swETH is now restaking collateral on Eigenlayer!
Deposits will open on December 18th at 6 pm UTC, enabling you to restake your swETH on EigenLayer for extra rewards including both Pearls and EigenLayer points.
But, availability is limited!
The Race to Restake
swETH deposits on EigenLayer will be limited to a cap of 200,000 ETH.
Plus, deposits of all Liquid Staking Token (LSTs) will be paused when the total capacity reaches 500,000 ETH.
As EigenLayer will also be raising the caps for existing LSTs, this makes it critical that prospective swETH restakers move fast. Last time EigenLayer raised its LST caps, they were filled within 24 hours!
Get Pearls for Minting and Restaking
To support the successful integration, Swell is now offering these one-off exclusive Pearl rewards:
- 30 Pearl minting bonus per swETH minted through the app (valid from 12/12/2023 2am UTC onwards)
- 30 Pearl restaking bonus per swETH deposited on EigenLayer (pro rata for smaller amounts)
- Ongoing Pearls at the normal rate for restaking swETH on EigenLayer (plus EigenLayer Restaked Points).
Pearls earnt for minting, restaking, and holding on EigenLayer will not show on your Voyage dashboard immediately but will be added in the next two weeks. Zaps which purchase swETH on the secondary market) do not earn Pearls.
For more detailed guidance, dive into our tutorial on how to restake swETH with EigenLayer.
More about Swell and EigenLayer
EigenLayer is a restaking protocol that acts as a marketplace for decentralized trust. It enables any service — like bridges or oracle networks — to use restaked ETH for security, rather than needing to bootstrap their own validators. As a restaker, you stand to gain extra rewards for securing these other projects, but also take on additional risk of penalties through slashing.
Having been the first to garner more than 15,000 votes in the LST Contest, Swell will be integrated to EigenLayer simultaneously with the five other contest winners on December 18th at 10 am PT.
Get ready in the Swell Discord!
Join our thriving community in the Swell Discord to count down the days until deposits open!
FAQ
Will I earn Eigenlayer Restaked Points by restaking swETH?
Yes
What are EigenLayer Restaked Points?
Restaked Points measure your contribution to the shared security of the EigenLayer ecosystem. Learn more in the EigenLayer docs.
What are Pearls?
Pearls represent a share of the SWELL token airdrop.
Will I earn Pearls by restaking swETH on EigenLayer?
In addition to earning 30 bonus Pearls for depositing swETH, you will continue to earn Pearls at the normal rate for providing liquidity.
Important note: By interacting with smart contracts, you acknowledge and accept the inherent risks, including code vulnerabilities that may lead to unintended consequences, loss of funds or unauthorized access; network risks impacting performance and reliability; legal and regulatory uncertainties; potential for human error resulting in irreversible losses; limited or no recourse through traditional legal channels; privacy risks arising from publicly accessible blockchain networks; interoperability issues among platforms and networks; and layered risks in DeFi strategies, which can compound complexity and consequences when combining multiple dApps. Exercise caution and conduct thorough research before participating in smart contract-related activities.
