After months of development, all Swash users are now officially operating on Data Union 2.0. As the largest Data Union in the network, it was clear that migrating Swash to DU2 was going to take some effort and ongoing collaboration with the Streamr team to ensure it was done as smoothly as possible. This process took longer than expected, especially with rapid user growth over recent months, but it is now officially complete!
Swash members can now:
- Claim referral rewards
- Withdraw earnings for free using xDai sidechain
- Stake liquidity on Honeyswap using DATA earnings
Keep reading to find out what this means to Swash members, and don’t forget to check Streamr’s blog for more details.
Claim your referral rewards
One of the long-awaited features of Data Union 2.0 is the ability to withdraw your referral earnings. Over 17,685 referrals have been made since the program was introduced last year, which continues as follows:
- 1DATA for every new person you bring to Swash
- 1000DATA for the person who brings the most new referrals each month
To make a referral, just share the referral link found in the Settings page of the Swash extension.
When you’re ready to claim your referral earnings, click the ‘Claim’ button in your wallet page to add the amount to your balance.
Withdrawing your earnings
As before, you can choose to withdraw your earnings to any Ethereum address on the Ethereum mainnet. However, when you do this, you will need to make sure you have enough funds in your wallet to cover the transaction fee.
The Ethereum network struggles with high gas fees, making the withdrawal process difficult and costly. Now, with DU2, you can also choose to withdraw to the sidechain using the xDai network.
This makes transactions more predictable due to being pegged to a stablecoin. It also means that transactions cost just a fraction of a cent - a huge difference compared to the high prices of Ethereum gas fees - and Swash will cover the cost of xDai transactions for you!
Bug fixes and improved security
One issue that has troubled Swash members is a persistent zero balance, even several days after installation. Now that the migration is complete, this issue should be resolved.
Swash users are now stored on the Data Union smart contract on xDai network, rather than in a centralised server like in the previous version. This adds another layer of security and brings Swash another step closer to decentralisation.
DeFi capabilities with Honeyswap
Streamr created a DATA/DAI liquidity pool on Honeyswap to allow token holders to swap their DATA to other tokens. You can use Honeyswap to trade your DATA earnings or to provide liquidity to a DATA liquidity pool.
Withdrawing using xDai:
Using xDai is faster and Swash will cover the cost for you! 🎉
Set up your wallet according to the following instructions to receive your earnings (it only takes a few minutes!):
1. Connect your Metamask to xDai
2. Add DATA as a token in your Metamask xDai wallet using the 'Add Token' button. You can find the DATA Token Contract Address here
3. Copy the Metamask xDai wallet address you just created and paste it in the 'Recipient wallet address' box below and click 'Withdraw'
Follow the links below to get started with Honeyswap:
- How to setup xDai network on Metamask
- Browse Honeyswap pools
- DATA/DAI pool on Honeyswap
- Transfer DAI from xDai chain to Ethereum mainnet
- Transfer any ERC-20 token from/to xDAi/Ethereum
Swash makes it possible to earn as you surf the web. It aims to redesign the data economy to work to the benefit of everyone, with the belief that this is only possible by rewarding everyday internet users for the value of their data and by recognising every individual as an integral part of the data economy.
With Swash, everyone can profit from the value of their data. By redefining how data is collected and valued, Swash aims to accelerate change and set new standards for our data economy.