15 May 2018

Switcheo To Swap SWH Token For SWTH Tokens

SWH Token Causes Delay In Site Maintenance And Upgrade

For observers of the Switcheo website and all that has been happening concerning their site maintenance and upgrade. They might be slightly disappointed to learn that the upgrade and maintenance drive will likely take a bit longer than initial thought. The reason for the delay as stated by the Switcheo team is an issue with their current SWH Token.

This problem was encountered by the Switcheo Team whilst updating their site to the new version 2.0 smart contract. Unfortunately details of this issue has been kept in-house, but what was made crystal clear by the team is that the issue could potentially lead to major concerns in the foreseable future.


A Token Swap Is The Way Forward

The Switcheo Team stated that it will engage in a swap of its existing SWH token by upgrading it to a token that will help to boost the overall capabilities of the Switcheo Exchange cross-chain. This had always been an objective of the team, only that they have been forced to implement it a little earlier than anticipated. By swapping the SWH token the observed issues will be resolved and any future mishaps will be avoided allowing Switcheo Exchange v2.0 to offer the very best in both security and an uninterrupted smart contract transaction system.  

To this end, Switcheo Exchange will start a (1:1 SWH token) swap to SWTH tokens before the Switcheo Exchange v2.0 smart contract commences operation. What this means is that SWH holders can switch to SWTH tokens without experiencing any loss in token value. SWTH is the new ticker and the symbol will soon be reflected on third party tools and apps as Switcheo has begun a drive to effectively communicate this new change in their token to the blockchain community. Switcheo also believes that this swap will lead to a dependable system that will enable them engage in future atomic swaps.

At this point in time SWTH tokens are only listed on gate.io and the Switcheo Exchange. However, the Switcheo Team is working tirelessly with gate.io to ensure that the token swap would be effected on SWH tokens listed on their own exchange. Users are therefore advised against trading SWH tokens on gate.io at this moment until Switcheo informs them to do so.

On the Switcheo Exchange all trading with SWH tokens have been stopped and users can now cancel any orders made as well as withdraw their SWH tokens in order to engage in the swap. As soon as the Switcheo Exchange v2.0 is formally launched, users will only be able to make use of SWTH tokens in smart contracts. The SWH token at this stage will be rendered null and void.

All Tokens On The Switcheo Exchange Are Secure

Users should be informed that every token in the Switcheo Exchange is trusted and secure. They should also note that the token upgrade will not disrupt the security of every token that is stored within the exchange. The decentralised smart contract exchange platform has also announced that the present trading blockade on the exchange will be extended for another 24 hours up until May 15, 2018 at 6pm + (8UTC).

Switcheo Exchange v2.0

The Switcheo Exchange v2.0 will soon be launched but the token swap is key to this happening. The upgraded platform will offer users a series of benefits such as;

  • Making deposits into Switcheo Exchange Smart Contracts.
  • Provision of a public bot API.
  • Instantaneous trading as well as withdrawals.
  • Provision of a transaction interface that is well detailed.


Instructions For Executing Token Swap

On the Switcheo Exchange v2.0 website a fresh page has been developed thst allows users to engage in the token swap. Below are instructions on how to go about it;

  1. Get on the site and click on the Token Swap link that can be seen on the top left-hand corner of the site. You can also go to: https://switcheo.exchange/tokenswap
  2. Once there you will see a “LOGIN TO SWAP” button, click on this button to Login.
  3. While Logged in you need to state the amount of SWH tokens that you intend swapping. To do this all you have to do is click on the “SEND MAX” button for an automatic instruction or you can type this amount by yourself.
  4. Next, click on the “SEND TOKENS FOR SWAP” button.
  5. If you have a wallet you can swap your token by sending the tokens from the wallet directly to the Switcheo Exchange token swap address as follows:AHiewWqeQByNX5a6VCkqiTR9tgYfDqMWY7
  6. By adding the SWTH ScripthHash: ab38352559b8b203bde5fddfa0b07d8b2525e132 you will be able to view upgraded tokens that are located in other wallets.
  7. The SWH tokens will be locked in the smart contract as soon as the swap process is concluded. Once the token swap has been concluded SWH tokens previously held can no more be used by Switcheo. The Switcheo Exchange v2.0 will make use of only the fresh SWTH tokens.

Switcheo also advised users that they should not rush into swapping their SWH tokens as there is sufficient time for them to have their SWH tokens swapped for SWTH tokens.

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