Deep Dive | January 5th

The wheels of the restaking revolution are beginning to spin.

This is top of mind for Swell, which has seen a tremendously succesful EigenLayer integration and is now laser-focused on the impending launch of native liquid restaking token rswETH.

Read on to find out how Swell is starting the new year with a bang!

🔥114,000 swETH restaked on EigenLayer

EigenLayer raised the caps on LST restaking on December 18th, and since then we have seen more than 114,000 swETH restaked, making swETH the second-largest restaked LST.

EigenLayer’s cap has now been reached and deposits have been paused globally. 

⚙️rswETH development kicks up a gear

If you missed out on restaking your swETH then keep an eye out on our socials as we will be releasing our own native restaking token – rswETH – very soon.

Unlike restaking swETH in EigenLayer, which is capped and requires locking your liquidity, rswETH will enable you to stake ETH directly with Swell DAO validators which are directly integrated with EigenLayer.

This means you'll get uncapped access to EigenLayer, along with the restaked Swell ether token (rswETH), which can then by deployed in DeFi while still accruing restaking rewards!

Learn more about Swell’s move into liquid restaking

🌊Swell hits major milestones

Swell has hit some monumental milestones this past fortnight, with TVL soaring past $320M and more than 140,000+ ETH staked. 

This progress also unlocked our 50,000 ETH staked Community Milestone Bonus — increasing  the Voyage airdrop allocation from 5% to 7% and making your Pearls worth more $SWELL!

💎Minting bonus continues 

The EigenLayer cap is full and you can no longer get the restaking bonus, but you can still get 30 Pearls for every swETH minted through the app.

Pearls will be redeemable for $SWELL at the TGE in late Q1 this year!

📈 10,000+ swETH referred 

Swell’s referral program has reached new heights with over 10,000 ETH staked through referral links.

Every swETH minted through your referral link earns you and your referee 10 Pearls. The process of earning Pearls through referral is simple and can be completed in just 3 easy steps!

Create your unique referral link.
Learn more about Swell’s Referral program.

💧swETH Liquidity

Maverick ETH-swETH Pool #42

As of the 31st of December 2023,  Maverick Pool #42 is no longer earning Pearls. 

Pearls are now flowing to our new Maverick Pool #74 which was created to help bring the price of swETH closer to peg.

LP in Maverick Pool #74.

🙋Spaces and podcasts

swETH Joins the Restaking Revolution | Twitter Space

We were joined by some of the inaugural members of our Liquid Restaking Council to discuss the risks and rewards of restaking, along with the role that it is likely to play in DeFi over the next few years.

Read the recap.
Listen to the recording.‍

📣 Top tweets

The Block features Swell

‍Thor Hartvigsen drops his EigenLayer x Swell airdrop strategy

SlappJakke breaks down how you can maximize your Pearls with Equilibria 

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 Discord, DeBank and X.