Liquid restaking with rswETH

Earn uncapped restaking rewards without locking your liquidity.

Get Pearls and Points

Pearls represent a claim to SWELL tokens, and Restaked Points measure your contribution to the shared security of the EigenLayer ecosystem.

Earn future restaking rewards

rswETH gives you uncapped access to EigenLayer, giving you unlimited access to future restaking rewards by contributing economic security to a range of different protocols.

Unlock the value of your restaked assets

Receive restaking rewards while also using your rswETH in DeFi.

How it works

01

Deposit ETH

Deposit ETH in the Swell app under 'Restake'.

02

Get rswETH

Receive freshly minted Restaked Swell Ether (rswETH).

03

You get restaking yield 

As a reward-bearing token, the price of rswETH rises as rewards from staking and restaking accrue.

04

And, you can still use your rswETH in DeFi! 

Retain control of your rswETH and utilize it in DeFi to earn additional yield.

Supported by the Liquid Restaking Council

Leading players in the emerging restaking ecosystem are supporting the development and delivery of rswETH.

AltLayer
Witness Chain
Stakely
InfStones
Pier Two
Hashkey Cloud
Everstake

Start earning restaking rewards by minting rswETH

Restake

FAQs

What is rswETH?

Restaked Swell Ether (rswETH) is a tokenized version of Ether restaked on EigenLayer. Technically speaking, rswETH is a native Liquid Restaking Token (LRT).

What is a native Liquid Restaking Token?

As a native LRT, rswETH deposits are uncapped. 

Under the hood, the Swell DAO validators for rswETH are integrated directly with EigenLayer.

Read more about Native Restaking in the EigenLayer docs.

What is EigenLayer?

EigenLayer is a protocol built on Ethereum that introduces the new cryptoeconomic primitive of restaking. Restaking on EigenLayer enables stakers to earn additional rewards by securing multiple Actively Validated Services (AVSs), which are protocols that require distributed validation. This includes: oracles, bridges, sidechains, virtual machines, and other systems that need to bootstrap decentralized security in an efficient and effective way.

How are restaking rewards distributed?

rswETH is reward-bearing, which means that it increases in price as staking and restaking rewards accrue. 

This can be tracked through the ETH:rswETH exchange rate, which shows the relative value of total restaked ETH including rewards, vs the original amount of ETH that has been restaked.

What will I earn by holding rswETH and natively restaking ETH on EigenLayer?

For now, you will earn Pearls and EigenLayer Restaked Points.

  • Pearls can be used to claim SWELL tokens at the token generation event (TGE), which is scheduled for late Q1, 2024.
  • EigenLayer Restaked Points are a measure of your contribution to the shared security of the EigenLayer ecosystem.

When EigenLayer onboards Actively Validated Services (AVSs) to mainnet, restaking yields will flow to rswETH holders.

Will I still be able to use rswETH in DeFi?

Yes, restaking with rswETH enables you to earn restaking rewards while also using rswETH in DeFi.

Can I see my EigenLayer Restaked Points in the Swell app?

An estimation of your EigenLayer Restaked Points will be visible on the Swell app. Due to the way in which EigenLayer Points are calculated, this estimated number may diverge by up to a few percentage points from the actual figure.

Is there a cap?

There is no limit to the amount of ETH that can be natively restaked into EigenLayer with rswETH.

What are the fees on rswETH?

For the first 30 days following the launch, rswETH holders will pay zero fees. Then the fees will be 10% of staking rewards.

Can I use rswETH in DeFi?

Yes, restaking with rswETH enables you to earn restaking rewards while also using your rswETH in DeFi. The first DeFi integrations will be available in the days following the launch.

Will I earn Pearls with rswETH?

You can collect Pearls with rswETH in the same way as with swETH. That includes ongoing Pearls for holding rswETH and using it in DeFi, along with a bonus of 30 Pearls for each new minted rswETH. 

Will I get rswETH by restaking swETH on EigenLayer?

No, you will not get rswETH by restaking swETH on EigenLayer. 

To get rswETH, you need to restake through the Swell app, which deposits your ETH into a separate restaking pool.

Learn more about the difference between rswETH and restaking swETH in our blog: What is restaking?

Can I withdraw or swap rswETH for ETH?

Withdrawals are not yet live for rswETH. This will be enabled in the coming weeks.

Swaps are possible on the secondary market through the use of DEXs or DEX aggregators. Note that swaps may not be available in the hours immediately following the launch.

What is the relationship between swETH and rswETH?

swETH and rswETH are complementary and serve different purposes.

In the future, we expect Liquid Restaking Tokens (LRTs) to gradually absorb Liquid Staking Tokens (LSTs). As such, we will future versions of rswETH will enable swETH to be staked in exchange for rswETH.

Do referrals work with rswETH?

Referrals will be made available for rswETH at a later date.

Do swETH and rswETH earn the same amount of EigenLayer Points?

Although both swETH and rswETH could be expected to earn roughly the same number of EigenLayer points over long periods, there may be some short-term variance due to a difference in the way that native restaking is set up within EigenLayer.

While swETH restakers start earning Points immediately upon restaking, native restakers (rswETH holders) only start earning points when the validator has been registered on the beacon chain, which can take more than 18 hours. The loss of Point earnings during this period is spread across all holders, resulting in rswETH holders potentially earning slightly fewer Points compared to swETH restakers.

How is the vault secured?

The stETH vault is built on Enzyme, a battle-tested non-custodial platform that allows you to retain control over your funds.

Is the vault custodial? Who controls the vault?

Funds in the vault are controlled on-chain by smart contracts. Neither Enzyme nor Swell has control over deposited funds.

Can I withdraw at any time?

Deposits are locked for the first seven days. Following this period You can withdraw at any time for a small fee (0.5% to sweth, and 2% to stETH)

What happens to the stETH when I deposit?

The stETH you deposit is (unstaked from Lido?) swapped into swETH on a DEX.

What are vault shares?

When you deposit funds in the vault, new vault shares are minted. The opposite happens on the way out, with vault shares burned.  Vault shares are ERC-20 tokens and can't be transferred.

Can I deposit by sending assets directly to the vault address?

When you deposit funds in the vault, new vault shares are minted. The opposite happens on the way out, with vault shares burned.  Vault shares are ERC-20 tokens and can't be transferred.

What are Pearls?

Pearls are off-chain tokens in Swell’s pre-token airdrop campaign, they will be converted to SWELL governance tokens at its conclusion.

Has Swell committed to self-limiting?

Swell intends to self-limit to 22% of all validators to ensure maximal Ethereum alignment.

Is Swell incorporating DVT?

Swell believes in a dynamic liquid staking market that preserves the diversity and decentralization of Ethereum. That's why we are moving towards a permissionless operator set which will be enabled by mechanisms such as DVT, bonding, and others.