Swell Network announced that a snapshot will be taken on July 30th.

Wu learned that $Swell Network announced that a snapshot of Pearls will be taken at midnight UTC on July 30, 2024. After the snapshot, users will enter a new Wavedrop mechanism, with the opportunity to receive $SWELL rewards every ten weeks. The first Wavedrop is scheduled for October 8, 2024, where 2% of the $SWELL supply will be distributed to Black Pearl holders. Future Wavedrops will distribute 1% of the total supply each time. Additionally, $Swell L2 deposits will receive a 1.5x ecosystem airdrop multiplier reward. $Swell previously secured a $3.75 million seed round investment from IOSG and Framework Ventures in March 2022.