Despite stormy seas in the crypto market, Swell is making progress towards two key milestones: The TGE and the launch of Swell L2.
Recent highlights include the onboarding of new team members, progress on rswETH withdrawals, and yet more partnerships and liquidity opportunities.
Dive on in to discover all the latest from Swell.
🕵️rswETH Withdrawals Audit
We have received the rswETH v2 upgrade audit reports back from Sigma Prime and Nethermind.
Remediation of the rswETH v2 contracts is currently ongoing. Once the remediation process is complete, we will be running through some rigorous testing of rswETH withdrawals prior to release.
Once fully audited and tested, rswETH withdrawals are expected to be released this month.
🤝 Swell Partners with Gauntlet
Swell is proud to partner with DeFi risk leader, Gauntlet.
Gauntlet will act as the risk manager for rswETH, and assist in maximizing rswETH’s risk-adjusted yield. The partnership also includes advising Swell on AVS allocation, rewards management, and collateral management.
⛓️Swell L2 Updates
Recent DeFi protocols and AVS’s to announce deployment on Swell L2 include:
Aligned
Built on EigenLayer, Aligned is a proof verification layer that offloads the verification of validity and ZK proofs from mainnet, helping to make transactions on Swell L2 cheaper and faster.
Solv Protocol
SolvBTC, the liquid yield token for Bitcoin, will soon be restakable on Swell L2.
Pre-Launch Pendle PT Migration
To remain eligible for a share of 1M EigenLayer Point bonus, you need to keep your assets deposited until the L2 launches in Q3.
If your Pendle PT position has matured, you will need to redeem it to continue accruing the yield of the underlying asset. You are able to withdraw your PT and redeem it for the underlying, then deposit the underlying token (or the equivalent value in another supported token) back into the Pre-Launch, without forfeiting your share of bonus EigenLayer Points.
Pendle’s Guide to Matured Pools
🇧🇪 Swell is Heading to EthCC
The Swell team will be in Brussels for EthCC!
Join us at a number of events to hear Head of Partnerships Kilian speak about restaking.
💧Liquidity
WETH-rswETH on PancakeSwap
Deposit WETH in the WETH-rswETH Position Manager on PancakeSwap to earn CAKE and Pearls.
Rewards auto-compound gas free and the LP auto-adjusts so it’s never out of range!
Deposit in the WETH-rswETH Position Manager
New rswETH (26 Sep) Pool on Pendle
A new rswETH Pool has landed on Pendle, just in time for you to rollover from the rswETH June Pool.
LP or purchase YT rswETH to earn Swell Voyage Pearls and EigenLayer, or forego your rswETH yields and Points with PT to earn fixed yields.
Deposit in the new rswETH (Sep) Position
New Boosted rswETH (Sep) Pool on Penpie
The new rswETH (Sep) Pendle Pool has landed on Penpie!
rswETH LP’s can migrate to the new pool to continue earning boosted $PENDLE yields, and sweet 4.5 Swell Pearls and EigenLayer Points.
Deposit in the new rswETH Position on Penpie
New rswETH (Sep) Pool on Equilibria
The new rswETH (Sep) Pendle Pool has landed on Equilibria!
rswETH LP’s can migrate to the new pool to continue earn attractive APY’s and a 4.5x Pearl multiplier.
Deposit in the new rswETH Position on Equilibria
WETH-rswETH Pool on PancakeSwap
You can earn tasty yield on rswETH with PancakeSwap.
This position is managed by Bril Finance and gets 1.5x Pearls and bonus $CAKE rewards.
Provide liquidity on PancakeSwap
Swell aggregator on Sturdy
You can earn lending yield and Swell L2 rewards with the same strategy!
Deposit WETH in the Swell aggregator on Sturdy to earn lending yield of ~10%, and then put the receipt (SWELL-agg) into the Pre-Launch to earn multiple airdrops from Swell L2.
Deposit in the Swell aggregator
Maverick rswETH-wstETH Pool
Swell’s restaked ETH meets Lido’s staked ETH in our new Boosted Position on Maverick.
Deposit rswETH and wstETH to earn double digit APR’s and MAV rewards.
New rswETH-WETH market on Morpho
rswETH is now live on Morpho!
Enabled by the Re7 Capital ETH Vault, the rswETH-WETH market enables the borrowing, lending, and leveraging of rswETH.
Note: Borrowing carries risks. Keep an eye on your LTV ratio to avoid liquidation.
Lend or Borrow rswETH on Morpho
New team members
We are welcoming three new members to the Swell team – growth leader Hatashi and veteran blockchain developers Amine, and Ali.
The new team members will help us in the lead up to our highly anticipated token launch, as well as supporting us in the development of Swell L2 – the restaking yield layer – and new restaking tokens launching later this year.
🙋Twitter Spaces and Podcasts
Accelerating Ethereum through zk-verification and restaking | Space
We were joined by Aligned, Brevis, and Radius to discuss accelerating Ethereum through zk-verification and restaking.
Maverick v2 Launch Party | Maverick Space
Swell’s Head of Partnerships Kilian joined the Maverick v2 Launch Party Space to discuss liquidity on Maverick v2!
📣 Top Tweets
Pyro Research published an in-depth report on Swell L2 including its technical architecture, tokenomics and TVL performance.
Chris highlights a top strategy for maximized restaking yield with Symbiotic.
Join the Swell Community
Expect to receive your next edition of the Swell Deep Dive in three weeks.
Until then, stay up to date by joining us in Discord and following us on Farcaster, Twitter and DeBank.
