Introducing SWELL

‍TL;DR‍

• 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 has three main uses: gas, governance, and restaked security for Swell L2
• A Loyalty Bonus will be applied to long-term Swell stakers
• 0.3% of the largest White Pearl holders will be subject to a vesting schedule

The upcoming launch of SWELL will mark the beginning of the decentralization of the Swell protocol.
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You can now check your SWELL allocation by going to the Voyage page in the Swell app.

This post covers the Voyage airdrop and the process for claiming SWELL.

Claiming your SWELL

Prior to the Voyage snapshot on July 30th, Swell stakers collected White Pearls representing their contribution to the Swell ecosystem.

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 check your allocation, go to https://app.swellnetwork.io/dao/voyage .

This is the ONLY official Swell Voyage checker 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 treasury.

To help ensure that claiming remains economical for all Voyagers, holders of very small amounts of White Pearls will be able to postpone the claiming of SWELL earned in the Voyage until the launch of Swell L2.

Introducing SWELL

SWELL is the native token of Swell and has three main uses: governance over Swell DAO, restaking to secure Swell L2 apps and infrastructure, and paying for gas on the network.

Restaking

Restake your SWELL to get rSWELL and receive rewards for securing Swell L2.

SWELL restakers will earn Black Pearls and Symbiotic Points, with real restaking rewards following soon after the launch of Swell L2.
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rSWELL, the liquid restaking token for SWELL, can be deployed in DeFi to earn additional yield, or deposited on Swell L2 to earn airdrops from across the Swell L2 ecosystem. It has 1:1 governance power with SWELL. 

Learn more about rSWELL ‍

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.
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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

Gas

SWELL will be the native gas token of Swell L2.

Loyalty Bonus

The Loyalty Bonus is designed to reward the earliest and most loyal community members with an increased allocation of SWELL.
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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. If you fall into this category, you are invited to submit your contact details to collaborate with us on a vesting plan. Note that you will need to verify your identity with a signature.

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 will be set aside, and returned only if they can prove they are wrongly identified. Otherwise this SWELL will be shared between all Voyagers and distributed at TGE.

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.
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In total, 7,500 wallet addresses were identified as Sybils, accounting for more than 7.3 million Pearls.
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If your wallet is identified as a Sybil it will show on the claims page, and you will be given an opportunity to refute the identification.

Check your eligibility 

Check your eligibility at app.swellnetwork.io/dao/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!

FAQ

When will SWELL claims open?

Claims will open at TGE, with the exact date to be announced very soon.

When will the tokenomics be released?

Detailed tokenomics will be made available before TGE.

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.
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What is rSWELL?

rSWELL is the liquid restaking token for SWELL.

What can I do with SWELL?
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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. 

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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 .