On Monday 5th Feb at 20:00 UTC, EigenLayer will reopen swETH deposits for four days only.
Get Pearls for Minting and Restaking
To support the successful integration, Swell is now offering these exclusive Pearl rewards:
- 30 Pearl minting bonus per swETH minted through the app. This bonus started on 12/12/2023 at 2am UTC and will be valid until EigenLayer LST restaking closes.
Note that purchases of swETH on the secondary market are not eligible for the minting bonus. - 30 Pearl restaking bonus per swETH deposited on EigenLayer
- Ongoing Pearls at the normal rate for restaking swETH on EigenLayer (plus EigenLayer Restaked Points).
Note that all Pearl rewards are pro rata. For example, you would get a 15 Pearl bonus for minting 0.5 swETH, and 300 Pearls for minting 10 swETH.
Pearls earnt for minting, restaking, and holding on EigenLayer should show on the app within 5-10 minutes.
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 distributed service — such as 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.
Get ready in the Swell Discord!
Join our thriving community in the Swell Discord to count down the days until EigenLayer deposits reopen!
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, and will be used to claim SWELL tokens at the token generation event (TGE) which is currently expected in late Q1 2024.
Will I earn Pearls by restaking swETH on EigenLayer?
In addition to earning 30 bonus Pearls for each swETH you deposit, you will continue to earn Pearls at the normal rate for providing liquidity.
All Pearl rewards are pro rata. For example, you would get a 15 Pearl bonus for minting 0.5 swETH, and 300 Pearls for minting 10 swETH.
How is swETH different from rswETH?
swETH is a Liquid Staking Token (LST) that must be deposited in EigenLayer to earn EigenLayer Points and restaking rewards. EigenLayer deposits are capped and only opened at certain times.
rswETH is a Liquid Restaking Token (LRT) that earns EigenLayer Points natively, while staying liquid for use in DeFi. Native restaking is uncapped on EigenLayer, meaning you can restake ETH to get rswETH at any time.
Learn more about restaking.
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.
