TL;DR
- Chapter 2 has begun!
- You can now earn Pearls by referring new stakers
- Crosschain swETH is coming in the next few days
- More ecosystem integrations will follow, including CDPs
Welcome to Voyage Chapter 2: The Twilight Zone!
Since departure, the Voyage has descended deep into the ocean, attracting 47,000+ in staked ETH, and helping Swell quickly break into the top ten largest liquid staking protocols.
The Twilight Zone takes us another step closer to the token generation event (TGE) at Swell City.
In this new chapter, you’ll be able to boost the growth of Swell through unique commmunity-driven mechanisms, explore new blockchain frontiers on Layer 2s, and expand the swETH ecosystem by collecting Pearls in even more protocols.
Introducing the Twilight Zone
To kick off Chapter 2, we are introducing Referrals, a completely new way to earn Pearls by referring new stakers to Swell! This will soon be followed by the expansion of swETH to our first Layer 2: Arbitrum, with more chains to follow soon after!
At the same time, we are saying goodbye to some features of Chapter 1:
- Discord role rewards. Holders of eligible Discord roles — OGs, Gitcoin Donors, Divers, Navigators, and Submariners — and Diving Club members, have now had their pearl bonuses paid out. Please refer to the FAQ below for the bonus amounts.
- Minting bonus. The 20 pearl bonus for minting swETH through the app is no longer active and has been superseded by Referrals.
- Boosted $SWELL APR: As new Pearl-earning mechanisms are introduced, the boosted $SWELL APR has been removed from the website. This supports alignment with best practice compliance for the protocol, and reflects the variance of boosted $SWELL APRs as a result of Pearl rewards from the referral program.
As in Chapter 1, you can continue to earn Pearls by holding and LPing swETH in Chapter 2. LPing still earns more Pearls than holding.
Referrals — collect pearls by referring new Voyagers!
You can now earn Pearls by growing the ranks of the Swell Voyagers through Referrals.
Refer new Voyagers in 3 simple steps:
- Create your unique referral link
- Share your link with a prospective Voyager
- Both you and your referee earn 10 Pearls for each swETH that they mint through the link
For example,
Alice shares her referral link with her friend Bob. He then clicks on the referral link and mints 5 swETH. Bob and Alice both receive a referral bonus of 50 Pearls.
Rules and Guidelines
- Buying swETH on the secondary market is not rewarded with Pearls. The Referral bonus only applies minting swETH via the app, and not buying on the secondary market. Holding, LPing, and using swETH in certain partner DeFi protocols will continue to accrue pearls.
- Referral links can be used by existing stakers. For example, you could pass your link to your friend who is already staking with Swell, and he could use it to get you both a referral bonus. This is not against the rules.
In order to prevent abuse and ensure that Referrals successfully help grow the Swell ecosystem and attract new staked ETH. Conducting these activities will result in you being excluded from the Voyage and losing your entitlement to Pearls:
- Staking with your own link
- Looping — i.e. using the same amount of ETH to generate rewards multiple times by selling swETH for ETH to repeat the process
- Referring fake accounts (anti-sybil mechanisms are in place).
Swell may extend the list of unwanted activities that do not make a positive contribution to the Voyage.
As long as you follow the rules, you are free to promote your referral link however you choose: Share it with friends and family, post it on Twitter, or make a referral banner for your website — let's bring liquid staking to everyone!
Chapter 1 Pearl Reconciliation Period
During Chapter 1, Pearls earnt by stakers interacting with Swell through Argent wallets, or LPing on Equilibria, the new Balancer V1 pool, and the Sommelier Vault, did not show on the Voyage Dashboard. These Pearls are still being tracked and will be added to the Voyage Dashboard in Chapter 2.
Onwards, Voyagers!
When we reach the token generation event at Swell City, you will be able to claim $SWELL tokens with your Pearls. This event was previously forecast for mid-late Q3, but is now expected to happen later in the year as a result of various unforeseen events such as our liquidity migration efforts
To stay up-to-date with the Voyage, join the conversation on Discord and follow Swell on Twitter.
FAQ
When will I get my Pearl bonus for being a Diving Club member or holding a Chapter 1 Discord Roles?
Pearl bonuses have now been distributed to Diving Club members and accounts holding Chapter 1 Discord Roles of Diver, Submariner, Navigator, plus Gitcoin donors and Swell OGs.
How much are the Pearl bonuses for Chapter 1 Discord Roles?
Note that the Swell OG Bonus and backdated Pearl rewards were not delivered with the start of Chapter 2. This OG pearl package was distributed back in early June, shortly after the burning of the swNFTs.
When will the referral program end?
Swell maintains the rights to stop, pause, and resume the program at any time.
When will pearls earned for referring new Voyagers be received?
Pearls will show on your dashboard within five to ten minutes,
What if my pearl rewards are wrong?
If you believe there is an error in the calculation of your Pearl rewards, please wait until the end of the reconciliation period for it to be rectified. If the error is still outstanding at this point, then please open a support ticket in Discord.
