On April 3rd, Switcheo released a token usage report for Q1 2019. Switcheo is a non-custodial exchange that offers trading of NEO NEP-5 tokens, Ethereum ERC-20 tokens, and a variety of stable coins.
Switcheo reports a total of 3,034,270 SWTH tokens were used for fees during the Q1 reporting period, which was a 276% increase from the previous quarter. In sum, 68.9% of the total eligible trades were paid using SWTH.
Further, Switcheo announced a total of 5.65 million SWTH tokens have been locked in smart contracts or burnt to a null address.
The token usage report follows the recent March 31st one-year anniversary of Switcheo’s launch onto the NEO MainNet. In an interview with NEO News Today’s Colin Closser, Switcheo’s CEO Ivan Poon discussed market competition, fundamental decentralized exchange design, regulations, and the Q2 2019 push for atomic swaps.
Switcheo also announced two community rewards programs as part of its birthday campaign.
The first, an airdrop of 500,000 SWTH is to be distributed equally among “all existing Switcheo newsletter subscribers.” The latest newsletter will contain further instructions on how users can claim the tokens.
The second, is the “Switcheo Chest” that contains 4,000,000 SWTH tokens as a reward to community members who choose to lock up their tokens. Switcheo offers two “tiers” which will freeze users’ SWTH tokens for 3 months or up to 6 months. A minimum of 15,000 SWTH is required to participate in the Switcheo Chest events.
The following link contains the full Q1 2019 token usage report:
https://medium.com/switcheo/swth-token-usage-for-q1-2019-83d6fffb84ca
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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