April has been an incredible month for Switcheo!
We’re extremely thankful for the warm welcome into the Binance Smart Chain family and we’re looking forward to growing even further with the community. Below, we’ll go over some of our top achievements for the month of April.
Major Milestones
1. Over $11M in total liquidity in SWTH-BNB farm on PancakeSwap
SWTH liquidity and trading volume on Binance Smart Chain continues to grow! In just a month since the SWTH-BNB farm was introduced on PancakeSwap, total liquidity has exceeded $11M and only continues to grow. Thanks for all the love and support from the Binance community!
2. SWTH listed on DODO DEX
DODO DEX is a Top 20 decentralized exchange with over $160M trading volume in the last 24h, and over 70 trading pairs. Just one more place to trade the SWTH token, making it all the more liquid and accessible.
3. Successful v2 migration of SWTH-BNB LP on PancakeSwap, Autofarm, Beefy, and Swamp.finance
The SWTH-BNB LP on PancakeSwap was successfully migrated to PancakeSwap v2. If you are providing liquidity to this pool, you will need to manually migrate your tokens to continue earning CAKE rewards. This can be done directly from PancakeSwap.
You can now earn more SWTH-BNB LP tokens through the power of auto-compounding! Yield aggregators such as Autofarm, Beefy Finance, and Swamp.finance have implemented SWTH-BNB LP token vaults. If you have deposited SWTH-BNB liquidity tokens on any yield aggregator vault before the PancakeSwap v2 migration, please refer to that aggregator’s team for instructions on whether manual migration is necessary.
4. Saying goodbye to Switcheo Exchange, and shifting fully over to Demex
Switcheo Exchange was officially decommissioned on 30 April 2021. As a way of saying thank you to all our Switcheo Exchange OGs who have been around since the start, we held a Switcheo Trivia competition on Twitter to celebrate our beginnings.
Countless stories and memories from using Switcheo Exchange were shared, and the overwhelming support continues to be a driving force for the team to keep building better platforms and products. We are humbled and grateful for the community and support received over the past 3 years and the journey is far from over. There is much more in store for Switcheo TradeHub and Demex, and we hope you will continue on this wild ride with us!
5. More eyes on Switcheo and our promises for decentralization 👀
As the maxim goes: not your keys, not your coins. The importance of decentralization is becoming all the more apparent as regulators have begun to step into the fast-growing cryptocurrency industry. As seen in an article by KrAsia that features Switcheo co-founder Ivan Poon, he stated: “DEXs fulfil one of the main benefits of cryptocurrencies; to be able to control your own wealth without a trusted intermediary”.
Switcheo’s vision for full decentralization stands firm as we continue to advocate for and build platforms that bring open and accessible financial economies to all.
6. Successful proposal for Hummingbot.io integration
Congratulations to all voters! The proposal to integrate Humminbot.io with Switcheo Tradehub - initiated by Pacific Validators - was successfully passed on 15 April 2021. Hummingbot.io is a well-known, open-source trading automation application which enables users to automate cryptocurrency trading. Hummingbot.io is already integrated with several large cryptocurrency exchanges such as Binance, Coinbase, Kraken, and more. The integration of Hummingbot.io with Switcheo Tradehub promises to bring increased volume and trading!
7. New UI additions to Demex
We’ve heard many great suggestions and feedback from the community through our Demex Ideas Board which led to further UI improvements on Demex. Users can now toggle between their favourite altcoins and filter tokens on their Favourites list according to 24h volume, last price, and 24h price change! Check out the new UI feature here.
8. Governance proposal to list CEL/ETH market
On 30th April, the governance proposal to create the CEL/ETH market was submitted. The proposal was passed and marks CEl/ETH as the first trading pair added to Demex in a fully permissionless manner via Switcheo TradeHub’s governance feature.
9. Development work on Cosmos Stargate Upgrade
The Switcheo core devs have been working tirelessly on the Cosmos Stargate Upgrade that will support the Inter-blockchain communication (IBC) on Switcheo TradeHub. As with Switcheo TradeHub’s Binance Smart Chain (BSC) integration, this upcoming upgrade and integration will bring many great possibilities to Switcheo TradeHub by allowing inter-blockchain communication with the entire Cosmos ecosystem. Stay tuned to our social channels for more updates, or keep track of Switcheo’s progress on Wen Mainnet?, a community-driven Cosmos project that tracks the upgrade status of various Cosmos-based protocols.
10. Switcheo Staking rewards for April 2021
When you stake SWTH on Demex, you don’t just earn more SWTH. You earn a cut of all the trading pair assets! As trading volume for each asset pair on Demex grows, so will your rewards.
Here are the Staking rewards for the month of April distributed to SWTH stakers:
SWTH: 36,393,541.41 SWTH
Others*: 21,785 USD worth
*Includes USDC, BUSD, NEO, ETH, WBTC, CEL, and more
Moving Forward
The Switcheo Team has been moving fast and shows no signs of slowing down. This year promises to be a thrilling one as we look forward to exciting developments and updates such as the Cosmos Stargate upgrade, and further integrations with more blockchain ecosystems. Stay tuned!
