Neo Invests in Switcheo, Supports Improving Switcheo Exchange & Switcheo Token (SWTH)

Switcheo -

We are thrilled to announce an equity investment by Neo Eco Fund, underscoring Neo’s strong community commitment through its EcoBoost initiative. Designed to encourage the growth of the Neo ecosystem, the EcoBoost program aims to support community developers and project participants by providing full lifecycle support. A press release was written specifically for our partnership with Neo and can be viewed here.

With this strategic partnership, Neo will be committed to supporting the Switcheo Token (SWTH) by financing the redemption of SWTH for GAS at a price floor at a rate to be determined at a later date, with effect from 12th Feb 2020. (Update: This has been postponed to 6th Mar 2020). Under this agreement with Neo, SWTH can be redeemed for GAS tokens through the SWTH/GAS market that will be available on 11th Feb 2020.

We will also be supporting the Neo ecosystem further by allowing trading fees on the Neo blockchain to be paid using GAS tokens with effect from 11th Feb 2020, 17:00 UTC+8. Since we will now accept the blockchain’s native token as trading fees, we will deprecate the use of SWTH as trading fees.

To show our appreciation for the continuous support of the SWTH token from our users, we are introducing a new Tiered Trading Fee Discount Program. As of 11th Feb 2020, 17:00 UTC+8, SWTH holders can receive tiered discounts for the Taker fee as seen in the table below.

For example, if you hold a minimum of 600,000 SWTH in your contract balance, you will be entitled to 0% Maker Fee and 0.180% Taker Fee.

The full program rules can be viewed here.

With this change, we will continue to burn SWTH off the market manually from at least 50% of the fees collected every quarter. This new mechanism will also provide traders with greater transparency as specialized trackers will no longer be needed to monitor burnt SWTH tokens.

Kindly note that the exchange will be under maintenance on 11th Feb 2020 between 13:00 and 17:00 UTC+8 to implement the new fee structure and aforementioned changes.

If you'd like to hold SWTH to unlock fee discounts or earn rewards in the near future, you can buy SWTH here.

For more information on Switcheo: