We have always considered and designed SWM to be a utility token, and have written a number of posts about that. It's utility can be demonstrated in that it:
* Is used to pay for GAS when investing
* Grants token holders voting rights in the platform
* Can be earned for participating in voting and other actions on the platform
* Incentivizes 3rd party services like legal, tax, accounting, etc...
See here for more details: https://medium.com/swarmfund/swm-574d25800d8c