On May 17, 2018, Switcheo resumed trading at 15:30 (UTC +8) amid a series of trading halts and exchange downtime for maintenance. In a weekly update Jack Yeu, Co-Founder of Switcheo, addressed the upcoming launch of Switcheo smart contract Version 2 (V2), unfavorable impacts on the scheduled the Travala token (AVA) airdrop snapshot date, and a SWH/SWTH token swap.
In preparation for the V2 launch, the Switcheo development team took the exchange down for a brief update. At which point, an issue with a protocol on SWH tokens arose.
It was discovered the original Switcheo token would be unviable for use with the V2 smart contract. In particular, the token’s ability to perform cross-chain swaps. To remedy the situation, the decentralized exchange (DEX) was upgraded to “Version 1.5” so that users could continue to make trades. On May 15, the exchange reopened and offered trading, along with SWH to SWTH token swaps.
Shortly after, a suspected distributed denial-of-service (DDoS) attack was made on public NEO nodes, which impacted the ability of the DEX to use integral components in its trading schema. Such components included the ability to receive wallet token balances and to broadcast orders. On May 16, Switcheo once again temporarily ceased trading and token swaps.
In preparation for the V2 launch, the Switcheo development team will ensure 3rd party auditors have ample time to review the source code, and will increase internal testing procedures to ensure the infrastructure is robust enough.
Additionally, Switcheo will not launch V2 until all of the SWH tokens locked in the Gate.io exchange have been completely swapped for SWTH tokens. In the meantime, they are coordinating with Gate.io so that tokens held on the exchange will automatically swap.
AVA airdrop extension and DEX listing
Since many SWH tokens are currently locked on Gate.io, the AVA airdrop has been postponed to allow users ample opportunity to transfer the requisite amount of SWTH tokens to their private wallets. The snapshot of SWTH tokens held in private wallets has therefore been moved beyond the original date of Friday, May 18 to whenever it is the tokens on Gate.io have been swapped.
As of the time of this writing 80% of SWH tokens have been converted to SWTH tokens.
The AVA token listing on Switcheo remains on schedule for 15:00 (UTC +8) on Tuesday, May 22.
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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