Stormy weather is washing over DeFi, with concerns about the health of Curve creating uncertainty and turbulence across the market.
Nevertheless, growth has continued at Swell. We are still rising up the liquid staking leaderboard, with around 44,000 ETH staked by more than 10,000 unique stakers at last count. This has been matched by a rise in the number of swETH integrations, including our very first collateralized debt protocol: Gravita.
Without further ado, let’s wade into the water of this fortnight’s Deep Dive.
💰Buy swETH at a discount
We've introduced a new feature to the app that links to ParaSwap, where you can currently get a discount for buying swETH on the secondary market. Data is provided by our oracle partner Redstone.
Try it out at app.swellnetwork.io
🎉10,000 stakers join the Voyage
More than 10,000 pearl hunters have now joined the Voyage by staking ETH for swETH.
And, with almost 45,000 ETH staked, we are around 90% of the way to the first community milestone bonus. This will be unlocked when we hit 50K ETH, and will result in the total size of the voyage airdrop allocation increasing from 5% - 7%.
🧪 Earn 2x pearls by migrating your Balancer swETH liquidity
As part of Balancer’s composable stable pool migration, swETH LPers in Balancer’s Boosted swETH Pool (swETH-bb-a-WETH) need to migrate their liquidity to continue receiving Balancer incentives. This includes LPers in protocols built on Balancer, such as Aura, Pendle, Penpie, and Equilibria.
To help incentivize the migration, we are now offering a 2x pearl boost for LPers in the new Balancer pool.
We have prepared the following guide that includes step-by-step instructions to help you migrate your liquidity between the pools.
Please note: you still earn pearls if you choose not to migrate your liquidity, however zero Balancer emissions will flow to the old pool from the 14th of August.
🧑🚀 swETH Mint Cap increased on Gravita
The swETH vessel on Gravita hit its initial mint cap within just a few days and has now been increased from $1M to $2M.
🙋Twitter Spaces and Podcasts
Collateralizing your swETH in LSDfi | A Twitter Space with Gravita
We were joined by Rhett Shipp from Gravita to discuss our recent partnership, raising the mint cap and how you can collateralize your swETH.
Chinese Twitter Space with 33Dao
Speak Chinese? We recently held a special Twitter Spacewith 33Dao, in which Founder Daniel explained Swell and the Voyage to an audience of Chinese speakers.
💧swETH Liquidity
Dedicated swETH Pool on Pendle
Our dedicated swETH pool on Pendle is now LIVE, making it the first pool to ever be deployed externally.
You can LP into the pool today with either swETH or ETH, with all ETH deposits automatically converting to yield-earning swETH. Users need to ensure they enable ‘Zero Price Impact Mode’ to avoid any potential loss of funds due to slippage.
LP in the PT swETH pool on Pendle
You can also deposit ETH or swETH through Pendle’s newly-launched Earn product to earn a fixed APY.
GRAI/swETH pool now offers pearls
If you have collateralized your swETH to borrow GRAI with Gravita, you can now earn pearls when you deposit your GRAI in our pool on Bunni.
LP in the GRAI/swETH pool on Bunni
📣 Top Tweets
Abi is back with another alpha drop. Read his top swETH strategies for the week and find out the current estimated pearl value:
Dark3web has released a comprehensive write up on Swell:
Humble farmers, a bountiful harvest awaits!
Join the Swell Community
Expect to receive your next edition of the Swell Deep Dive in two weeks.
Until then, stay up to date by joining us in Discord and on Twitter.
