Switcheo, a non-custodial exchange that offers support for Neo, Ethereum, and EOS blockchains, has announced the upcoming launch of the Switcheo “HODL Elite” campaign. During the 90-day HODL Elite campaign, users can stake SWTH and earn rewards from a pool of 5 million SWTH tokens.
The staking campaign is being held to celebrate the recent partnership with Neo, where Switcheo received an equity investment from Neo Eco Fund. Under the terms of the partnership, SWTH will no longer be automatically used for trading fees, with GAS instead to be accepted as payment. Additionally, Neo will support the SWTH token by offering a “price floor” in an SWTH/GAS market on Switcheo.
Switcheo HODL Elite
The 90-day event will run from noon (UTC +8), Wednesday, January 22nd through 12:00 pm, April 21st, 2020.
Eligibility for the Switcheo HODL Elite campaign requires users to stake a minimum of 100,000 SWTH tokens to claim a share from a reward pool of 5,000,000 SWTH tokens. Once SWTH has been committed, it can not be used or unlocked from the smart contract until the conclusion of the event.
While participants can opt-in at any point during the 90-day campaign, the longer SWTH is staked, the larger the payout the participant will receive. However, late entrants to the Switcheo HODL Elite campaign can still receive prorated rewards. To estimate one’s earnings from participation, Switcheo has offered the following equation:
(Committed amount by user * No. of days locked) / Σ (Committed amount for each user * No. of days locked for each user) * Total pool amount
Switcheo has also noted should any other form of staking of SWTH begin before the conclusion of the HODL Elite event, the smart contract will be unlocked, and participants can stake their SWTH through the new staking model.
Switcheo states that it “reserves the right to amend event rules or cancel the event at [their] sole discretion.”
The full announcement can be found at the link below: