Concluding Demex Points: The DMX Conversion & What Comes Next
When we introduced Demex Points in early 2024, we wanted the time, capital, and conviction our community put into Demex to carry forward and be recognized. Today we're sharing how we're closing out the Demex Points chapter and honoring that commitment.
This will also complete the final piece of the Nitron restitution plan, bringing nLEND holders into the same conversion framework.
Due to market changes, we have slightly modified the initial plan to better benefit holders.
šŖ No New Tokens Will Be Issued
While the initial plan was for new tokens to be minted, DMX will no longer involve any new token issuance. All additional DMX distributed will come directly from the Switcheo Labs treasury instead.
This means that there will no longer be additional inflationary supply created that dilutes current holders, while the treasury will absorb the cost of the Demex Points and nLEND programs.
š Ticker Change
As part of going live, the SWTH token's ticker will be updated on Demex to DMX to reflect its proper identity. Balances and positions are unaffected by the relabelling as it is a naming change, not a migration that requires any action from holders. The swth denom and bech32 address prefix will remain unchanged until a later chain upgrade.
š Demex Points ā DMX Conversion
Demex Points will convert to DMX via an airdrop at a rate of:
8.6793 Points = 1 DMX*
You will need a minimum of 100 points to be eligible for the airdrop. The total DMX that will be airdropped is 100 million. All DMX tokens will be airdropped on 2 July 2026 ā users do not need to do anything.
*An earlier version of this post had an incorrect conversion rate. We apologize for the mistake.
šļø nLEND Conversion
For nLEND holders, the DMX upside path described in the restitution plan now activates. The DMX price used for the baseline nLEND conversion will instead be locked in at the 7-day average price as of the above conversion date, giving a fair, manipulation-resistant reference rather than a single-moment snapshot.
ā»ļø Market Reset
The DMX market on Demex will be reset at launch to establish accurate price discovery for the token. Existing SWTH pools and markets currently will be deprecated on 2 July 2026. New DMX pools and markets will be created shortly after on the same day.
ā Demex Keeps Running
Demex is not winding down despite the general market downturn. The platform will continue to operate throughout and after this transition.
Beyond that, we're looking to open-source the Demex codebase following a full review of the code by Claude. Putting the codebase through a comprehensive AI-assisted review before publication will protect traders and users of Demex platform responsibly.
š TLDR
- No new tokens ā all DMX comes from the treasury, no minting.
- Ticker updated on Demex; balances and positions are unaffected.
- Demex Points convert at 8.6793 Point = 1 DMX.
- nLEND converts using the 7-day average DMX price as the baseline rate.
- Market is reset on Demex at launch for clean price discovery.
- Demex keeps running, and the codebase will be open-sourced after a full security review.
Thank you for your continued support!