Cryptocurrency and its popularity are on the rise, these last few years, with the market now indicating that it is out of its bearish phase. This is also initiating a lot of interesting offers from several organisations. Switcheo which is a Singapore-based decentralized exchange offering markets on the NEO and Ethereum blockchains has recently announced their plans for community rewards activities. The promotions are meant to celebrate the one-year anniversary of Switcheo Exchange’s launch on the NEO blockchain’s MainNet.
Switcheo has announced that it will be setting aside 4,000,000 SWTH tokens which is 0.4 percent of SWTH total supply as a reward to community members who choose to lock up their tokens in the “Switcheo Chest.” Switcheo will be offering two “tiers” which will freeze users’ SWTH tokens for up to 3 months or up to 6 months. A minimum of 15,000 SWTH is required to participate in the Switcheo Chest events.
Tokens stored in the Switcheo Chest “cannot be unlocked or used” until the event ends. 1,000,000 SWTH tokens have been allocated for participants in a 90-day freeze, spanning from April 8th to July 6th, 2019. Meanwhile, 3,000,000 SWTH tokens have been allocated for participants in a longer 180-day freeze, from April 8th to October 4th, 2019.
The rewards will be given in proportion to the number of SWTH tokens that the user has stored in the Switcheo Chest. Users will not be required to freeze their tokens by April 8th to participate in the rewards program. Late entrants will still earn SWTH tokens, but their rewards will be reduced in a pro-rata manner, as per the date they entered the promotion.
Switcheo also announced a community airdrop of 500,000 SWTH, which is to be split equally between “all existing Switcheo newsletter subscribers.” According to them, this week’s copy of the Switcheo email newsletter will provide its readers with all the instructions necessary to claim their tokens.