Swell will soon be burning all swNFTs, which represent ETH staked in the 2022 Guarded Launch.
May 8, 2023
Attention, all swNFT holders!
Now that Swell is live on mainnet, we are ready to burn the swNFTs that represent the ETH you staked in the 2022 Guarded Launch.
Following the burn, you will be airdropped 1 swETH for each 1 ETH you staked in the Guarded Launch. The value of the swETH includes all accrued staking rewards.
No action is required on your part.
The process will take place in four stages over the next two weeks:
The Swell team will snapshot all accounts containing swNFTs.
Following the snapshot, your swNFT will be burnt and permanently removed from circulation. At this stage the NFT will disappear from your wallet.
We will then post a list of snapshotted addresses showing all accounts holding swNFTs and the commensurate amount of swETH that will be airdropped.
Once the NFT is gone, your allocation of swETH will be sent to the wallet holding the NFT in the snapshot within a few days.
For every ETH that you staked in the guarded launch, you will receive 1 swETH. The value of this swETH is determined by the swETH:ETH exchange rate, which takes into account all of the staking rewards that have accrued since the ETH was first staked.
As a former swNFT holder, you will also receive an allocation of pearls in the Swell Voyage. More details on that are coming soon.
Follow us on Twitter and join the conversation in Discord to stay up-to-date with Swell.
Note: this post was edited on May 12th to reflect a one week extension in the timeframe of swNFT migration due to persistently high gas prices.