Switcheo Weekly Round-Up #5

Updates on Switcheo Exchange v2.0 Launch, AVA Listing & Airdrop, Fractional NEO on v1 Smart Contract and Token Swap

Hello Everyone,

We are releasing this week’s updates a day earlier as we know there are some outstanding questions from our community. It is also important to us that traders using our platform are aware of upcoming changes and listings on Switcheo.

Switcheo Exchange v2.0 Launch

While the Swicheo team originally intended to spend this week testing and finalizing the V2 contract, it turned out to be a rougher week than expected.

We first found an issue with our original token contract that made it unviable to be used with our V2 exchange contract or as a token for cross-chain swaps, and therefore decided to move forward our token swap. We will release more details on the specific changes and improvements in a future post.

In order to give more time for users to do their token swap, we also decided to launch an intermediate contract (which we named V1.5) so that users could resume trading in the meantime. This contract is essentially the same as the V1 contract, with a few minor improvements and tweaks which we found to be a useful addition during the past month of operation.

Shortly after re-opening for trading, there was a suspected DOS on public NEO infrastructure and also general instability of public NEO nodes, making trading on a DEX unviable as certain components of the DEX relies on these nodes directly (such as getting wallet token balances and broadcasting of orders).

As mentioned in our previous post , this did not have anything to do with our new infrastructure and was unfortunate timing. We are still in the process of improving this.

The Switcheo engineering team has concluded that more time should be spent ensuring that our infrastructure is robust enough for the V2 launch. We also require more time for 3rd party security audits to complete, and will use the opportunity to perform more internal testing. Finally we would also like to wait for tokens locked in other exchanges to be swapped (more details on this are in the next sections).

We are therefore delaying the previously announced estimated launch date to ensure the smoothest possible V2 release of Switcheo Exchange. We understand that our community members have been looking forward to this, and we sincerely apologize for the delay. We appreciate your patience and understanding.

Travala.com Airdrop Campaign Extended

With withdrawals of SWH tokens on gate.io temporarily frozen, we are aware that many of our community members are unable to extract their SWH tokens and are worried about fulfilling the airdrop’s requirement.

We would like to assure our communities that the Switcheo Team are currently in the midst of facilitating gate.io through the token swap process such that community members with SWH tokens held on gate.io exchange will have their tokens swapped to the new SWTH tokens automatically. No action is required from you if you have SWH tokens on gate.io.

As it is our priority to ensure fairness in the airdrop campaign for all of our supporters, we are delaying the Switcheo Token snapshot date until the tokens on the exchange are swapped, and withdrawals are open. Rest assured that we are in close contact with gate.io and are trying to expedite this process.

Please note that there are no planned changes with regards to Travala.com (AVA) listing on Switcheo Exchange at the moment. AVA tokens will be listed on Tuesday, 22nd May 3PM (SGT) for trading!

Fractional NEO on V1 Contract

Switcheo will resume trading the NEO/GAS pair on the V1 exchange contract next week, to allow users to extract fractional NEO value out of the contract. The team will be supplying additional GAS at market rate (based on 3rd party exchanges), so users do not have to worry about liquidity.

More instructions will be published next week.

Token Swap

Finally, we are happy to share that more than 80% of new Switcheo tokens have been swapped for the upgraded SWTH tokens as of today, 17th May!

We strongly encourage all who have not done so to proceed on with the swap in order to resume trading enjoy the fee discounts on Switcheo Exchange.

Please find token swap instructions on the token swap procedures here.

For more information on Switcheo, visit the following links:

Medium: https://switcheo.network

Twitter : @switcheonetwork

Reddit: /r/switcheo

Telegram: https://t.me/switcheo

News & Updates: https://t.me/switcheoANN