Since Switcheo’s early beginnings, we have believed in open and accessible financial markets for everyone. However, building our own protocol has meant that the Switcheo token (SWTH) supply has largely moved to the Switcheo TradeHub chain. Today, we want to rejoin the broader ecosystem. Enter the ERC-20 SWTH token!
We are pleased to share that the Switcheo token is immediately available as a standard ERC-20 token, creating new opportunities within the Ethereum ecosystem for SWTH and the Switcheo TradeHub protocol! Right away, users will be able to withdraw SWTH from Switcheo TradeHub to Ethereum, or acquire them directly on SushiSwap via their Web3 wallets.
1/ 🎓 SWTH Token Fundamentals
— Switcheo (@SwitcheoNetwork) May 28, 2021
SWTH is the native token of Switcheo TradeHub, a layer 2 cross-chain trading protocol.
In this thread, we break down the tokenomics of SWTH, and how its utility is maximized to capture value and drive sustainable growth of the protocol!
Greater trading accessibility and discoverability
With the ERC-20 version of SWTH, the Switcheo token can move among the various DeFi protocols on Ethereum, and be used as an even more productive token. Effective immediately, users can buy SWTH on Ethereum via SushiSwap, or provide liquidity to the SushiSwap SWTH/ETH liquidity pool to earn liquidity provider fees.
For Ethereum natives, this simplifies the process of acquiring SWTH by being able to trade the token immediately with any Ethereum-based token. Having SWTH on these platforms also introduces SWTH to the larger Ethereum audience, leading to better price discovery.
Expanded token utility
Ethereum has been a springboard for the majority of the DeFi ecosystem. The launch of ERC-20 SWTH will significantly broaden the scope of its utility through newfound composability with Ethereum-based DeFi platforms.
Moving forward, the Switcheo team will be working closely on getting SWTH integrated more deeply within the Ethereum ecosystem and seeking greater utility for the token. Some examples include being a lendable token or collaterizable asset, being able to attract rewards or "yield" on the various Ethereum DeFi platforms, and much, much more. This new chain compatibility also allows us to bridge SWTH to other L2 networks such as Polygon, and become a productive asset there.
How to acquire ERC-20 SWTH
The SWTH/ETH liquidity pool is now available on SushiSwap where users can acquire SWTH! Simply input the ERC-20 SWTH token address which can be found here, and select the SWTH token to start trading!
Users holding SWTH in their Demex wallets can also get ERC-20 SWTH through a direct withdrawal from Switcheo TradeHub onto the Ethereum chain. To do so, choose the ERC-20 withdrawal method and input the Ethereum address you wish to receive ERC-20 SWTH. Do ensure the correct network network is selected as choosing the wrong network may result in tokens being lost.
To convert other versions of SWTH (e.g. NEP-5) to ERC-20 SWTH, tokens must first be deposited onto Switcheo TradeHub and then withdrawn to an Ethereum address via the same withdrawal method mentioned above.
The token of the future
The Switcheo token lies at the heart of the Switcheo TradeHub protocol, and the launch of the Ethereum token standard brings us one step closer to our vision of operating within a truly open financial market without blockchain barriers. There is no better time to show the world the true prowess of SWTH than now!
More information about SWTH - the token that drives the Switcheo TradeHub protocol - can be found here:
