Swell City is in our sights!
A snapshot of your White Pearls was taken at Block 20422895 (around midnight UTC on Tuesday, 30th July 2024).
This snapshot marked the end of the Voyage and the beginning of a new opportunity to collect $SWELL rewards every ten weeks in Swell City.
Following the snapshot, we’re now finalizing details of the TGE including anti-sybil measures and Loyalty Boost calculations. More details regarding the specific timing will be released in August.
The end of the Voyage
Since launch, the Voyage has seen Swell grow into a top 15 DeFi protocol with ~$2.3B in combined TVL.
This snapshot signals the end of the Voyage and the end of opportunities to collect White Pearls. As previously announced, these Pearls represent 8% of the $SWELL supply and will be airdropped at TGE.
Swell will now bring back some of the nostalgia of real yield liquidity mining through a predictable airdrop schedule – known as Wavedrops – that reward the most aligned Swell stakers without the need to wait for long campaigns to end.
Introducing Wavedrops
In Swell City, you collect rewards as regularly as the waves roll in. Each Wave lasts for ten weeks, followed by a Wavedrop at which point you can claim your $SWELL.
Simply hold swETH and rswETH or use them in supported DeFi integrations to earn Black Pearls, and then claim $SWELL with your Black Pearls at every Wavedrop
To reward loyal Voyagers, the allocation to the first Wavedrop will be doubled, with 2% of the total $SWELL supply distributed to Black Pearl holders on Oct 8, 2024.
After the first Wavedrop, following Wavedrops over the coming year will each account for 1% of the total supply.
Ride the Waves to earn bonus multipliers
Get more $SWELL for your Black Pearls by riding Waves one after the other.
For every consecutive Wave in which you participate, your Black Pearl count will be boosted an additional 10% at each Wavedrop – starting from zero up to a maximum bonus of 60%.
As a Voyager turned Swell Citizen, you’ll automatically get a 30% boost on your Wavedrops if you continue to maintain 90% of your swETH/rswETH balance from the snapshot date.
Consecutive Wave SWELL Boost %
| 0 |
0 |
| 1 |
10 |
| 2 |
20 |
| 3 |
30 |
| 4 |
40 |
| 5 |
50 |
| 6 |
60 |
As a new Swell Citizen, you start at the base boost and will also continue to get higher boosts with each wave if you continue to maintain 90% of your swETH/rswETH balance from the snapshot date.
Boosts will be shown on the Swell City page ahead of the first Wavedrop.
rswETH L2 bonus
As we look towards the launch of Swell L2 powered by rswETH, we are now offering a bonus to depositors of all Swell assets in Swell L2.
Holders of all Swell Tokens (including swETH, rswETH, and derivatives thereof) will now earn a greater share of airdrops for the same amount deposited in Swell L2.
From the snapshot, depositors of the assets listed below will earn a 1.5x multiplier on Swell L2 airdrops:
- swETH
- rswETH
- mswETH
- rswETH/swETH Pendle PTs
- Lyra rswETHC
- Symbiotic DC_swETH
That’s all for now. Collect Black Pearls to start riding the waves to higher staking rewards!
FAQ
In which protocols can I collect Black Pearls?
As in the Voyage, holding swETH and rswETH earns Black Pearls.
Most DeFi protocols supported for White Pearl collecting in the Voyage are also supported with Black Pearls in Swell City. Plus, more protocols will be supported as rswETH goes crosschain in the coming weeks.
Supported protocols for swETH
DEXs
- Pancakeswap swETH farm and Ichi vault
- Uniswap via Bunni wETH/swETH (0.9522 <> 1.0101)
- Maverick v2
Yield
- Pendle (26th December 2024)
- Swell L2
- Karak
- Blackwing
- Zircuit
- Eigenlayer
- Eigenpie
- Enzyme Super swETH Vault
- Sommelier Turbo swETH
Supported protocols for rswETH
DEXs
- Pancakeswap rswETH farm and Ichi vault
- Maverick wstETH/rswETH #5
- Balancer Tri-LRT pool (and Aura)
- Curve rswETH-weETH (and Convex)
- Uniswap via Bunni wETH/rswETH (0.9259 <> 0.9802)
Borrowing and lending
- Morpho
- Compound (coming soon)
- Silo Finance
- Ion
Yields
- Swell L2
- Lyra
- Zircuit
- Pendle 26th Sept rswETH (Including Stake Dao, Equilibria, Penpie)
- Pendle 26th Sept rswETH (Swell L2) (Including Stake DAO, Equilibria, Penpie)
Existing multipliers for protocols that remain from the Voyage will continue in Swell City.
How are Black Pearls calculated?
The amount of SWELL in your bimonthly Wavedrop is determined by the amount of Black Pearls you hold and your boost. Black Pearls are earned according to this calculation:
Black Pearls = amount of swETH/rswETH held x number of days x 4
For example, if you hold 2 swETH in your wallet for 30 days, you will get 240 Black Pearls.
The standard multiplier for swETH/rswETH used in DeFi is 1.5x (6 Pearls per swETH/rswETH per day)
Further multipliers may be applied to these numbers to boost the earning of Black Pearls in certain approved DeFi protocols.
Where will I be able to see my Black Pearls?
The Black Pearls that you collect will soon show in the Swell app.
I am missing White Pearls. Will they be added before TGE?
White Pearls earned on certain protocols – including but not restricted to Karak, Zircuit, Blackwing, Eigenlayer (additional 3x) certain Pendle Pools, Lyra, and Sommelier – are not currently shown on the Voyage page, but will be added to your final White Pearl count and shown before TGE.
Who can earn Black Pearls?
Participation is unfortunately restricted for users in certain jurisdictions, including the United States.
Can I earn Black Pearls by minting swETH/rswETH and referring friends?
The referral and minting bonuses will be paused at the snapshot as we move into Swell City.
When will the tokenomics be released?
Swell tokenomics will be finalized and released a few days before TGE.
