Switcheo has received near unanimous approval from token holders to move forward with a major node software upgrade. On December 8th, Switcheo proposed to update TradeHub to v1.9, which will allow users to deposit and withdraw ETH and NEO, contribute to liquidity pools, trade, and more.
At the time of press, approximately 581.4 million SWTH have been used to vote Yes on the network upgrade, and roughly 41,000 SWTH to vote No. The TradeHub Improvement Proposal has reached the necessary threshold to move forward.
On the node software upgrade, Switcheo noted:
Spot trading on Switcheo TradeHub will commence soon after the software upgrade and we can already feel the excitement bubbling. The Switcheo team has been actively testing and working on improving the platform in order to create a more seamless trading experience for all our users.
The upgrade will enable trading on the TradeHub standalone order matching engine. The first three markets will be SWTH/ETH, SWTH/USDC, and ETH/WBTC.
To incentivize liquidity, Switcheo enabled a reward curve that offers higher rewards to liquidity providers for the first 12 weeks of trading. The first three markets will yield different reward rates. Further, liquidity providers can receive additional rewards for committing LP tokens for more extended periods.
Switcheo notes its community can propose and vote on more markets for the platform following the upgrade’s launch.
Node validators will have until block height 5,115,000 to complete the pre-upgrade steps. Switcheo anticipates reaching this block height around 4:00 am (UTC) on December 16th, 2020.
The full announcement 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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