Swell Integrates with LayerZero to Send swETH Crosschain
To enable the native cross-chain bridging of swETH, Swell has integrated with leading interoperability protocol LayerZero.
Sep 7, 2023
swETH is going crosschain! As Chapter 2 of the Voyage begins, we are venturing into new blockchain territories and making swETH available on multiple Layer 2 networks. To enable native cross-chain bridging, Swell has integrated with leading interoperability protocol LayerZero, turning swETH into an Omnichain Fungible Token (OFT). This makes swETH one of the first truly native omnichain LSTs, and represents another pioneering step in Swell's mission to making liquid staking simple and accessible to everyone.
For stakers on Swell, The integration brings brings key benefits:
Streamlined bridging. LayerZero's best-in-class bridging and OFT architecture enables seamless and secure swETH transfers and swaps to your preferred chain — without the need for wrapping or long waiting times.
Access to a range of Layer 2 networks. Starting with Arbitrum, swETH will be rolled out on a range of Layer 2s — including Optimism, zkSync, Base, and Mantle. Each network will open up new DeFi opportunities, including borrowing and lending protocols.
Lower fees and faster transactions. swETH holders will not only benefit from lower fees on Layer 2s, but also direct bridging between networks, removing the need to incur additional gas fees by returning to mainnet.
To get started, simply head to stargate.finance and bridge your swETH to Arbitrum.
“Swell's integration with LayerZero unlocks fresh opportunities for swETH holders at the intersection of two of the hottest areas of innovation: Layer 2s and LSDfi. Plus, it makes swETH the first truly native omnichain LST. This represents an important distinction as Swell continues to climb the rankings of the liquid staking market.”
— Daniel Dizon, Swell Founder
We are incredibly excited that Swell has chosen to launch swETH as an OFT. Their innovative approach to LSTs is a step towards our vision of a completely omnichain future.
— Seena Foroutan, Global Head of Business Development at LayerZero
Swell is a noncustodial Ethereum liquid staking protocol that makes it easy to stake ETH and access DeFi strategies. The protocol is backed by some of the biggest names in DeFi, including Framework Ventures, Maven 11, Apollo Crypto, Mark Cuban and more.
LayerZero is an omnichain interoperability protocol that allows dApps to build across multiple blockchains in a trustless, efficient manner. LayerZero connects dApps across chains using on-chain Ultra Light Nodes, which achieve the security of a light node with the cost-effectiveness of a middle-chain. Using the protocol, developers can turn their dApps into omnichain-applications using a single, simple interface. Learn more about LayerZero and explore documentation by visiting https://layerzero.network.