TL;DR
- Claims open at 9:00AM UTC on Thursday, November 7th, 2024
- The total supply of SWELL is 10,000,000,000
- 850,000,000 SWELL (8.5% of the supply) is allocated to the Voyage
- SWELL is used for governance and restaking to secure Swell L2
- Maximize your airdrop by claiming it as rSWELL and depositing in the Swell L2 Pre-Launch
SWELL is the native governance token of Swell DAO, a decentralized community responsible for the development, growth, and maintenance of the Swell protocol, the leading L2 restaking protocol offering native liquid staking and restaking for Ethereum and Bitcoin. Beyond governance, SWELL is used to secure Swell L2 infrastructure and apps via restaking protocols EigenLayer and Symbiotic.
Claiming your SWELL
Claims will open at 9:00AM UTC on November 7th, 2024, with CEX listings following at 10:00AM UTC.
When claims open, 700,000,000 SWELL (7% of the total supply) will be distributed linearly according to each Voyager's accumulated White Pearls. An additional 1.5% will be distributed to the most loyal stakers in accordance with the Loyalty Bonus methodology detailed below.
To claim your SWELL, go to https://app.swellnetwork.io/dao/voyage.
This is the ONLY official Swell Voyage claim link, and it's the same link that has always been used to access the Voyage. Please note that you do not need to sign to check your allocation. If you need to provide a signature, then you are likely accessing a phishing website!
Claiming will be possible for up to 6 months after launch, after which unclaimed tokens will be returned to the DAO for future inititatives.
To help ensure that claiming remains economical for all Voyagers, holders of very small amounts of White Pearls can postpone the claiming of SWELL earned in the Voyage until the launch of Swell L2.
How to maximize your airdrop
As the native token of Swell L2, SWELL will be restaked to secure Swell L2 apps and infrastructure.
Claim your airdrop as restaked SWELL (rSWELL) to earn Swell rewards 10x faster than with other assets:
- The highest rate of Black Pearls (10x)
- The highest rate of Ecosystem Points (15x) when deposited in Swell L2
- Symbiotic Points (coming soon)
- Future restaking yield for securing Swell L2
Get these rewards by claiming your airdrop as rSWELL, and depositing it in the Swell L2 Pre-Launch. rSWELL can be unstaked at any time subject to a 3 day cooldown period.
In addition to restaking, both SWELL and rSWELL can be used for governance in the Swell DAO.
Governance
Hold SWELL or rSWELL to shape the future of Swell by submitting and voting on governance proposals in the Swell DAO, with voting weight proportional to the amount held.
Swell DAO responsibilities will include:
- Liquidity incentives for Swell assets
- Voting on protocol and pool parameters
- Distribution and management of grants for Swell L2
- Coordinating node operator and AVS selection and onboarding
Learn about Swell’s path to decentralized governance
Total supply and distribution
SWELL has a maximum total supply of 10,000,000,000. The initial circulating supply at TGE will be ~13%. The supply of SWELL is allocated as follows:
Community (35%) (3,500,000,000 $SWELL)
Reserved for the community and ecosystem as part of the DAO’s commitment to decentralization and community ownership. The Community allocation has already been partially distributed through various strategic campaigns instrumental to the growth and decentralization of Swell.
- Voyage Campaign:
The Voyage allocated 8.5% (850,000,000 $SWELL) to early stakers and liquidity providers for distribution at TGE. The airdrop applied vesting to the top 250 wallets, with the remaining ~99.7% of wallets being fully liquid at TGE. The top 250 whale wallets were given options based on vesting preferences: (1) 30% liquid at TGE, with a further 30% one month after, followed by 20% two months after, and the final 20% three months after; or (2) 50% liquid at TGE, with the remaining 50% restaked as $rSWELL, fully claimable six months after TGE. - Wavedrops Campaign:
Wavedrops are a planned series of strategic airdrops for an additional 7.5% to the community, aimed at incentivizing liquidity for Swell L2. The first Wavedrop, representing a boosted 2% of the total $SWELL supply, is scheduled for distribution a few weeks after TGE and will be fully liquid upon distribution. Following this, Wavedrops 2 and 3 will each account for 1.25% of the supply, while Wavedrops 4, 5, and 6 will each account for 1%, culminating in a total allocation of 7.5%. Wavedrops 2 through 6 will incorporate vesting preferences similar to the Voyage Campaign to strengthen long-term governance alignment through the adoption of $rSWELL. - Liquidity Campaign:
The third campaign allocated ~1.67% to multiple initial and follow-on exchange venues to support listing, access, and distribution of $SWELL via pre-launch and CEX campaigns as well as on-chain DEX liquidity pools. The allocation, which was liquid at TGE, included initiatives such as launch pools, exchange marketing activities, and liquidity bootstrapping efforts for $SWELL to drive awareness, adoption, and decentralized ownership of the Swell Network. - Ecosystem:
The remaining Community allocation is reserved for the Ecosystem (~17.33%). This includes providing strategic liquidity incentives across Swell L2, its liquid restaking primitives, and the growing ecosystem of dApps and infrastructure services on the chain. The Ecosystem allocation is subject to vesting, with 50,000,000 $SWELL (0.5%) unlocked at end of month following TGE and the remaining amount unlocking linearly over the following 36 months.
Team (25%) (2,500,000,000 $SWELL)
Reserved for current and future core contributors as well as advisors to Swell DAO. These tokens are subject to a 36-month linear vesting schedule starting from TGE, with a 12-month cliff and lock-up.
Fundraising (25%) (2,500,000,000 $SWELL)
Reserved for private investors who provided capital, expertise, and other valuable support during the early stages of Swell’s overall protocol strategy and development. These tokens are subject to a 30-month linear vesting schedule starting from TGE, with a 12-month lock-up.
Foundation (15%) (1,500,000,000 $SWELL)
Reserved for strategic initiatives that align with the overall vision and mission of Swell, including activities such as protocol development, ecosystem growth, resourcing, and long-term sustainability. The Foundation allocation is subject to a 5% (500,000,000 $SWELL) unlock at TGE, with the remaining 10% (1,000,000,000 $SWELL) unlocking linearly over the following 36 months after TGE.
Schedule
Voyage airdrop criteria
Loyalty Bonus
The Loyalty Bonus is designed to reward the earliest and most loyal community members with an increased allocation of SWELL.
The total amount of tokens allocated to the Swell Voyage is 8.5%. Within this 8.5%, 7% is allocated linearly to Pearls, and 1.5% is allocated to the Loyalty Bonus.
Note that Voyagers with less than 10 White Pearls are not eligible for the Loyalty Bonus.
Learn more about the Loyalty Bonus
Whale vesting
99.7% of Voyagers are not impacted by vesting.The remaining 0.3% hold more than 208,997 White Pearls and will be subject to vesting. The vesting terms were determined through a community consultation process ending on November 5th, 2024.
Anti-sybil
Sybils, defined as single actors who create multiple identities in an attempt to game the airdrop, dilute incentives for genuine users.
For that reason, SWELL allocated to Voyagers flagged as Sybils was set aside and shared between all Voyagers.
Sybils were identified in collaboration with an anti-sybil data provider by collecting and analyzing address activity in order to find patterns consistent with industrial-scale sybil attacks. This does not include normal users who may have interacted with the protocol through a handful of different wallets.
Join us in Swell City to collect more rewards!
As the Voyage ends, a new opportunity arises to ride the waves and collect rewards every ten weeks for holding swETH, rswETH, swBTC, or rSWELL.
In Swell City, you collect rewards as regularly as the waves roll in. Each Wave lasts for ten weeks, followed by a Wavedrop at which point you can claim your $SWELL.
Ride the waves in Swell City
FAQ
When will SWELL claims open?
Claims will open at 9:00AM UTC on November 7, 2024.
What is the total number of White Pearls?
937,551,686 White Pearls were earned during the Voyage. Note that this number includes the 7.3 million Pearls identified as being earned by Sybils.
What is rSWELL?
rSWELL is the liquid restaking token for SWELL.
What are the contract addresses for SWELL and rSWELL?
rSWELL: 0x358d94b5b2F147D741088803d932Acb566acB7B6
SWELL: 0x0a6E7Ba5042B38349e437ec6Db6214AEC7B35676
What can I do with SWELL?
Restake SWELL to get rSWELL and earn restaking rewards for securing Swell L2. rSWELL can also be used in governance.
Is there a Season 2?
Swell City has already begun. Learn more…
How long will the Voyage claim be open?
6 months.
What were the rules to be eligible?
Eligibility was determined by a user's contribution to the Swell ecosystem over time, as measured by Pearls issued during the Voyage.
Who wasn't eligible?
Holders of 0 Pearls.
Why did you choose a mostly linear model rather than tiered?
Tiered airdrops are susceptible to Sybil attacks. A linear airdrop ensures that contributions of all stakers restakers are reflected appropriately, including holders of DeFi positions such as Pendle YT.
How was the Loyalty Bonus calculated?
We identified Voyage participation dates using onchain data, and reviewed historical offchain Pearl data for each month within this period. This data was then used to calculate the Loyalty Bonus based on this methodology.
Edit: Updated community section to reflect general exchange marketing activities including pre-launch and follow-on campaigns across multiple exchange venues (8 Nov 2024).
Edit: Updated community section to reflect governance token liquidity incentives to decentralize the DAO (8 Nov 2024).
Edit: Updated total supply and distribution to reflect finer details of community allocation and campaigns (15 Nov 2024).
