As optimism washes over the DeFi market and pushes prices higher, Swell is setting sights firmly on big milestones coming early next year.
That includes securely enabling withdrawals, releasing Swellnomics, and lining up the inaugural Liquid Restaking Council partners to support the launch of rswETH. Meanwhile, swETH continues to infiltrate the DeFi market and is set to join EigenLayer on December 18th.
Read on to reveal everything going on beneath the surface in the last two weeks at Swell.
⛓️Swell Integrates Chainlink CCIP for Secure Cross-Chain swETH Transfers
Swell will be integrating with Chainlink’s industry-standard Cross-Chain Interoperability Protocol (CCIP) for secure cross-chain interoperability across Arbitrum and Ethereum.
By upgrading our cross-chain token transfer mechanism from LayerZero’s OFT Standard, we are enabling the highly secure, reliable, and scalable cross-chain transfer of our liquid staking token, swETH.
Learn more about our Chainlink integration.
✨Swell Liquid Restaking Council
Swell is set to enter the liquid restaking ecosystem with the upcoming launch of Restaked Swell ETH (rswETH).
To help support development, Swell has established the Liquid Restaking Council, which is composed of leading protocols, services, companies and operators in the emerging restaking ecosystem. Seven members having already joined, with more industry leading partners set to be announced in the coming weeks
💎 swETH Restaking on EigenLayer
Mark your calendars! From December 18th at 10am PT, you will officially be able to restake your swETH on EigenLayer.
LST deposits will be paused globally once EigenLayer reaches 500k ETH cumulative restaked so make sure you’re prepared - the caps fill up fast!
Stay tuned for more news on this in the coming days!
🎙️Community AMA
Earlier this week we hosted an AMA in the Discord to answer your burning questions and update everyone on what’s to come in the New Year.
The team dropped some alpha during the event, in case you missed it here is the TLDR:
1. Wen tokenomics?
We will be releasing information on our tokenomics closer to launch. At a high-level, we are implementing a vote escrow / gauge flywheel system to our LST - and soon LRT.
2. Does Swell have plans to integrate with upcoming L2s?
Swell aims to expand to other L2s post TGE however we are actively working with protocols to expand the quality and quantity of our current offerings on Arbitrum.
3. When is the expected TGE date?
The team is aiming for TGE to occur later Q1 2024. We are timing the event of TGE with the release of Swell’s vote escrow system which we will release more information on early next year.
We are currently developing the contracts and designing the UI as we speak and will be sending it for auditing in Feb 2024.
4. What will come first: TGE or Withdrawals?
Withdrawals will be released first with an anticipated release of early to mid Feb 2024. As with our VE system, the contracts are currently being developed.
Have a question for the team? Join the Discord!
🧱 Swell Partners with Sturdy Finance
Swell was recently announced as a launch partner for Sturdy Finance.
You will be able to borrow ETH against your swETH and swETH LPs, to earn leveraged yields and collect Pearls towards the Swell Voyage.
Read the partnership announcement.
💧swETH Liquidity
Maverick unkmAV-swETH Pool #73
Swell has partnered with Unlock to launch a new unkMAV-swETH pool on Maverick. You can now deposit to earn pool incentives, Pearls, Unlock Games Keys, and Maverick S1 points.
Maverick ETH-swETH Pool #74
We recently introduced a new Maverick boosted position (#74).
This pool will help bring the price of swETH closer to peg and significantly reduce the amount of ETH that needs to be swapped for us to achieve this.
To help migrate liquidity towards this new position, existing Maverick pool #42 will no longer receive Pearls as of the 31st of December, 2024.
The new Maverick pool #74 will be earning 2x Pearls until the 31st of December, 2023.
Wrapped Cryptopunks/st-yETH Multi-LST Pool
Leading onchain liquidity provider MetaStreet, is now enabling swETH holders to earn yields from staked ETH that is lent to loans backed by blue-chip NFTs.
You can get started by depositing into the multi-LST pool powered by Yearn.
LP in the Wrapped Cryptopunks/st-yETH Pool.
Swell USD Delta Neutral Yield
Delta neutral yields have come to swETH!
dHedge’s new vault is built atop our Ramses Exchange swETH-USDC Pool on Arbitrum, and offers an easy way to earn yield without exposure to the price of swETH.
Deposit ETH or USDC in the Tores Finance Pool.
🙋Twitter Spaces and Podcasts
Restaking Roundtable | Twitter Space
With restaking gaining traction, and Swell set to enter the ecosystem with the launch of rswETH, we were joined by Lucas from Renzo Protocol, Riad from Cubist, Chunda from Ion Protocol and Diogo from Ankr for a deep dive into liquid restaking.
Unlocking the Value of Staked and Restaked Capital | Twitter Space
In this Twitter Space, we were joined by Chunda from Ion Protocol to explore some of the biggest questions around lending and liquid restaking.
Introducing Unlock: Maverick’s Largest Liquid Locker | Twitter Space
Our Head of Ops, Salex joined Callsign from Unlock and Matthew from Maverick to chat liquidity, yield and the Unlock Games.
DeFi and LSTs | Twitter Space
Swell’s Head of Growth, Genie joined the team from Olive in their latest Twitter Space to discuss Swell, DeFi and LSTs.
📰 Media
Swell Founder Daniel addresses centralization concerns in liquid staking in his latest interview with CoinTelegraph.
📣 Top Tweets
Alex Wacy deep dives into the LSTFi narrative and Swell’s Super swETH Vault.
Matt Kunke provides an overview of Swell, highlighting our current incentive campaigns.
Abi breaks down how you can maximize your yield with Swell and OKX.
Join the Swell Community
Expect 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.
