Switcheo have released a token upgrade in preparation for the migration to Version 2.0 (V2) of the Switcheo Exchange smart contract. The token upgrade will improve the DEX’s cross-chain capabilities, avoid potential future complications, and assist in a smoother transition to V2.
The V2 smart contract upgrade will include features such as instant trading and withdrawals, the ability to make deposits into the smart contract, a detailed transaction interface, and a public API bot, among other new features.
Switcheo will be swapping SWH tokens for the upgraded SWTH tokens at a 1:1 ratio, which means the circulating supply will be identical. Once V2 is live, users will only be able to receive a trading fee discount with SWTH tokens, and SWH tokens will no longer have value.
Instructions for conducting the token swap can be found at https://switcheo.exchange/, under the “Token Swap” page. Users can either swap tokens directly on their wallet, or send SWH to a Switcheo “token swap address” to convert to SWTH.
As of the time of this writing, only two exchanges trade SWH tokens: Switcheo and gate.io. The Switcheo team is communicating with gate.io to ensure an efficient token swap, and advises users avoid trading SWH through the exchange until the swap is complete.
Switcheo have halted trades on its exchange until 18:00 (UTC +8) on Tuesday, May 15, 2018. Until then, users will have the ability to cancel orders and withdraw SWH tokens to conduct the swap.
For more information about Switcheo visit one of the links 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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