The Swell Network has launched its airdrop of SWELL tokens. Claims opened yesterday, Nov. 7, with a planned distribution across key contributors and early supporters of the Swell ecosystem. This airdrop, part of the “Voyage” initiative, aims to reward the Swell community for its loyalty and engagement. Additionally, holders can benefit from governance and staking rewards.

Swell Network airdrop has begun and users can claim their SWELL token. Source: X Key Details of the SWELL Airdrop

The total supply of SWELL tokens is 10 billion, with 850 million SWELL (8.5% of the supply) set aside for the Voyage airdrop. Claimants receive tokens proportionate to their “White Pearls” accumulated over time. There are also an additional Loyalty Bonus for the earliest and most committed members.

To claim SWELL tokens, users can visit the official claim link on Swell’s website. It’s crucial to ensure that the link used is secure, as phishing attempts may try to exploit claimants by mimicking the official page. Claims will remain open for six months, after which unclaimed tokens will be returned to Swell DAO for future initiatives.

Beyond the Voyage, Swell Network plans additional airdrop namely “Wavedrops,” allocating 7% of the SWELL supply over the next 12 months following the Token Generation Event (TGE).

Maximizing Airdrop Rewards with rSWELL

Claimants have the option to convert their SWELL tokens into rSWELL, a restaking variant that provides significant benefits:

  • Enhanced Reward Rates: Holders of rSWELL earn rewards faster, accumulating Black Pearls and Ecosystem Points at higher rates.

  • Governance Participation: Both SWELL and rSWELL grant voting rights within the Swell DAO, giving holders influence over the protocol’s future direction.

  • Flexibility: rSWELL can be unstaked at any time, subject to a three-day cooldown period.

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Governance and the Role of SWELL

Notably, as the native token of Swell DAO, SWELL empowers holders to participate in governance decisions. This includes voting on liquidity incentives, protocol parameters, and community grants. This democratic model ensures that SWELL holders contribute to the growth and sustainability of Swell L2, which supports Ethereum and Bitcoin staking.

Distribution of SWELL Tokens

The airdrop allocation for SWELL token is as follows:

  • Community and Ecosystem (35%): Set aside for ongoing community initiatives and strategic campaigns, including additional Wavedrops over the next 12 months.

  • Team and Advisors (25%): Reserved for contributors, with a structured vesting period.

  • Private Investors (25%): Allocated to early backers, also with vesting terms.

  • Foundation Initiatives (15%): Dedicated to long-term projects supporting Swell’s ecosystem expansion.

To prevent abuse, Swell has also worked with anti-Sybil partners to identify and exclude suspicious accounts, reallocating these tokens to legitimate participants.

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