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The Decentralized Protocol for Fixed-Rate Lending & Tokenized Yield

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Swivilian Update: Ambassador NFTs & Euler Distribution

A quick review of two major recent events for our community -- Ambassador NFT redemptions & Euler exploit recovery.

Julian Traversa

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Julian Traversa

May 5, 2023

As the chaos of recent months has begun to turn from banking turmoil to shitcoin madness, we at Swivel are looking towards the future and our upcoming Swivel v4 announcement and launch.

That said, as of today, May 5th, we’re excited to announce the conclusion of two major community efforts:

Ambassador NFT Reward Redemption
Euler Redemption Distribution

Ambassador NFT Redemption

As mentioned in our last Swivilian Update, top crew3 Swivilian Ambassadors were rewarded with unique Swivilian Ambassador NFTs as a token of our appreciation for their efforts.

As a further way to demonstrate the unique benifets Swivel offers to lenders, each NFT was also infused with a frxETH position on Arbitrum.(hinting to an upcoming release!)

As of today, May 5th at 11:00 UTC, each NFT is redeemable for a given amount of sfrxETH respectively:

Platinum Ambassador NFTs — 0.102 sfrxETH
Gold Ambassador NFTs — 0.026 sfrxETH
Silver Ambassador NFTs — 0.013 sfrxETH

Redeeming your NFT

To redeem your NFT you may follow one of two routes, either direct redemption through Etherscan, or indirect redemption through Opensea.

Redeeming through Opensea

To redeem your NFT through Opensea, you follow the normal workflow for “selling” your NFT.

To facilitate this easy route for redemption, we have placed collection orders at face value for each NFT. Further, once sold a new “redeemed” NFT is minted that can no longer be transferred.

Step 1 — Navigate to your NFT on Opensea

Step 2 — Redeem your NFT!

To complete redemption, simply sell your NFT back to Swivel!

You will be minted in return a “redeemed” Ambassador NFT that records your participation in perpetuity!

Redeeming through Etherscan

Direct redemption through Etherscan will open Saturday at 7:00 UTC. To redeem your NFT, likewise first you begin by viewing it through your choice of wallets or exchanges.

Step 1 — Navigate to your NFT on Opensea

Step 2 — Identify the token ID of the NFT you own!

Step 3 — Navigate to the NFT contract address on Etherscan

Step 4 — Navigate to “Contract”, click “Redeem”, and enter your ID to redeem your sfrxETH!

Euler Exploit Redemption Distributions

As of today, May 5th 2023, all user funds have been distributed following the critical $200m exploit in Euler finance.

All zcToken holders were returned the face value of their deposits before maturity, ensuring fixed yield lenders actually had their yield amplified significantly (in many cases upwards of 2-3x).

All nToken holders, regardless of variability in Euler’s rates and the paused state of their marts, were also returned up to 3x their expected return value.

With all users now made more than whole, we would like to reiterate our commitment to security and diligence in our choice of partners.

In this scenario, there was little to indicate security vulnerabilities in Euler, and likewise there was little to indicate a return of funds would be possible.

That said we are elated to say that not only are all of our users made whole, but the yields they generated eclipsed any other expected yields on mainnet as a result of the strange Euler distribution plan.

Conclusion

While the entire space has faced significant tribulations over the past months, Swivel has come out with all users made more than whole and our runway more than in tact.

Our community is growing and alongside it our ambassadors are pushing towards the next stage of Swivels journey with Swivel v4 and the Swivel Staking Module!

Keep an eye out for more information on Swivel v4 and stay tuned for another space next week alongside our partner protocol Illuminate !

About Swivel Finance

Swivel is the protocol for fixed-rate lending and tokenized cash-flows.

Currently live on Ethereum, Swivel provides lenders the most efficient way to lock in a fixed rate as well as trade rates, and liquidity providers the most familiar and effective way to manage their inventory.