Swell Network has announced an 8% token airdrop as part of its Voyage event, aimed at rewarding long-term and loyal community members.
Swell Network (SWELL), an Ethereum staking system, has announced the details of the token airdrop that will be part of the Voyage event. This airdrop will comprise 8 percent of the total token supply. The majority of token distribution will follow a linear pattern, with the number of tokens received directly correlated to the number of pearls held.
The most devoted and long-term community members will receive this 8% as a loyalty bonus, which varies based on factors such as the duration of their deposits in Swell. Another perk is that the more SWELL you hold, the more voting power you’ll have inside the decentralized autonomous organization (DAO).
Over the course of three phases, members of the community will gradually acquire the authority to govern themselves.
We will open the forum governance channel and implement Snapshot voting during the first stage of the DAO, coinciding with the token launch. While this is happening, DAO members can vote on governance issues like adding EigenLayer Actively Validated Services (AVS) to the Swell Layer 2 network and other similar topics.
Next, in the fourth quarter of 2024, the DAO will assume more decision-making power. At its last stage, the DAO will have completely decentralized governance, with voting taking place on the blockchain and autonomous functions following the rules specified in smart contracts.
SWELL: Enabling the Swell Protocol’s Governance and Security
The creators of Swell Network, a decentralized staking system that caters to Ethereum’s liquid staking and restaking features, have developed Swell Layer 2. Swell Network gives users the opportunity to stake or restake Ethereum (ETH), which allows them to earn rewards from the blockchain and prizes from Actively Validated Services (AVS). This allows users to make passive income.
To secure the Swell Layer 2 network and govern the Swell protocol, we use the SWELL token. Staked SWELL will protect the Actively Validated Services (AVS), which provide infrastructure to Swell Layer 2.
This includes EigenDA and other AVS. For the whole Swell protocol, SWELL will serve as the governance token, allowing for community-wide decentralization of decision-making.