The Switcheo Labs team has been relentlessly building throughout the month of May. This month was also an eventful one for governance. Here’s what went down:
- TradeHub Improvement Proposals (TIP)
May was an exciting month for Switcheo governance which saw numerous community-led initiatives being proposed and implemented on the Switcheo TradeHub ecosystem.
3 new markets listed via governance
The Switcheo community has voted in favour of creating 4 new trading pairs on Demex. Our community is stronger and more active than ever. As more trading pairs and cross-chain assets are proposed and listed, Demex moves closer to becoming a one-stop shop for all decentralized cross-chain trading.
4 New tokens added to TradeHub via governance
Support for these 4 tokens have been voted in. This opens the opportunity for the community to create trading pairs with these new tokens. The team has also been optimising the process for creating proposals to add new token and trading pairs. As our community grows stronger, our vision of creating a truly decentralized trading protocol moves closer to fruition. Expect to see support for more tokens and trading pairs in the near future.
Adjustment of pool weights
A governance proposal made by community member Devel484 was successfully passed. The proposal adjusted reward allocations for our liquidity pools, assigning higher reward rates to pools with higher trading volumes. The rewards for the many liquidity pools have been increased significantly. Here are some of the most notable increases:
BNB/ETH: 62% → 125% APR
BUSD/BNB: 60% → 120% APR
CEL/ETH: 43% → 87% APR
BTCB/BUSD: 41% → 83% APR
nNEO/USDC: 26% → 52%
ETH/SWTH: 24% → 46% APR
BUSD/nNEO: 23% → 47% APR
USDC/CEL: 23% → 47% APR
BUSD/SWTH: 23% → 46% APR
USDC/WBTC: 22% → 44% APR
USDC/SWTH: 14% → 28% APR
WBTC/ETH: 16% → 33% APR
The full list of staking pools and APRs can be found at https://app.dem.exchange/pools.
TradeHub Proposal Bot
Initiated by Switcheo community manager, Intsol and long-standing community member and developer, Coco, the TradeHub Proposal Bot was implemented to provide the Switcheo community instant notifications whenever a new governance proposal is made. This initiative ensures that all stakers are kept in the loop with the latest governance proposals, encouraging them to exercise their voting rights and participate in the overall governance of the Switcheo TradeHub protocol.
The bot is already up and running, and sends alerts to the community in channels such as the Switcheo Discord server (#proposal-discussions / #general-chat / #announcements) and Telegram groups (@switcheo / @switcheoann / @switcheofun).
The repo for the bot can be found at: https://github.com/Mai-Te-Pora/TradehubProposalBot
Improving Switcheo TradeHub Security & Decentralization
Validators are key in keeping the Switcheo TradeHub protocol secure and while delegators (SWTH stakers) have the freedom to choose any validator to stake with, it is important to ensure that voting power remains decentralized, as concentration of voting power to a small handful of validators may threaten protocol security.
To resolve this, an initiative has been raised by community developer - Coco, to disincentivize delegators who delegate their stake above a certain voting power threshold by increasing their commissions, thereby pushing for greater distribution of voting power among validators. More details on the proposal can be found here.
Elixir Client for Switcheo TradeHub
Initiated by community developer, Anh, this proposal aims to increase visibility and accessibility of Switcheo TradeHub among the Elixir/Erlang developer community by providing tools that allow for interaction with the Switcheo TradeHub sidechain. Full details on the proposal can be found here.
All governance proposals that have been made can be viewed here. Stakers and community members are encouraged to read through the proposals and participate in the conversation on the Switcheo Discord and Forum.
2. New Demex website
The new and improved Demex website has been launched! Our goal is for Demex to be the most secure and user-friendly DEX on the market. With a sleeker webpage, we hope to evoke a better and more professional first impression. Our ambitions for Demex are great, and the new website is designed to relay the same excitement that our team has for what the future holds.
You can now easily view the prices, 24h change, and 24h volume of the top traded tokens.
The new website also clearly lists the features of Demex. New users are able to access all the information they need to begin trading safely and securely on Demex.
With the launch of the new website, we also held an easter egg hunt. Congratulations to all our winners who took home a 1000 SWTH prize pool. Follow and stay tuned to our Twitter pages @SwitcheoNetwork and @demexchange. We’ve got many more giveaways coming up!
3. Updated Staking Page
Our SWTH staking page has also been updated. You can now easily view the cumulative staking power of each of our validators. Stakers are encouraged to delegate SWTH to validators with lesser staking power. This improves decentralization and helps to ensure the network remains secure from bad actors.
4. SWTH ERC-20 Token coming soon
At the suggestion from our community, the team has been working on the release of $SWTH in the form of an ERC-20 token on the Ethereum mainnet. $SWTH is on its way to becoming a true multi-chain asset. With the release of the ERC-20 version, $SWTH will be accessible and tradeable on four different chains: Switcheo TradeHub, Neo, Binance Smart Chain, and Ethereum.
Community is everything to us! Got an idea you would like to see implemented on Demex? Make a suggestion at https://ideas.dem.exchange/.
5. Feature on Vulcan Post
Switcheo has been featured alongside Zilliqa, Kyber Network, and Coinhako in an article on Vulcan Post written by our co-founder, Jack. The article features Singapore-founded crypto companies which have survived and thrived through the ups and downs of the crypto industry. We look forward to building and growing alongside these companies in the years to come.
6. Prepping for Stargate: V1.17.0 Software Upgrade Proposal
In preparation for Stargate, the team created the V1.17.0 Software Upgrade Proposal. Alongside a list of functional improvements, this upgrade allows for Zilliqa chain integration, lays the foundation for the Stargate migration, and allows for governance proposed tokens. More details about the proposal can be found here.
Big things are coming. It has never been a better time to be part of the Switcheo Community!
7. Cosmos Stargate upgrade
The coming months will be huge for Switcheo and our fellow Cosmos-based projects. With the launch of Stargate, a new era of blockchain interoperability will begin. Our team aims to take a central role in the Cambrian explosion of innovation that is gearing up to occur in the Cosmos ecosystem. If all goes well, the Stargate upgrade will be completed soon. We are nearing the end of Phase 1 of our Stargate migration below:
Phase 1: Upgrade
- Code migration
- Ensuring security of systems
- Upgrading ecosystem tools
Phase 2: Testing and Deployment
- Testing integrated environment
- Finalising upgrade deployment
Stargate updates for Switcheo and other Cosmos-based projects can also be found here.
8. Demex listed on CoinMarketCap
Demex has been listed on CoinMarketCap under the list of Top Cryptocurrency Decentralized Exchanges. Awareness of Demex is growing fast 👀👀. You can now view the total trading volume and active markets on Demex directly from the CoinMarketCap site.
Check out the page dedicated to Demex here.
9. Seraph Staking App V2
Switcheo TradeHub validator, Seraph Staking, released its new version of the Seraph Staking mobile app on both Google Play Store and App store. The open-source app had previously been awarded a Switcheo Development Fund (SDF) grant to update its underlying mobile technology to React Native which supports an iOS version of the app and the addition of new features that would further benefit users.
With the app, users are able to track data pertaining to Switcheo TradeHub including SWTH price, market capitalization, block times, staking APR and number of bonded tokens through the handy dashboard. It also allows users to track their wallet balances, delegated stake and associated token rewards as well as their fiat values.
10. Monthly staking rewards for May 2021
Total staking rewards distributed to SWTH stakers: ~28,800,800 SWTH
~829,789 USD worth of rewards distributed in May 2021
Full details on rewards can be found at https://swth.info/rewards