What is the issuance and circulation of Swell Network (SWELL) coins?

The Swell Network's native cryptocurrency, SWELL, serves as the foundation for transactions, staking, and governance within its decentralized blockchain ecosystem.

Dec 07, 2024 at 11:00 am

What is Issuance and Circulation of Swell Network (SWELL) Coins?

1. Understanding Swell Network (SWELL)

Swell Network is a decentralized, secure, and scalable blockchain platform designed specifically for the development and deployment of decentralized applications (dApps). The SWELL coin is the native cryptocurrency that powers the Swell Network and enables various functions within its ecosystem.

2. Issuance of SWELL Coins

The initial issuance of SWELL coins was conducted through a public token sale held in 2018. A total of 1 billion SWELL coins were created, out of which 630 million were made available for sale. The token sale raised around $70 million and attracted significant interest from investors.

3. Distribution and Allocation of SWELL Coins

The distribution of SWELL coins after the token sale was divided among several participants. The allocation was as follows:

• Team and Advisors (20%): 200 million SWELL coins were reserved for the Swell Network team and advisors to support the project's development and operations.
• Community Fund (15%): 150 million SWELL coins were allocated to a community fund to support projects and initiatives that align with the Swell Network's mission.
• Marketing and Development (10%): 100 million SWELL coins were set aside for marketing and development efforts to promote the network's adoption and growth.
• Partners and Investors (55%): 550 million SWELL coins were distributed to early investors, partners, and contributors who supported the project during its early stages.

4. Circulation of SWELL Coins

Once the token sale was completed, the SWELL coins were released into circulation. The coins are used for various purposes within the Swell Network ecosystem, including:

• Transaction Fees: SWELL coins are used to pay for transaction fees on the Swell Network. This helps cover the operational costs of maintaining the blockchain and ensuring its security.
• Staking: SWELL coins can be staked to earn rewards and support the network's security. Staking involves locking up coins for a period of time to participate in the validation process.
• Governance: SWELL coin holders can participate in the governance of the Swell Network by voting on proposals that affect the network's development and operations.

5. Current Supply and Market Cap

As of March 2023, the circulating supply of SWELL coins is approximately 500 million, with a market capitalization of around $20 million. The coin's price has been relatively stable over the past year, with fluctuations primarily driven by market conditions and network developments.