Swan
A white porcelain swan resting on black mirror water.

A dollar for black swan events

A DAO-governed stablecoin backed by wstETH, built on Monolith.

Launching Thursday, 22 October at 16:00 UTC.

The launch airdrop

How it works

  1. wstETH

    Collateral

  2. swanUSD

    The stablecoin

  3. sSwanUSD

    Staked, earns interest

  4. SWAN

    Governance and rewards

  • Mint at 0% or a variable rate
  • Redeemable for wstETH
  • 1:1 swaps with sUSDS

How Monolith works

Why it matters

Lower risk by design

No custodian, freezing, or bank exposure.

Rules that cannot drift

Immutable within four years at most.

Real yield for holders

Stakers earn borrower interest, plus SWAN.

The Swan launch airdrop

100,000SWAN

An equal share for every qualifying address.

  • Curve
  • Convex
  • Yearn
  • Stake DAO
  • Inverse

1,000 sSwanUSD · 7 days · by 19 November at 16:00 UTC

Check eligibility
TODO 10 placeholders before launch
  1. eligible-address list (add the snapshot CSV to data/)
  2. end date of the 21-day missing-address window
  3. where users request a missing address
  4. how direct and SWAN-rewards-staked sSwanUSD combine, and whether moving between the two keeps a run alive
  5. what happens to rounding dust from the equal split
  6. Swan site URL (domain undecided)
  7. Swan market in the Monolith app
  8. link to stake swanUSD as sSwanUSD
  9. link to deposit sSwanUSD in SWAN-rewards staking
  10. vector swan mark (SVG) from the brand folder; this PNG is a 111x134 crop. Also regenerate src/app/icon.png

Fill them in src/config/swan.ts and data/, then run yarn check:placeholders.