Swell Network has announced the launch of its SWELL token applications, scheduled to open on November 7 at 17:00 UTC. The token’s total supply is set at 10 billion, with an initial circulating supply of 13%.
The distribution plan allocates 35% to the community, including an 8.5% Voyage airdrop allocation. Of this community portion, 7% will be distributed linearly based on accumulated White Pearls, while 1.5% is reserved for top loyal stakeholders.
Notably, the remaining token distribution includes 25% for the team, 25% for investors, and 15% for the foundation. Claims will remain open for six months, after which unclaimed tokens will revert to the DAO.
Governance Structure and Token Utility
SWELL serves as the native governance token for Swell DAO, positioning itself as a key player in the L2 restaking protocol space for Ethereum and Bitcoin.
The token’s utility extends beyond governance, playing a crucial role in securing Swell L2 infrastructure and applications through integration with restaking protocols like EigenLayer and Symbiotic.
Token holders can participate in shaping the protocol’s future through governance proposals, with voting power proportional to their holdings.
The DAO’s responsibilities encompass managing liquidity incentives, protocol parameters, grant distributions, and coordinating node operator selection.
Claiming Process and Maximization Strategies
The claiming process begins on November 7, 2024, at 9:00 AM UTC, with cryptocurrency exchange listings following at 10:00 AM UTC.
To maximize benefits, users are encouraged to claim their airdrop as restaked SWELL (rSWELL), which offers enhanced rewards including 10x faster earning rates for Black Pearls and 15x higher Ecosystem Points when deposited in Swell L2.
The official claiming process will be conducted exclusively through this website, with the platform emphasizing security measures to protect users from phishing attempts.
Holders of small amounts of White Pearls have the option to postpone their claims until the Swell L2 launch.
Anti-Sybil Measures and Vesting Details
The protocol has implemented robust anti-sybil measures to maintain fairness in token distribution.
Working with specialized data providers, the team has identified and addressed potential sybil attacks, redistributing tokens from flagged addresses to legitimate users.
The vesting schedule varies by allocation type, with team tokens subject to a 36-month linear vesting with a 12-month cliff, while investor tokens follow a 30-month linear vesting with a 12-month lock-up.
A special whale vesting mechanism affects only 0.3% of participants who hold more than 208,997 White Pearls, with these terms finalized through community consultation ending November 5th, 2024.
Also Read: GRASS Token Soars 45% Following Stage 2 Network Launch