The Voyage has now descended into the Twilight Zone, taking us one step closer to the end of our journey at Swell City!
That’s right, Chapter 2 has officially begun. We’ve kicked off with a referral program, but there is much more in the works including Layer 2 networks and more community-oriented growth mechanisms that have yet to be revealed.
At the same time, we’ve been celebrating a successful liquidity migration from vulnerable Balancer pools, introducing new yield-earning opportunities, and mixing with some of the best and brightest of DeFi in a range of online events.
Everything you need to get up to speed is waiting for you in this fortnight’s deep dive…
🚢 The Voyage Chapter 2: Twilight Zone
Since departure, the Voyage has descended deep into the ocean, attracting 47,400+ in staked ETH, and helping Swell quickly break into the top ten largest liquid staking protocols.
Chapter 2 of the Voyage has now launched and brings a completely new way to earn Pearls by referring new stakers. Simply create your own unique referral link to share with a prospective Voyager, and earn 10 Pearls for each swETH that they mint through the link. The new Voyager also gets 10 bonus Pearls for minting through the link.
Please note: Looping (repeatedly buying and then selling) through a referral link goes against the Swell rules and guidelines, and can result in you being excluded from the Voyage and losing your entitlement to Pearls.
Read the Voyage Chapter 2 launch blog
🧪 Balancer Liquidity Migration
Back in late August, Balancer announced a critical vulnerability impacting several Balancer v2 pools.
This affected boosted swETH pools, as well as pools and integrations built on them including Aura, Pendle, PenPie and Equilibria.
If you are providing liquidity in any of these pools, you can now withdraw and then migrate to a newly created swETH Balancer v1 pool to get a 2x pearl bonus (until Sept 6th).
The new V1 pool is not impacted by the vulnerability, and has already attracted more than $10M in TVL.
Read the step-by-step liquidity migration guide
🚧Self-limiting to 22%
Along with Rocket Pool, Stakewise, Stader Labs and Diva Staking, the Swell Core Team has announced intentions to self-limit to 22% of all validators to ensure maximal Ethereum alignment.
🙋Twitter Spaces and Podcasts
The New Era of LST-Backed Stablecoins | Twitter Space
We sat down to discuss one of the hottest topics of DeFi — LST-backed stablecoins — with Lewis from Gyroscope, MajeStyle from Gravita, Richard from Prisma Finance, Guy from Ethena Labs and Mai from Curvance.
Introducing the swETH E-CLP | A Twitter Space with Gyroscope
Swell’s Chief Liquidity Surgeon Abi, was joined by Lewis and Steffen from Gyroscope to deep dive into our new E-CLP and discuss why the elliptic concentrated liquidity model is perfectly suited to the swETH/wstETH pair.
Liquid Staking and LSTfi | The Defiant live stream
Swell Founder, Daniel, joined TheDefiant’s live stream with Amit from Stader Labs to discuss liquid staking and LSTfi.
Liquid Staking Made Simple | DIA Community Hub Liquid Dialogues Podcast
Daniel took a deep dive into Swell and liquid staking with Dillon from DIA, in their latest episode of the Liquid Dialogues podcast.
DeFi by Design Podcast
Swell Founder, Daniel, joined The Rollup’s DeFi by Design podcast to discuss ETH liquid staking and the Swell Voyage.
Introducing the Sommelier swETH Vault | A Twitter Space with Sommelier Finance
Swell’s Chief Liquidity Surgeon Abi was joined by Sunand from Seven Seas, Stephen from Define Logic Labs, and Josh from Sommelier Finance to discuss the new Sommelier Turbo swETH vault.
💧 swETH Liquidity
swETH/WETH Balancer v1 Pool
Our new swETH/WETH Balancer v1 pool is now live. This new pool is earning 2x Pearls, which will be added to the Voyage dashboard retroactively at a later date.
Note that the double pearl bonus is set to finish on September 6th.
Gyroscope E-CLP wstETH/swETH Pool
Our wstETH/swETH pool has been deployed on Balancer in collaboration with Gyroscope.
Sommelier Turbo swETH Vault
Our new Sommelier Turbo swETH vault is live and serving up sustainable yield via intelligent offchain mechanisms.
Depositors in this vault get 2x pearls until the 22nd of September, when it will revert back to the regular pearl earning rate. Simply bond your LP tokens to qualify.
📣 Top Tweets
Revelo Intel featured Swell in their Daily Bolt newsletter
TheDefiant’s latest weekly dose of Alpha highlights how to maximize your pearl gains with our new Sommelier Vault
swETH APR is on a steady uptrend
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.
