The pieces of Swell L2 are rapidly falling into place, with a wave of dApps and AVS's now ready to deploy on the Restaking YieldLayer.
Meanwhile, the L2 Pre-Launch is booming with more than $1.4 billion in deposits, and the final preparations are being made for the launch of the Swell token — which will govern the L2 in addition to rswETH and swETH.
Take the plunge in this Deep Dive to get all the recent highlights.
⛓️Swell L2 Updates
L2 Pre-Launch deposits have surged past $1.4B TVL, which would make Swell the fifth-largest L2, behind only Arbitrum, Optimism, Base, and Blast.
Newly supported assets in the Pre-Launch include:
- Ethena’s USDe
- Renzo’s PT ezETH
- Frax’s $FRAX, $frxETH, $sFRAX and $sfrxETH
- Dinero’s Pirex ETH (pxETH) and auto compounding Pirex ETH (apxETH)
- Eigenpie’s egETH (3x Eigenpie Points, and extra incentives from SSV Network)
DeFi protocols and AVS’s now set to deploy on Swell L2 include:
- Sturdy Finance
Sturdy uses a novel two-tier architecture to isolate risk without fragmenting liquidity. Users will be able to lever up rswETH and multiply their EigenLayer Points with this integration.
- Brevis
Zk coprocessor AVS, Brevis, is joining Ambient, Brahma and Ion Protocol in the first cohort of builders on Swell L2.
- Ditto
Ditto enables onchain actions to be triggered based on predefined criteria – unlocking new opportunities for dApps to innovate, and individuals to automate repetitive portfolio management tasks.
- Polyhedra
The integration of Polyhedra will provide secure decentralized bridging across more than 30 networks, and enable the creation of sophisticated and effective cross-chain applications on Swell L2 and beyond.
- Lagrange
Lagrange will unlock new use cases for dApps on Swell L2 by enabling them to access a range of zk-powered building blocks that share in the security and decentralization of Ethereum.
- Drosera
Swell dApps on the L2 will be able to bolster security with Drosera’s decentralized incident response technology, which leverages hidden security intents to contain and mitigate exploits.
⏫ Product update: rswETH v2
The rswETH v2 upgrade is currently being audited.
This upgrade will introduce withdrawals, enable LSTs including swETH to be restaked into rswETH, and set the stage for real restaking yield as rswETH is delegated to AVSs.
The enablement of withdrawals will help ensure the stability and resilience of rswETH in the months ahead.
🏴 Swell Partners with Blackwing
Swell has partnered with Blackwing, the modular blockchain for margin trading. Deposit your rswETH to earn additional $BXP rewards, EigenLayer Points and Swell Pearls.
🤝 Swell is Partnering with Napier Finance
Swell is partnering with Napier Finance. This partnership will enable yield trading on Curve, helping rswETH to further penetrate the Curve ecosystem.
🌊 Swell L2 Bonus with OKX
OKX have launched their Swell Bonus event. You can earn up to 3% bonus APY in rswETH by depositing your Pendle-PT assets on Swell L2 via OKX.
💻 Swell is Hiring!
Swell is looking for software engineers who share our appetite to innovate within the Ethereum ecosystem. If you believe you fit the criteria feel free to apply below!
💧Liquidity
New WETH-swETH (BRIL#2) Pool on Pancake Swap
Deposit funds into the new vault on Pancake Swap to earn Pearls!
rswETH on Ion
You can now lend and borrow against rswETH on Ion Protocol!
rswETH lenders can earn 2.5x Swell Pearls and borrowers can earn up to 14x Swell Pearls if you deposit today!
Borrow and lend on Ion Protocol
rswETH (Swell L2) Pool on Pendle
Swell L2 has landed on Pendle with the new rswETH (L2) Pendle pool, which enables you to leverage up on Swell L2 airdrop rewards, and boost your earnings with extra Pendle yield.
https://app.pendle.finance/trade/pools/0x1e0c2e41f3165ff6b8a660092f63e10bc0eebe26/zap/in?chain=ethereum
🙋Twitter Spaces and Podcasts
AVS’s Hit Mainnet | Space
We were joined by DeFi Dad to get to know the first AVS’s to go live on EigenLayer and learn more about what’s to come.
USDe on Swell L2 | Space
We discussed USDe deposits going live in the L2 Pre-Launch and the opportunities USDe depositors have with Seraphim from Ethena.
Building on Swell L2 | Space
We introduced the first three protocols that will be deploying on Swell L2 and airdropping to Pre-Launch depositors this is recent Space.
📣 Top Tweets
Kairos Research published a deep dive into Swell and our L2.
Abi breaks down Swell L2 in this thread.
Join the Swell Community
Expect to receive your next edition of the Swell Deep Dive in three weeks.
Until then, stay up to date by joining us in Discord and following us on Farcaster, Twitter and DeBank.
