Ethereum staking protocol Swell Network (SWELL) revealed plans for the token airdrop associated with the Voyage event, amounting to 8% of the total token supply. Distribution will primarily occur in a linear manner, where the number of tokens received is contingent upon the quantity of Pearls held.
Out of this 8% allocation, distribution will prioritize the most committed and longstanding community members, serving as a loyalty bonus that adapts according to various factors, such as the duration of deposits in Swell. Furthermore, the voting privileges within the decentralized autonomous organization (DAO) will be proportionate to the quantity of SWELL held.
The community will gain access to governance power through a phased approach consisting of three stages.
During the initial phase of the DAO, coinciding with the token launch, the forum governance channel will be opened alongside the implementation of Snapshot voting. During this period, DAO members will have the opportunity to propose and vote on governance matters, which may include the selection and addition of EigenLayer Actively Validated Services (AVS) into the Swell Layer 2 network.
Following this, the DAO will take greater decision-making authority in the last quarter of 2024. The final stage of the DAO will entail fully decentralized governance, featuring on-chain voting and autonomous governance functions that adhere to rules encoded within smart contracts.
Swell City is in our sights! The coming launch of $SWELL will mark the first major milestone on the road to decentralized governance. Discover our plans for transferring governance power to token holders:https://t.co/xmTKvnkhEP pic.twitter.com/R4RggUHpkL
— Swell (@swellnetworkio) June 5, 2024
SWELL: Powering Governance And Security In Swell Protocol
The Swell Layer 2 platform is developed by the team behind Swell Network, a decentralized staking protocol designed for Ethereum’s liquid staking and restaking functionalities. With Swell Network, users have the option to generate passive income by staking or restaking ETH, thus earning rewards from the blockchain as well as restaked Actively Validated Services (AVS) rewards.
SWELL is the token used to govern the Swell protocol and secure the Swell Layer 2 network. Staked SWELL will safeguard the Actively Validated Services (AVS), including EigenDA and others, which provide infrastructure services to Swell Layer 2. Moreover, SWELL will function as the governance token for the entire Swell protocol, facilitating decentralized decision-making across the community.
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