Good day everyone! Switcheo TradeHub is on track to mint its genesis block some time tomorrow, 12 August 2020. The block progression of this sidechain will then be viewable on the (simple but functional) block explorer, Switcheo TradeScan.
We have some updates to share with you on how staking and block rewards will be rolled out.
Cross Chain Deposits & Staking
Once the sidechain is running, we want to give our engineers ample time to integrate and test that cross-chain transfers operate with the various Layer-1 networks as expected.
Rather than compromising on your first staking experience, we will instead open the deposit and staking interface at a later time, on 18 August 2020.
In order to ensure users who wish to immediately stake will not miss out on block rewards, block inflation rewards will only be activated 24 hours later on 19 August 2020.
This means users will have a full day to deposit their tokens and stake without missing out on any rewards. There is no need to rush for any specific timing to begin staking!
Remember that this deposit is currently a one-way transfer as the withdrawal function has not been activated!
Furthermore, we are entering what should be considered a mainnet beta phase of Switcheo TradeHub.
There are several popular staking services and well known validators that will be joining Switcheo TradeHub’s mainnet as validators over the next few weeks. We’ll be releasing the names of these validators starting from tomorrow, so stay tuned!
Community members who wish to run their own validator or seed nodes can join our mainnet once the chain is bootstrapped on 12 August. Joining as a validator is permissionless; However, currently only the top 11 validators by stake will be “active” as block proposers.
If you intend to run a validator node, please test your setup on our testnet first and understand the security and reliability requirements fully. Documentation for joining as the network can be found here.
Demex Testnet Public Trading Challenge
While waiting for the gates to open, we want to showcase the trading features of Switcheo TradeHub through our new derivative platform - Demex. We’ll be hosting a public testnet trading challenge this week, where $2000 in SWTH stand to be won by the best traders!
We’ll share full details on Twitter, our blog, and through email when this opens later in the week.
Timeline of Events
- 12 August 2020 - Mainnet bootstrapped, validators begin joining
- 14 August 2020 - Demex testnet challenge opens
- 18 August 2020 - Deposit and staking interface released
- 19 August 2020 - Block rewards begin
- Early September - Mainnet trading begins