Wu said that Swell Network announced that it will take a snapshot of Pearls at midnight UTC on July 30, 2024. After the snapshot, users will enter the new Wavedrop mechanism and have the opportunity to receive $SWELL rewards every ten weeks. The first Wavedrop is scheduled for October 8, 2024, when 2% of the $SWELL supply will be allocated to Black Pearl holders. Future Wavedrops will allocate 1% of the total supply each time. In addition, Swell L2 deposits will receive a 1.5x ecosystem airdrop multiplier reward. Swell received a $3.75 million seed round of financing from IOSG and Framework Ventures in March 2022.