As the native exchange token of Switcheo, SWTH can be used in a plethora of ways, from unlocking trading fee discounts to staking and many more.
This article lists all the ways you can use SWTH.
Tiered Trading Fee Discount Program
As of 11th Feb 2020, 17:00 UTC+8, Switcheo will switch to accepting the respective blockchain’s native token as trading fees. To show our appreciation for our users’ continued support, Switcheo will introduce a new Tiered Trading Fee Discount Program that will be effective starting 11th Feb 2020, 17:00 UTC+8.
Currently, Switcheo offers 0% Maker fees and 0.2% as the Taker base transaction fee for all trading pairs.
Users can hold SWTH to receive tiered discounts for the Taker fee as seen in the table below.
- To be eligible for the trading fee discounts, you must deposit SWTH into your contract balance.
- At 00:00 UTC every day, Switcheo will evaluate your current SWTH balance. Your Tier level and corresponding Taker fees will then be updated one hour later at 01:00 UTC each day.
- Your Tier level and corresponding trading fees will be in effect for 24 hours before being automatically renewed daily.
- This trading fee discount program is independent of other existing programs. Tokens locked up in Switcheo Chest are also eligible for the trading fee discounts.
Effective from 12th Feb 2020, SWTH tokens will be backed by Neo Foundation through GAS tokens with a price floor at a rate to be determined at a later date. SWTH tokens can be redeemed for GAS tokens through the SWTH/GAS market that will be available on 11th Feb 2020.
SWTH Burn Program
SWTH will be bought back off the market and burned manually by the exchange operator each quarter, thereby reducing the circulating supply of SWTH tokens. The value of tokens burnt will be at least 50% of the value of net commissions collected throughout the quarter.
As of 1st Oct 2019, 986,281,571 SWTH tokens remain in total, following the 6th quarterly SWTH Burn (July-September 2019). Note that this program will be deprecated once the token moves to a staking model.
View the past quarterly token usage reports here.
Switcheo HODL Elite
The Switcheo Chest event allows participants that commit to holding at least 100,000 SWTH for 90 days to earn from a pool of 5,000,000 SWTH.
SWTH earned will be credited to the user’s wallet at the end of the event. Distribution of tokens will be conducted within 2 weeks from the end of the campaign.
Event period: 22 January, 12:00 UTC+8 to 21 April, 12:00 UTC+8
How to take part in Switcheo HODL Elite:
Step 1: Login and deposit SWTH into your contract balance
Step 2: Navigate to the Switcheo Chest page
Step 3: Key in the amount of SWTH tokens you wish to commit
- To be eligible for the Switcheo HODL Elite, you will have to commit a minimum amount of 100,000 SWTH in Switcheo Chest.
- Committed SWTH cannot be unlocked or used until the stipulated event end time. Tokens that are locked are still eligible for Switcheo’s airdrop campaigns.
- Users may commit tokens after the event has started, but the rewards earned will be prorated by the lock-up start date.
- Only users who have fulfilled all the criteria throughout the event period will be eligible for the rewards.
- Switcheo reserves the right to amend event rules or cancel the event at our sole discretion.
- If any other form of staking of SWTH begins before the stipulated end date of Switcheo HODL Elite, the chest will be unlocked early so that users can stake tokens via the new staking model. Rewards will be prorated as if the remaining duration is complete and tokens will be distributed in full.