As the native exchange token of Switcheo, SWTH can be used in a plethora of ways, from unlocking trading fee discounts to staking and many more.
This article lists all the ways you can use SWTH.
Tiered Trading Fee Discount Program
As of 11th Feb 2020, 17:00 UTC+8, Switcheo will switch to accepting the respective blockchain’s native token as trading fees. To show our appreciation for our users’ continued support, Switcheo will introduce a new Tiered Trading Fee Discount Program that will be effective starting 12th Feb 2020, 17:00 UTC+8.
Currently, Switcheo offers 0% Maker fees and 0.2% as the Taker base transaction fee for all trading pairs.
Users can hold SWTH to receive tiered discounts for the Taker fee as seen in the table below.
To be eligible for the trading fee discounts, you must deposit SWTH into your contract balance.
At 00:00 UTC every day, Switcheo will evaluate your current SWTH balance. Your Tier level and corresponding Taker fees will then be updated one hour later at 01:00 UTC each day.
Your Tier level and corresponding trading fees will be in effect for 24 hours before being automatically renewed daily.
This trading fee discount program is independent of other existing programs. Tokens locked up in Switcheo Chest are also eligible for the trading fee discounts.
Effective from 19th Feb 2020, SWTH tokens will be backed by Neo Foundation through GAS tokens with a price floor at a rate to be determined at a later date. SWTH tokens can be redeemed for GAS tokens through the SWTH/GAS market that will be available on 12th Feb 2020.
SWTH Burn Program
SWTH will be bought back off the market and burned manually by the exchange operator each quarter, thereby reducing the circulating supply of SWTH tokens. The value of tokens burnt will be at least 50% of the value of net commissions collected throughout the quarter.
As of 1st Oct 2019, 986,281,571 SWTH tokens remain in total, following the 6th quarterly SWTH Burn (July-September 2019). Note that this program will be deprecated once the token moves to a staking model.
View the past quarterly token usage reports here.