Swell is a non-custodial liquid staking protocol designed to deliver one of the most seamless and secure DeFi experiences for Ethereum stakers. By simplifying access to decentralized finance, Swell not only enhances user participation but also contributes to Ethereum’s long-term network security. Through its innovative approach, users can stake ETH and instantly receive a yield-bearing liquid staking token—swETH—which can be used across various DeFi platforms to generate additional passive income.
With backing from prominent investors such as Framework Ventures and entrepreneur Mark Cuban, Swell has raised $3.8 million in funding to accelerate its ecosystem development. As part of its community growth strategy, Swell launched the Voyage campaign, a limited-time initiative that rewards early participants with 50,000,000 SWELL tokens via an upcoming airdrop. This campaign concluded on July 30, 2024, marking a pivotal milestone in the project's roadmap.
How the Swell Airdrop Worked
The Voyage campaign was structured to incentivize both direct participation and referrals while promoting broader engagement with Swell’s ecosystem. Here’s a step-by-step breakdown of how users could earn rewards:
- Visit the Swell Staking Page
Navigate to the official Swell platform to begin the staking process. - Connect Your Wallet
Use a Web3-compatible wallet like MetaMask to securely link your account. - Stake ETH
Deposit ETH directly or acquire it via exchanges like Binance before transferring it to the staking portal. - Receive swETH
Upon staking, users instantly receive swETH, Swell’s liquid staking derivative that accrues yield over time. - Restake for Additional Rewards (Optional)
Users could choose to restake their swETH through EigenLayer by converting it into rswETH, unlocking further value accrual opportunities. - Earn PEARL Points
Active participants earned PEARL points—Swell’s internal reward metric—visible within the Voyage dashboard. These points determined eligibility and allocation size for the SWELL token airdrop. Base Rewards
- 30 PEARL points for every swETH or rswETH minted.
Referral Incentives
- 10 PEARL points for each swETH minted by referred users.
- Snapshot Deadline
A final snapshot of all PEARL balances occurred at Block 20422895, estimated to be validated around midnight UTC on July 30, 2024. - Airdrop Distribution
After the Token Generation Event (TGE), eligible users received their share of the 50 million SWELL tokens proportionally based on accumulated PEARL points. - Transition to Swell City
With the Voyage campaign complete, Swell transitioned into its next phase: Swell City.
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Introducing Swell City: The Future of Reward Distribution
Swell City represents the evolution of Swell’s incentive model—a gamified, recurring reward system where users earn tokens in waves. Each Wave lasts ten weeks, culminating in a Wavedrop, during which participants can claim their allocated SWELL tokens.
This cyclical structure encourages sustained engagement rather than one-time participation. It fosters long-term alignment between users and the protocol by rewarding consistent activity across staking, restaking, and community involvement.
Unlike traditional airdrops that offer a single payout, Swell City introduces rhythm and predictability to reward distribution—making it easier for users to plan and optimize their DeFi strategies.
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Frequently Asked Questions (FAQ)
What is Swell’s liquid staking protocol?
Swell allows users to stake ETH without locking up funds. In return, they receive swETH, a liquid token that represents their staked position and earns yield over time. This token can be used across DeFi platforms for lending, trading, or further staking.
How were PEARL points calculated?
Users earned 30 PEARL points per swETH or rswETH minted. Additionally, 10 bonus points were awarded for each swETH generated by a referred user. Points were tracked in real-time within the Voyage dashboard until the final snapshot.
Is the Swell airdrop still active?
No. The Voyage campaign ended on July 30, 2024, with the PEARL snapshot finalized at Block 20422895. Distribution of SWELL tokens occurred post-TGE to eligible wallets based on accumulated points.
What is rswETH and how does it differ from swETH?
rswETH is a restaked version of swETH, enabling participation in EigenLayer’s activeness consensus layer. While swETH provides standard staking yields, rswETH unlocks additional earning potential through restaking, including eligibility for EigenLayer points and future Eigen tokens.
Can I still earn rewards from Swell?
Yes. Although the Voyage campaign has ended, users can continue earning through Swell City, where new Waves roll out every ten weeks followed by Wavedrops. Ongoing staking and restaking activities contribute to future reward eligibility.
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Why Swell Stands Out in the Liquid Staking Space
Among the growing number of liquid staking solutions—such as Lido, Rocket Pool, and EigenLayer—Swell differentiates itself through:
- Non-custodial architecture: Full user control over assets at all times.
- Seamless UX: Intuitive interface that lowers entry barriers for new DeFi users.
- Dual earning paths: Native staking rewards plus restaking incentives via EigenLayer.
- Gamified engagement: The Voyage and Swell City models make participation interactive and rewarding beyond just financial returns.
Moreover, Swell emphasizes transparency and decentralization, aligning closely with Ethereum’s core values. Its integration with EigenLayer further strengthens its position in the emerging restaking economy—a sector expected to play a critical role in securing multiple blockchain applications beyond Ethereum itself.
Final Thoughts on the Swell Ecosystem
The Swell airdrop via the Voyage campaign served as a powerful catalyst for user acquisition and ecosystem growth. By rewarding early adopters with tangible value (SWELL tokens), Swell built a loyal base of stakeholders invested in its long-term success.
Now transitioning into the Swell City era, the protocol continues to innovate in reward distribution mechanics. For users seeking sustainable DeFi passive income streams through liquid staking and restaking, Swell offers a compelling combination of usability, yield potential, and community-driven incentives.
As Ethereum's ecosystem evolves, protocols like Swell will play an increasingly vital role in democratizing access to staking rewards while enhancing network security for the entire blockchain landscape.
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