Hope you all are doing great! This is the final part of a 10 part blog series I have been releasing the past week. You can check out previous posts on this medium account if you missed them.These blogs have explored our past and have taken a look at everything the project has done so far, what we are up to now, as well as the future vision for the project. I hope you guys enjoy these informative pieces and if you have any questions or comments feel free to join our Telegram group for the most up to date information and discussions with our community.
I am super excited to announce that the Switch project has acquired VeriSafe! VeriSafe is a project pretty similar to ours who we have known and worked with since 2018. Instead of competing against each other, an opportunity arose for us to join forces, and we were able to strike a deal.
Switch will take over all products and features owned and developed by VeriSafe as well as their team will join ours to provide development and marketing support. We will introduce the new team members in the Telegram group now! We are really excited to bring their awesome team and energy into the Switch ecosystem.
So what was the deal and how does it work?
For those that have been following us for a long time, you will know that transparency is one of our number 1 values, so we want to make the full details of the deal public for our community.
Switch acquired VeriSafe for approximately $425,000 in ESH tokens.
$300,000 of this will be used to Swap their token VSF to ESH tokens as we bring their entire community over to ours. Over 50% of these tokens, that belong to the VeriSafe team, are on a 12 month vesting schedule before they would be eligible for sale.
$125,000 was used to buy their existing product lines, user base, exchange listings swaps, and more!
This deal also includes the VeriSafe team providing development, marketing, and community support to Switch for at least 12 months.
It also will include us swapping their VSF exchange listings with ESH token, so ESH will be on more exchange soon. We will announce them once they are live.
If you are holding VSF in your wallet you do not need to do anything! We have already taken the snapshot! You will get your ESH shortly.
If you had VSF on an exchange, please withdraw to a wallet you control and DM @joshswitch on Telegram to claim your ESH!
Where did the tokens come from?
Switch had 1.5 million tokens available to use for development, marketing, exchange listings, etc for the project. We had yet to touch a single token since we launched in 2018 and think this is a great move for us. Right this second, decisions about the project are mostly decided by our team and a small group of big holders. In the future, once we release our dao/governance system our token holders will be able to propose and vote on all ways Switch uses these tokens moving forward, as well as all new features and everything else the project does. After this acquisition Switch has approximately 1.16 million ESH remaining.
What happens now?
Nothing about our project or tokens will change. The structure remains the same! The next month will be really busy for us though! We have a lot of awesome new things coming including;
Fiat Gateways — Purchase crypto with your bank account, debit card, or Apple Pay!
NFT Marketplace — Buy Gods Unchained, Crypto Kitties, and more with our brand new NFT marketplace!
New DEX — We have been working on a new smart contract for our DEX for most of this year, but the technology VeriSafe has built is finished and will accomplish the things we were working on. We are super excited to say our new DEX will be live soon combining forces with the things both teams have built.
Automated DEX portal launching — Launch your own DEX on our network instantly and free!
LaunchPad — Launch your own project and IEO with our DEX network
User Wizard — Lets users customize the pairs and tokens they want to see when trading
And that’s not all! We will also be introducing new smart contracts and features for Switch, market maker features for the DEX, DEFI lending, gaming, and a lot of other cool things very soon!
I will release a blog on May 24th that describes all these new features in more detail and sets timelines for release on everything. EVERYTHING will be released this June! Get ready Switch community! 2020 is going to be an awesome year!
Ps. Don’t forget about the GHOST snapshot on May 25th!