swETH could be about to be added to EigenLayer!
But first, you must vote: The Eigenlayer LST contest opened on Nov 1st 12pm EST for one week, and gives you the opportunity to ensure that swETH is added to Eigenlayer.
In case you haven't heard, EigenLayer is a restaking protocol that allows stakers to leverage staked Ethereum or Liquid Staking Tokens for additional rewards and security contributions.
To be added to EigenLayer, swETH needs to get a minimum of 15,000 ETH in votes. The more votes we get, the quicker swETH will be integrated!
Voting will take place on Mantle and Mainnet, and you can earn up to 40 Pearls for every LST or restaked ETH that you use to vote:
Mainnet:
https://jokerace.xyz/contest/mainnet/0xec17AaBa6855461e0835A2113EFA942F01FD5B39
Mantle:
https://jokerace.xyz/contest/mantle/0x471bb1b5bD70cfF552f82A80797Ea6253Bac94E2
Note: you can only vote on ONE network. Double votes will not be counted.
How to vote
For every LST you hold, you will get 1 vote. E.g. 1 swETH = 1 vote.
The LST can be:
- Held in your wallet
- Restaked on Eigenlayer
- LP'd in any of the approved pools
If you met the criteria when the snapshot was taken on Friday Oct 27th, then congrats — you can vote for swETH on Jokerace by following the above links.
Will I earn Pearls for voting?
You will earn up to 40 Pearls for every restaked ETH or LST that you use to vote for swETH.
Pearl amounts will fall as voting progresses, so the sooner you vote, the more Pearls you will earn.
- 0-15K ETH: up to 40 Pearls per vote
- 15K-50K ETH: up to 30 Pearls per vote
- 50K+ ETH: up to 20 Pearls per vote
For example: If you use 1 swETH to vote for swETH early, when only 2,000 ETH have been voted with, you would earn up to 40 Pearls.
Alternatively, if you use 4 swETH to vote for swETH when 55,000 ETH has already been voted with, you would earn up to 80 Pearls.
What now?
When voting opens on Nov 1st, 12 pm EST, you will be able to vote for swETH via these links:
Mainnet:
https://jokerace.xyz/contest/mainnet/0xec17AaBa6855461e0835A2113EFA942F01FD5B39
Mantle:
https://jokerace.xyz/contest/mantle/0x471bb1b5bD70cfF552f82A80797Ea6253Bac94E2
Until then, review Swell's proposal on Jokerace and join the conversation in the Eigenlayer and Swell Discord servers to ask any questions you may have about the contest.
UPDATE: 2nd November, 2023
Swell was the first LST to hit the 15K ETH voting threshold on Jokerace across Mainnet and Mantle.
The protocol achieved this in the first few hours of voting opening.
Please continue to vote to help ensure prioritization of swETH as a restaking LST in EigenLayer's whitelisting process!
To stay up-to-date on all things Swell, join our thriving community on Discord, DeBank, and X.
