There’s never a dull month at Switcheo Labs! Read on to find out what’s brewing in the Carbon and Zilliqa ecosystems:

1. Carbon

1.1. Money Market and Native Stablecoin

Decentralized finance requires decentralized stablecoins. In recognizing this, Carbon has announced its money market and native stablecoin for the Cosmos ecosystem.

Carbon’s money market is a lending and borrowing protocol where users can deposit and borrow assets on-chain, in a decentralized and non-custodial way. For more information on what Carbon’s money market entails, check out this article here.

1.2. Carbon is now integrated with Evmos and Axelar Network!

In other exciting news, Carbon is now integrated with Evmos and Axelar Network. As Carbon continues to advance interoperability within the Cosmos ecosystem, these integrations provides the IBC gang with another gateway to $EVMOS and Axelar’s newly launched $AXL token.

A reminder for all $SWTH holders: By staking $SWTH, you can earn rewards not only in $SWTH, but in a myriad of ALL tokens being traded, including $EVMOS and $AXL.

With Carbon’s upcoming money market, you will be able to deposit your idle $EVMOS and $AXL on the network and earn rewards in return. As a start, Carbon will be directing a whopping 10% of generated fees to $SWTH stakers.

Looking to get your hands on some $SWTH? Click here. Stake $SWTH and start earning rewards here.

1.3. Governance Proposals: V2.9.0 Software Upgrade, Refreshing LP Rewards and others

Software Upgrades

Check out this article for more information on the V2.9.0 upgrade (consisting of perpetuals, flexible network fees and support for referral module).

Liquidity Rewards

Carbon has an in-built reward module in its code, enabling liquidity providers to benefit from providing liquidity to LPs, earning a percentage of block rewards in addition to taker fees from trades made for that market.  

With the passing of [CIP-15], LP rewards were set to a static 40% of block rewards for 12 weeks, until 25th November, 2022.

Contribute liquidity to the AXL/SWTH on Demex and enjoy over 227% APR (*at time of writing) here.

Click here for the guide on how to contribute liquidity to $SWTH pools. For more information on liquidity rewards, click here.

1.4. Welcoming new validators onboard the Carbon Ecosystem

This month, we have two new validators joining Carbon — DATALAC and SmartNodes Validator.

$SWTH stakers, consider delegating your tokens to Carbon’s new validators at to promote greater decentralization.

1.5. Carbon Twitter Spaces

Inaugurating Carbon Twitter Spaces with Edward, Head of Growth at Switcheo Labs. In our first spaces, we share about our experience building on the Cosmos-SDK.

If you missed out on the latest spaces, listen in on the recording here.

We will be kicking off our next spaces this Friday, 7 October 2022, 11AM UTC+8. Come prepared with questions as we discuss everything Carbon-related!

1.6. Interview with Cosmos DeFi on Youtube

The interview with Joe from Cosmos DeFi featuring Edward, Head of Growth at Switcheo Labs, is now available for streaming.

If you’re new to the ecosystem and curious to find out how Carbon stands out from our fellow peers in DeFi, watch here:

1.7. Swap $SWTH on Ethereum on Uniswap V3

The Switcheo Labs team has moved (and increased) $SWTH liquidity on Ethereum from SushiSwap to Uniswap V3 for better liquidity concentration.

With increased $SWTH liquidity on Uniswap V3, acquiring $SWTH on Ethereum has never been easier.

Happy swapping!

1.8. Coinbase Custody

$SWTH holders, you can now deposit and withdraw $SWTH on Coinbase Custody.


2.1. Support for $EVMOS and $AXL

Demex now supports $EVMOS and $AXL.

With support for $EVMOS and $AXL, users will be able to create markets for and trade these assets permissionlessly.

Start trading $AXL/$SWTH here, and $EVMOS/$SWTH here. Add liquidity to the liquidity pools on Demex and earn up to 227.5% APR* (*at time of writing) here.

Liquidity Pools APR on Demex

2.2. Support for Perpetuals

Traders can now trade $BTC and $ETH perpetuals at up to 50x leverage on Demex. If you’re new to the world of perpetuals, or wondering why you should trade perpetuals on Demex vs other platforms, check out this article.  

For a step-by-step guide on how to trade futures, click here. To view the $BTC and $ETH perpetual contract specifications, click here.

2.3. Support for Flexible Network Fees

Demex now supports the use of native L1 tokens to pay network fees, starting off with $ETH, $USDC, $BUSD and $BNB.

This feature will effectively reduce network fees if you already hold these assets, and make onboarding a more seamless experience for newcomers.

To learn more on how to customize your network fees selection, refer to Demex’s guide here.

2.4. Ended: Taker vs. Maker #2 Competition

The Taker vs. Maker: Futures Trading Competition #2 came to an end on 30 September 2022.

Congratulations to all the winners! We will provide an update shortly on the status of the prize winnings.

To view the list of winners, head on here and click on ‘View Past Results’.

Update: Prizes have been been distributed to all winners. See below for official announcement.

2.5. Perpetuals Trading Competition #1

Demex will be launching two perpetuals trading competitions soon from 10 October, 8AM UTC to 31 October, 8AM UTC.

2.5.1. Top Gainers Competition

  • What: Trade BTC or ETH perpetuals to compete for the highest profit % ranking.
  • Eligibility Criteria: Deposit a minimum of 500 USDC to your account balance, or ensure you have an available balance of 500 USDC before 10th October 08:00 AM UTC.

For more information about competition guidelines, rules and prizes, click here.

2.5.2. Top Traders Competition

  • What: Trade BTC or ETH perpetuals to compete for the highest trading volume ranking.
  • Eligibility Criteria: There is no minimum deposit required. Simply connect your wallet to Demex and you're all set.

For more information about competition guidelines, rules and prizes, click here.

Note: Only accounts that have satisfied these conditions at the start time of the competition will be eligible for participation.


3.1. Phase II Unlocked: Metazoa Professions

Phase II of Mission II has been unlocked; The time has come for Commanders to choose their Metazoa’s Professions: Marauders, Astrominers or Psionics.

For more information on Professions, click here.

3.2. Game Mechanic Update

Leveling bonuses have been granted further boosts.  

For more information on ‘Individual HUNY Power Bonus (x2)’, click here. For more information on ‘Guild Strength Bonus (x5)’, click here.  

3.3. New: Explore Page

Zolarians can now check out their fellow Comrades’ Metazoa stats on the newly released Explore page.

3.4. Zolar x DeMons Giveaway

In line with the launch of Phase II, the team hosted a giveaway with DeMons. By successfully solving the DeMons riddle, one winner will stand to walk away with 666 $DMZ. Likewise, by successfully solving the Zolar riddle, another winner will be awarded with 5000 $HUNY.

The giveaway ended on 15 September, with @AmalJose2000 winning 5000 $HUNY and @HadleyRob winning 666 $DMZ. Congratulations!

3.5. Zolar x Soulless Giveaway

For their second and upcoming Mint: The Ch.2 - Rise of the Women Warrior, Soulless Citadel has granted Zolar Commanders twenty-five Whitelist spots.

The competition ended on 26 September.

On Zolar's end, to celebrate Soulless’ new mint, users who mint a Women Warrior between 4500 - 4600 will stand a chance to win a Metazoa worth 7,000 $ZIL.

Happy minting!

3.6. Sponsoring the ForbiddenVerse x RedChilliesLabs ‘Civil War’ Event

We’re glad to share that we are sponsors for the ForbiddenVerse x RedChilliesLabs ‘Civil War’ event.

Fifteen of our Commanders who own Metazoa will be eligible to participate in the Ludo tournament. Simply sign up and stand to win from a prize pool of 24,000 $ZIL.

3.7. Community Naming of ZOrdances

As the team prepares for the launch of Phase III, we engaged the community’s help in the naming of one ZOrdnances. Entries for name suggestions ended on 24 September, and the top 3 preferred names entered a poll for final selections.

The name with the most votes was entitled to 50 Geodes. Each Geode can either be sold for $HUNY at the ZOMG Store, or reveal a Galaxy Gem to boost Metazoa stats.

The poll ended on 28 September, with ‘Eyes of Elysium’ emerging victorious at 67.3% of total votes. Congratulations, ​​@HunyHoe!

4. Switcheo Research

It's been an event-packed month, from Cosmoverse and Token2049 to Carbon announcing its own money market and native stablecoin. Check out what the team at Switcheo Research has been up to —

News and Research


5. What's next?

The hard work and hours put in by the team to keep building, bear or bull, has been truly inspiring; Exciting things await as we enter the last quarter of the year!

Keep a lookout for these features in Q4:

  • Carbon — Money Market and Native Stablecoin
  • Demex — Referral System and Money Market UI
  • Zolar — Phase III of Mission II

Till our next catch up!