TL;DR
- You’re invited to join a Voyage to become a citizen of the Swell DAO.
- You can now earn pearls! Descend into the ocean and collect valuable pearls that will be redeemable for $SWELL at the TGE.
- Early Voyagers, including holders of Swell Discord roles, have a head start: They have already been earning pearls in exchange for helping to prepare for the Voyage, and are in a good position to maximize the number of pearls that they collect in total.
- Pearls can be collected by holding swETH and providing liquidity (LPing). Eligible pools include Balancer, Aura, Maverick, Bunni and Pendle. More pools will be added in future, along with more opportunities to earn pearls by using swETH in DeFi.
- All Voyagers have the opportunity to work together towards community milestones: If everyone collectively manages to hit 50,000 ETH in TVL, then the total size of the distribution program will increase by 40%!
- You can learn how to stake and provide liquidity in our walkthrough, Become a Voyager, and track your participation and progress on the Voyage dashboard. Your pearl count will update every five minutes.
Update: as of June 8th 2023, you can earn 20 pearls for every swETH minted through the app.
Welcome aboard!
The Voyage will take you deep into the depths of the ocean, where you will have the opportunity to collect valuable pearls.
Each pearl represents a portion of the $SWELL airdrop, and will ultimately give holders governance tokens at the final destination deep beneath the waves.
Along the way, everyone will get a chance to help build a liquid staking token that serves the Swell Aquanauts, DeFi, and the broader Ethereum ecosystem alike.
Looking ahead, each chapter of the Voyage will have a slightly different objective, but everyone can continue staking and providing liquidity (LPing) through the whole Voyage to collect the maximum amount of pearls.
At the end of Voyage, each of you will have been a part of a unique story; you'll have experienced a new kind of liquid staking, delved deep into the depths of DeFi, and met new frens on the way to creating a genuine community-led DAO.
Together, you and the rest of the Voyagers will ultimately inherit the city of Swell, and the pearls that you hold will be redeemable for your rightful place to govern and usher in a new era of LSDfi.
Prelude: Sea Level
Preparation for the Voyage began with the opening of Swell staking to the public, and ended at 02:00 AM UTC on May 24th, 2023.
During this period, early Voyagers collected pearls based on their:
- swETH holdings
- swETH LPing in Balancer, Aura, Uni v3, Maverick, Bunni, and Pendle.
Pearls were collected by both staking and LPing. But LPing enabled Voyagers to collect pearls at a higher rate.
Many early Voyagers also helped with preparation in other ways; either by staking in the previous Guarded Launch, earning Discord Roles for helping spread the word about Swell, or donating to the cause on Gitcoin.
To reveal the pearls that your efforts have yielded, simply sign into your Voyage dashboard. If you have questions, please check the FAQ at the end of this blog or reach out to us in Discord. The Swell team and the Aquanauts are working around the clock to create the most exciting, fun, and memorable staking experience for all Voyagers!
As the descent begins, there will be more opportunities to collect pearls that lie hidden beneath the surface of the ocean.
Chapter 1: Sunlight Zone
As the countdown strikes zero, the Voyage begins to descend beneath the waves.
The descent will take you through several interactive and community-centric chapters. Exact details can’t be determined in the darkness of the ocean, but the general trajectory is clear — towards a new era of liquid staking and LSDfi!
Chapter 1 of the Voyage takes place in the Sunlight Zone, which is the uppermost layer of the ocean and home to a rich and vibrant ecosystem.
How to collect pearls
During Chapter 1, all voyage participants can collect pearls by staking and LPing in the eligible pools mentioned above. The amount of pearls you collect is both a factor of size and time; the more swETH you hold or LP, and the longer you hold or LP it for — the more pearls you collect.
As in the prelude, pearls can be collected by both staking and LPing. But LPing enables Voyagers to collect pearls at a higher rate.
Your pearl count will update on the Voyage dashboard every five minutes.
Community bonus milestones
All Voyagers have the opportunity to work together towards community milestones: If everyone collectively manages to hit 50,000 ETH in TVL, then the total size of the distribution program will increase by 40%!
Together, the Swell community is much more powerful, and the distribution of governance reflects that.
Onboarding the Swell Diving Club
Some of Swell's closest allies in the liquid staking ecosystem have also joined the Voyage, and will be diving deep into the sea alongside the Aquanauts.
These communities and teams have been supportive of Swell since the earliest days of our efforts to build a new gateway to LSDfi. They represent some of the vanguards of the new generation of DeFi, NFTs, and staking innovation, and help to preserve the culture of diversity, dynamism, and differentiation that helps the Ethereum ecosystem to thrive.
We tip our hats to these communities, and offer them a symbolic joining bonus of pearls as a gesture of our appreciation.
Update: the Swell Diving Club bonus ended on June 28, 2023.
Governance tokens
Wallets holding the following governance tokens (at least 0.1 ETH worth) were snapshotted at Ethereum block #17119845 (when Swell was made public) for this special opportunity:
- Aura (vlAURA)
- Alchemix (ALCX)
- Pendle (vePENDLE)
- Olympus (OHM, gOHM)
- unshETH (USH)
- Tokemak (TOKE)
- Timeless Finance (veLIT)
- Stake DAO (veSDT)
- Yearn (YFI)
To claim this joining bonus of 40 pearls, owners of the snapshotted wallets will need to mint 0.2 swETH before Chaper 2 begins.
NFTs
Onwer of wallets that held NFTs from the following collections on the snapshot date (above), are also eligible to collect a joining bonus of 40 pearls when they mint 0.2swETH before Chaper 2 begins.
- Miladys (MIL)
- EVMavericks (EVM)
- LobsterDAO (LOBS)
- Remilio (TEST)
Owners of wallets that meet these qualifications will be able to collect their extra pearls as the Voyage passes through the Twilight Zone.
As the Voyage continues and more projects build on Swell and swETH, the Diving Club is expected to grow. We are open to exploring partnerships and collaborations.
Chapter 2 and beyond
Beneath the sunlit upper layers of the ocean, the following chapters will take you down into a realm of perpetual darkness.
The exact duration of the Voyage remains to be seen, but you will be charting a course through this unexplored territory. Along the way, you can expect to discover more opportunities to collect pearls as the community grows, swETH liquidity deepens, and the Swell ecosystem expands. More details will be revealed as you get closer to the final destination.
Final Destination: Swell City
After descending all the way to the bottom of the ocean, you can expect to arrive at your final destination, where all the pearls collected will play their role in the decentralized governance of Swell.
Until then, join the conversation on Discord, follow us on Twitter, and track your participation and progress on the Voyage dashboard.
We wish you all a safe Voyage!
FAQs
What is the Voyage?
The Swell Voyage is Swell’s journey from launch to maturity, and comprises a series of chapters that will see governance rights distributed to early community members.
What are pearls?
Pearls represent the individual participation of each user in the voyage. They will be redeemable for $SWELL tokens at the TGE.
How do I earn pearls?
Pearls are earned in a number of ways.
Throughout the duration of the Voyage, you can collect pearls by holding swETH and providing liquidity (LPing) in the eligible pools, including Balancer, Aura, Maverick, Bunni and Pendle. Learn more about how to stake and provide liquidity in our walkthrough: Become a Voyager.More pools will be added in future, along with more opportunities to earn pearls by using swETH in DeFi.
As of June 8th 2023, you can also earn 20 pearls for every swETH minted through the app.
How are pearl rewards calculated?
The main way that pearls are earned is by holding swETH or LP positions. The way pearls are calculated is based on the amount of these eligible tokens you hold, and the length of time you are holding them for.
I am holding swETH and/or the eligible LP positions, why can’t I see my pearls or swETH, LP position on the Voyage dashboard?
If you are holding swETH or any of the eligible LP positions, you will be earning pearls. Your pearl count, swETH and LP positions will be updated every five minutes.
I either hold a Discord role, or eligible assets from one of the Diving Club communities. How do I check if I’m included?
You will have a tick in the relevant box on the Voyage frontend.
If you do not see a tick in the relevant box, that is because we are in the process of collecting Gitcoin participants and some of the eligible communities (Alchemix and EVMaverick) so bear with us! If you hold an eligible Discord role, we are currently collecting the relevant information now in the Discord.
If you minted a swNFT and do not have the relevant box ticked, reach out on Discord!
When do Discord role holders and Gitcoin donors receive pearls?
These groups received pearls at the beginning of Chapter 2.
What happens if I increase or decrease my swETH or LP position during a chapter?
Firstly, you’ll be earning either more or less native ETH staking yield.
Regarding the Voyage, the pearls that you have already earned won’t be affected, but the rate at which you earn future pearls will be affected by the position change.
What are community bonus milestones?
When everyone collectively manages to hit these deposit goals, then the entire community is rewarded as the total size of the distribution program increases. More info on these soon.
What is the best way to stay up-to-date with the Voyage?
Join the conversation on Discord, follow us on Twitter, and track your participation and progress on the Voyage dashboard.
