ethereum. Qtum DEX development has recently begun, and the Switcheo roadmap seeks to launch ERC-20 token trading in Q3 of 2018.
Switcheo is also conducting an airdrop to assist in community development. There are two ways participants are able to contribute. First, through a whitelist referral, where each successful referral for the Switcheo Network public token sale will be rewarded with 200 SWH airdropped tokens. Second, participants may receive airdropped tokens for creating blog posts and articles about Switcheo.
To receive airdropped SWH tokens for whitelist referrals, the participant must meet the following criteria:
- Register and confirm email on the Switcheo whitelist.
- Participant referral link must be used when another person registers for the whitelist; this referral link will be emailed to the participant upon confirming their own email for the whitelist.
- Both parties must be able to pass required Anti-Money Laundering (AML) and Know Your Customer (KYC) standards.
- Both parties must join the Switcheo Telegram chat.
- Upon completion, both parties will receive 200 SWH tokens.
For the whitelist referral program, a maximum of 25 invites per person will be rewarded. Those who use multiple accounts, or are found to be gaming the referral program, will be disqualified from the airdrop campaign.
Eligible channels for the blog posts and articles airdrop incentive program include Medium, Steemit, and Reddit. 1,000 SWH will be rewarded per eligible post on a first-come, first-serve basis. A maximum of 300,000 SWH will be distributed. To receive airdropped SWH tokens for blog posts and articles, the participant must meet the following criteria:
- The participant must have 50 followers, or 100 claps for a Medium post.
- A Medium post must be tagged under “cryptocurrency,” “blockchain,” and “ICO.”
- A Reddit or Steemit post must have at least 20 upvotes.
- Reddit posts must be submitted in a relevant sub-Reddit; for example, /r/NEO and /r/CryptoCurrency.
- Each post must have a minimum of 300 words.
- A maximum of 3 submissions per user will be rewarded.
The SWH tokens from the airdrop will be delivered no later than 5 days after the public token sale, tentatively scheduled to take place on March 16, 2018.
Switcheo Token Sale
The SWH token will be launched as a NEP-5 token, and the token sale is scheduled to take place March 16, 2018. The hardcap for the public sale is set at $1.2 million USD. Switcheo aims to allocate the token in the following manner:
- 60% to strategic investors;
- 25% to the Switcheo team;
- 10% for the public sale; and,
- 5% for partnerships and marketing.