15 May 2018
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.
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.
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).
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;
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;
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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