Supercharge your yield and safeguard Ethereum

Deposit stETH. Get swETH. Earn supercharged yield. Diversify Ethereum.
Deposit stETH

Unbeatable swETH APR

Earn up to ~18% APR on early deposits, from the combination of both protocol revenue and swETH staking yields.

Unbeatable swETH APR

Earn up to ~18% APR on early deposits, from the combination of both protocol revenue and swETH staking yields.

up to
0
%
APR for early depositors
0
%
DAO Revenue boost

Supercharged by Swell DAO

To show our commitment to staking diversity, Swell DAO will commit 100% of protocol revenue to Super swETH vault depositors for the 180 day vault duration.

Boosted Pearl hunting

The earlier you deposit, the faster you earn Pearls. Deposits before 10k stETH AUM lock in 3x Pearls, while deposits after 50K earn 1.5x Pearls.

*Pearl rewards will be redeemable for SWELL tokens at the end of the Voyage.

Chest filled with pearls

How it works

Keep control

Enzyme’s non-custodial smart contract architecture means you retain full self-custody of funds at all times. All code is fully audited. 

Withdraw anytime

Assets can be withdrawn at any time from seven days after depositing.

Chill for max rewards

Deposit stETH early to maximize your Pearls and DAO Revenue Boost, then chill until maturity while paying just a 0.01% Enzyme vault fee.

Securing the future of Ethereum

The most influential voices in Ethereum have long warned of centralization risk in staking. But with almost 33% of all staked ETH, a single player continues to control an outsized share of the market.

FAQs

What makes Swell different?

Swell is delivering the LST for DeFi and aims to launch with community in mind. Swell is actively developing the very first vote escrow and gauge system for liquid staking, as well as powerful new primitives and vaults to bring value to swETH stakers and pearl hunters alike.

Has Swell committed to self-limiting?

Swell intends to self-limit to 22% of all validators to ensure maximal Ethereum alignment.

What are the vault fees?

Enzyme charges a 0.01% vault fee.  

Prior to maturity, withdrawal fees of 1% (for assets in kind) or 2% also apply. These withdrawal fees will not be payable when the vault has matured.

Can I withdraw anytime?

Deposits are locked for the first seven days. Following this period you can withdraw at any time for a small fee (1% to swETH and 2% to stETH). Withdrawal fees do not apply on maturity of the vault.

Is Swell incorporating DVT?

Swell believes in a dynamic liquid staking market that preserves the diversity and decentralization of Ethereum. That's why we are moving towards a permissionless operator set which will be enabled by mechanisms such as DVT, bonding, and others.

What are Pearls?

Pearls represent a share of the SWELL token airdrop.

How will the vault be impacted by the TGE?

Following the token generation event, Pearls will be replaced with SWELL token rewards.

What happens to the stETH when I deposit?

The stETH you deposit is unstaked from Lido and swapped into swETH.

Can I deposit by sending assets directly to the vault address?

When you deposit funds in the vault, new vault shares are minted. The opposite happens on the way out, with vault shares burned. Vault shares are ERC-20 tokens and can't be transferred.

How is the vault secured?

The Super swETH vault is built on Enzyme, a battle-tested non-custodial platform that allows you to retain control over your funds. Funds in the vault are controlled on-chain by smart contracts, and neither Enzyme nor Swell has control over deposits.

What are vault shares?

Vault shares are ERC-20 tokens that can't be transferred. When you deposit funds in the vault, new 'SUPER' vault shares are minted, and the opposite happens on the way out with vault shares burned. Vault shares represent a share of the vault deposits and do not trade 1:1 with swETH.

How often are rewards paid out?

Rewards are automatically sent to the vault every time swETH reprices, which is typically daily. Pearls earnt in the vault will update on your Voyage dashboard in real-time from November 2nd.

When will the vault mature?

Rewards will stop flowing to the vault 180 days from inception, on April 22nd, 2024. Swell reserves the right to close the vault at any point before 180 days have elapsed.

How can I maximize my Pearl earnings?

The earlier you deposit in the vault, the higher the Pearl-earning multiple you will lock in for the entire 180 days. The base Pearl-earning multiple of 1x is the same rate that you earn for LPing in swETH liquidity pools, and this increases up to 3x for early depositors.

Pearl-earning multiples:

  • 0 to 10k stETH: 3x
  • 10k to 25k stETH: 2.5x
  • 25k to 50k stETH: 2x
  • 50k to 100k stETH: 1.5x

For example, if you deposit when there is 5000 stETH in the vault, you will lock in a 3x Pearl-earning multiple for the remainder of the 180 days. Alternatively, if you deposit when there is 53,000 stETH in the vault, you will earn Pearls at 1.5x.

Users who leave before the end of the 180th day will have their bonus pearls clawed back and the rate will return to 1x. Pearls clawed back will be burnt.

How is the vault secured?

The stETH vault is built on Enzyme, a battle-tested non-custodial platform that allows you to retain control over your funds.

Is the vault custodial? Who controls the vault?

Funds in the vault are controlled on-chain by smart contracts. Neither Enzyme nor Swell has control over deposited funds.

Can I withdraw at any time?

Deposits are locked for the first seven days. Following this period You can withdraw at any time for a small fee (0.5% to sweth, and 2% to stETH)

What happens to the stETH when I deposit?

The stETH you deposit is (unstaked from Lido?) swapped into swETH on a DEX.

What are vault shares?

When you deposit funds in the vault, new vault shares are minted. The opposite happens on the way out, with vault shares burned.  Vault shares are ERC-20 tokens and can't be transferred.

Can I deposit by sending assets directly to the vault address?

When you deposit funds in the vault, new vault shares are minted. The opposite happens on the way out, with vault shares burned.  Vault shares are ERC-20 tokens and can't be transferred.

What are Pearls?

Pearls are off-chain tokens in Swell’s pre-token airdrop campaign, they will be converted to SWELL governance tokens at its conclusion.

Has Swell committed to self-limiting?

Swell intends to self-limit to 22% of all validators to ensure maximal Ethereum alignment.

Is Swell incorporating DVT?

Swell believes in a dynamic liquid staking market that preserves the diversity and decentralization of Ethereum. That's why we are moving towards a permissionless operator set which will be enabled by mechanisms such as DVT, bonding, and others.

About Swell

Swell represents the new breed of Ethereum liquid staking protocols and one of the fastest growing projects in DeFi. The Swell DAO and community are committed to delivering a compelling alternative for stakers, with wide-ranging integrations and top-tier security including an audit by Sigma Prime and Proof of Reserves from Chainlink. Most importantly, Swell is playing its part in preserving the core properties of decentralization and censorship-resistance that make Ethereum so powerful. Learn more about Swell...