Research Summary
The report discusses the success of Swell’s Voyage 1 campaign and introduces the Voyage 2 campaign. It highlights the new Zap feature, which allows users to convert any ERC-20 token into swETH and earn pearls. The report also compares Swell’s strategy with other players in the field, such as Lido, Rocket Pool, and frxETH, and discusses Swell’s future potential.
Key Takeaways
Swell’s Voyage 1 Success
- Impressive Performance: Swell’s Voyage 1 campaign was a significant success, attracting over 48,000 ETH staked on the platform and placing it among the top 10 LSD protocols in the market. The platform also boasts over 10.3k active stakers and 1,486 validators.
Introduction of Voyage 2
- New Zap Feature: The key feature of Voyage 2 is the Zap feature, which allows users to convert any ERC-20 token into swETH in a single operation. Each swETH zapped earns the user 40 pearls, with additional bonuses available for the most obscure Zap and large Zaps.
Comparison with Other LSD Protocols
- Unique Onboarding Approach: Swell’s onboarding approach, which involves an airdrop campaign, sets it apart from other LSD protocols like Lido and Rocket Pool, which did not have any elaborate airdrop or social campaigns. Swell’s strategy has allowed it to attract over 47K ETH to the platform.
Future Potential of Swell
- Yield and Partnerships: Swell’s future growth strategy involves offering competitive staking yields and forming partnerships with other projects to create products that use swETH. These products can generate additional yield for users. Swell will also be launching its own vaults for additional earning potential.
Token Generation Event (TGE)
- Anticipated TGE: The Token Generation Event (TGE) for Swell is forecasted for late Q4. After the TGE, users can redeem their pearls for $SWELL tokens.
Actionable Insights
- Investigate the Potential of Swell’s Voyage 2: With the introduction of the Zap feature and the potential to earn pearls, it may be beneficial to explore the opportunities presented by Swell’s Voyage 2 campaign.
- Consider the Benefits of Swell’s Partnerships: Swell’s partnerships with other projects could provide additional yield opportunities for swETH holders. It may be worth investigating these partnerships and their potential benefits.
- Monitor the Upcoming TGE: The upcoming Token Generation Event (TGE) could present opportunities for users to redeem their pearls for $SWELL tokens. Keeping an eye on this event could be beneficial.
