July Update — Switcheo

Greetings fellow hunters,
We would like to begin this announcement with a sincere apology in regards to our lack of communication. Our short hiatus had a few good reasons behind it.

Restructuring, improvements, fees & more.

As our participation on different networks grew, and, along with it, our team as well, we found it an obligation to tie up any loose ends and set up our business in the legal environment which in turn forced us to delay our plans — the fees, BHT, SWTH airdrop and so on. The legal basis is an integral part of our core beliefs which superseded any other momentary tasks. To compensate for this delay, we have also postponed the commission increase we had planned previously.

We will start raising the commission by 0.17% every two weeks, beginning July 2nd, until we reach 1.77% on October 1st. This new fee schedule allows us to keep a close margin to our initial promise to raise our commission after September 1st, 2021, while allowing other validators to implement higher fees. We believe this to be a mandatory move from our side in order to promote decentralization and network security within the Switcheo project.

We know that we have promised to announce any change of fees at least 30 days in advance, but considering that we have already announced the current rate increase at the start of the year and delayed it for ~6 months, we believe it should be alright with everyone if we proceed with changing it immediately.

A bigger, better Blockhunters

Since we became overwhelmed by the number of tasks, general system improvements, and a necessity to become more transparent and easier to reach, we have added a few new members to our team. Our new members are each assigned different objectives and they are specialized in matters pertaining to technical aspects, code development, front-end magic, and communication. Naturally, most of them will be working behind the scenes. For now, we are proud to introduce our new PR/Communications specialist Nathaniel. Our presence throughout the channels will be improved and Billie will take on a more technical role as a result. This is all part of our plan to improve the quality of our group.

When token?

As far as the BHT reward goes, there’s a very good reason why we call it ‘tribute’. It’s a fidelity reward for which we ask nothing in return, a gift, however, it has unfortunately spurred a bunch of legal concerns on our side. We are not going to give up the idea of following through with our promise on this one, though cannot give a specific ETA on when it will happen. We think that the visibility of us not transferring any tokens from our side to other wallets is a clear indication that we plan on sticking to our guns and provide what is necessary for the community first, prioritizing infrastructure and uptime as the main concerns.

We understand that this has caused some controversy among a few users in the community — we only ask for patience and trust that we have the best interest at heart when it comes to both our stakers and the Switcheo community as a whole. We didn’t see this as an immediate emergency and we hope that everyone is able to comprehend our point of view — hopefully, future developments from the Switcheo Tradehub’s teams will make our airdrops worth the wait.

As a relevant update on the subject, we have also processed huge chunks of data necessary in order to move forward, our delegators will be able to check the expected tributes by looking up their addresses here on our website, as specifics were previously unknown. We would like to assign a date for the first drops but given the fact that variables have been stacked up against us before, call us superstitious, but we’ll roll out the news when we get there.

Disclaimer:

BHT Token has no real connection to our SWTH commission, we only use it as a ‘ranking’ system for the classification of our delegators.

BHT holders are not entitled to receive any share of our earnings and any tribute we decide to airdrop in the future should be treated as a gift from the Blockhunters team.

BHT is a tribute token we’re working on to discover better ways of engagement and innovation within the crypto community and has no attachment to the Blockhunters ‘ parent company.

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