Ready to supercharge your stETH yield?
In this guide, we’ll walk you through the process of depositing stETH (or ETH) in Super swETH: Swell’s stETH Vault on Enzyme.
Introducing Enzyme
Enzyme is an on-chain asset management system that enables you to access crypto and DeFi from one simple, unified app.
Enzyme’s non-custodial and trustless smart contract architecture, and all-in-one DeFi OS has been fully audited by reputable providers and time-tested with four years on mainnet. Through this architecture, stETH deposited in the vault is natively unstaked from Lido’s smart contracts and swapped through a DEX to then mint swETH.
How to deposit in the Super swETH Vault
Follow these steps to deposit your stETH or ETH into the Vault.
1. Navigate to the Vault and click on ‘Deposit stETH’.
This will direct you to the Super swETH Vault on Enzyme.
2. Connect your wallet and click on ‘Deposit’ in the top right corner.
Once you connect your wallet, you will be required to sign the special signature prior to depositing in the Vault.
3. Deposit in the Super swETH Vault.
You can deposit ETH or stETH directly into the Vault. ETH deposits are swapped to stETH via a DEX.
Simply accept the terms and conditions, approve stETH, and deposit. stETH deposited in the vault is unstaked from Lido and swapped into swETH.
4. Optional: Import Super swETH’s custom token to your wallet.
Super swETH (ERC20): 0x325a0e5c84b4d961b19161956f57ae8ba5bb3c26
5. After seven days you may withdraw your funds by clicking redeem.
Note that there is a 1% charge for exiting to swETH before the 180 day period finishes, and a 2% charge for exiting to stETH. Fees do not apply when the vault has matured in April 2024.
FAQ
Why do I receive less than 1 Super swETH for every 1 stETH/ETH deposited?
Super swETH is the receipt token you receive once you deposit in the Vault. As rewards accrue to the Vault, Super swETH shares will increase in value faster than stETH.
How can I view my personal dashboard?
The Enzyme team is currently working on adding the personal dashboard function.
Is Enzyme Finance audited?
Enzyme has been audited by Chain Security and OpenZeppelin.
Is it possible to withdraw funds?
Deposits are locked in the Vault for the first seven days. Following this period, users can withdraw at anytime for a small fee (1% to swETH and 2% to stETH). Withdrawal fees do not apply on maturity of the vault.
When will the Vault mature?
Rewards will stop flowing to the Vault 180 days from inception, on April 22nd, 2024.
Need more guidance?
Check out the Enzyme docs to understand more about how the protocol works, or dive into the Swell Discord to ask the team about the Super swETH Vault.
To stay up-to-date on all things Swell, join our thriving community on Discord, DeBank, and X.
