Swell Network is a decentralized finance platform that has announced its upcoming airdrop event. The Token Generation Event (TGE) is anticipated in the first quarter of 2024. This platform provides opportunities for users to earn rewards and engage with its ecosystem through various activities.
What Is Swell Network?
Swell is a non-custodial liquid staking protocol designed to offer a seamless liquid staking experience, simplify access to decentralized finance (DeFi), and support the Ethereum network’s security. Users can stake ETH to earn rewards and receive a yield-bearing liquid staking token (LST). This token can be held or used across the DeFi ecosystem to generate additional yield.
Understanding Pearls on Swell Network
What Are Pearls?
Pearls are reward points within the Swell ecosystem. These points will be converted into $SWELL tokens during the Token Generation Event.
How to Earn Pearls
There are several methods to accumulate Pearls:
- Staking ETH for $swETH: Earn 30 Pearls for each ETH staked.
- Restaking $swETH on EigenLayer: Earn an additional 30 Pearls per ETH restaked.
- Referral Program: Receive 10 Pearls for every ETH staked by a user you refer.
Step-by-Step Guide to Earning Pearls
Follow these steps to begin earning Pearls:
- Connect Your Wallet: Access the Swell Network interface and connect a compatible Web3 wallet.
- Stake ETH: Deposit your ETH to receive $swETH. Please note that unstaking may not be immediately available.
- Restake on EigenLayer: Go to the "Restake" section and deposit your $swETH into EigenLayer to maximize your Pearl earnings.
By completing these steps, you also accumulate EigenPoints, which are part of the platform’s broader reward mechanism.
👉 Explore more strategies to maximize your airdrop rewards
Key Considerations for Participation
Setting Up a Wallet
To interact with the Swell Network, you will need a Web3-enabled wallet, such as MetaMask. Ensure your wallet is properly configured for the Ethereum network to facilitate smooth transactions.
Risk Awareness
Participating in decentralized finance involves risks, including smart contract vulnerabilities and market volatility. It is essential to conduct thorough research and understand these risks before committing funds. Always refer to the platform’s official documentation for detailed risk disclosures.
Additional Information
For comprehensive details about Swell Network’s features, including its integration with EigenLayer, consult the project’s official documentation and announcements.
Frequently Asked Questions
What is the Swell Network airdrop?
The Swell airdrop is an event where the network distributes its native $SWELL tokens to users who have participated in its ecosystem by earning Pearls through activities like staking and restaking.
How are Pearls converted into tokens?
Pearls are expected to be converted into $SWELL tokens at a predetermined ratio during the Token Generation Event (TGE). The exact conversion rate will be announced by the team closer to the event.
Can I unstake my ETH after staking on Swell?
As of now, unstaking is not available. It is important to be aware of the lock-up terms and conditions before you decide to stake your assets.
What are the risks of participating?
Primary risks include smart contract bugs, the volatility of crypto assets, and protocol dependency changes. Always assess your risk tolerance and do your own due diligence.
Is there a deadline to earn Pearls?
While there hasn’t been an official cutoff date announced, it is generally advised to participate before the TGE to qualify for the airdrop.
Do I need to complete KYC to receive the airdrop?
Most airdrops in the DeFi space do not require KYC. However, always check the latest official guidelines from Swell Network for any specific requirements.
Conclusion
The Swell Network airdrop presents a notable opportunity for users to engage with a leading liquid staking protocol and be rewarded for their participation. By staking, restaking, and utilizing referrals, you can accumulate Pearls in anticipation of the $SWELL token distribution. Stay informed, prioritize security, and understand the involved risks to make the most of this event.