Introducing ERC-20 Switcheo Token
Switcheo Network launched Switcheo token that is immediately available as a standard ERC-20 token, creating new opportunities within Ethereum ecosystem for SWTH & Switcheo TradeHub protocol.
Right away, users will be able to withdraw SWTH from Switcheo TradeHub to Ethereum, or acquire them directly on SushiSwap via their Web3 wallets.
Greater trading accessibility and discoverability
With the ERC-20 version of SWTH, the Switcheo token can move among the various DeFi protocols on Ethereum, and be used as an even more productive token. Effective immediately, users can buy SWTH on Ethereum via SushiSwap, or provide liquidity to the SushiSwap SWTH/ETH liquidity pool to earn liquidity provider fees.
For Ethereum natives, this simplifies the process of acquiring SWTH by being able to trade the token immediately with any Ethereum-based token. Having SWTH on these platforms also introduces SWTH to the larger Ethereum audience, leading to better price discovery.
Expanded token utility
Ethereum has been a springboard for the majority of the DeFi ecosystem. The launch of ERC-20 SWTH will significantly broaden the scope of its utility through newfound composability with Ethereum-based DeFi platforms.
Moving forward, the Switcheo team will be working closely on getting SWTH integrated more deeply within the Ethereum ecosystem and seeking greater utility for the token. Some examples include being a lendable token or collaterizable asset, being able to attract rewards or “yield” on the various Ethereum DeFi platforms, and much, much more. This new chain compatibility also allows them to bridge SWTH to other L2 networks such as Polygon, and become a productive asset there.
How to acquire ERC-20 SWTH
The SWTH/ETH liquidity pool is now available on SushiSwapwhere users can acquire SWTH! Simply input the ERC-20 SWTH token address which can be found here, and select the SWTH token to start trading!
Users holding SWTH in their Demex wallets can also get ERC-20 SWTH through a direct withdrawal from Switcheo TradeHub onto the Ethereum chain. To do so, choose the ERC-20 withdrawal method and input the Ethereum address you wish to receive ERC-20 SWTH. Do ensure the correct network network is selected as choosing the wrong network may result in tokens being lost.
To convert other versions of SWTH (e.g. NEP-5) to ERC-20 SWTH, tokens must first be deposited onto Switcheo TradeHub and then withdrawn to an Ethereum address via the same withdrawal method mentioned above.
What is Switcheo?
Switcheo is a protocol and software development entity focused on building groundbreaking platforms and blockchain solutions that pave the way for a decentralized future. Its flagship protocol, Switcheo TradeHub, is a layer 2 cross-chain protocol designed for high-performance trading of any asset, at scale. Traders can deposit tokens from various L1 chains to trade on Demex, a 2nd-generation DEX that runs on the Switcheo TradeHub protocol.
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