It’s that time again!
Don your diving mask and slip beneath the waves to discover all the highlights from the last few weeks at Swell – including big news about the L2, Swell Token preparations, and our newly launched earnETH vault.
⛓️ Swell L2 Updates
Strategic Pivot
Swell DAO is making a strategic shift, informed by community feedback, to accelerate the Swell L2 launch and leverage network effects in adjacent ecosystems. As part of this move, we will pivot from the Polygon CDK to better align with our evolving priorities and growth opportunities.
Swell and its core contributors continue to believe in the aggregated ecosystem that Polygon is building and will explore ways to be part of it.
Securing Swell L2 with rSWELL on Symbiotic and EigenLayer
Swell is collaborating with permissionless restaking platforms Symbiotic and Eigenlayer to decentralize and scale the core parts of Swell L2 infrastructure.
The upcoming Swell Token (SWELL) will be restaked to support the decentralization and security of Symbiotic networks, which will provide services such as sequencing, verification and finality to Swell L2.
Using SWELL — in addition to rswETH and swBTC — to secure and scale the Symbiotic networks powering Swell L2, will help Swell L2 overcome the centralization, security and trust issues that undermine other L2s.
And, it will drive a unique flywheel of restaking rewards for SWELL stakers securing the Symbiotic networks, which include Radius for decentralized sequencing, and Ditto Network for automation.
Learn more about how rSWELL will secure Swell L2
✨Token Updates
Voyage whale vesting
After extensive feedback and consultation with the community, we will be offering the top 250 wallets (as measured by number of Pearls) the ability to choose between two vesting options.
To choose, please connect your wallet to the Voyage dashboard on the Swell dApp and sign for your final decision. If you do not see the option when connecting your wallet, then your tokens will all be liquid at TGE.
The deadline to submit your decision is Sunday the 27th of October at 23:59 UTC, at which point the vesting will default to Option 1.
Sybil Review Process
The Sybil review is now complete. During this process, all wallets flagged as Sybil were reviewed to ensure that any false positives were removed from the data set.
Loyalty Bonus update
Following careful consideration of community feedback, we’ve updated the Voyage Loyalty Bonus criteria to better reflect the contributions of long-term stakers.
Learn more about the Voyage Loyalty Bonus
🏳️Become a Swell City Flagbearer
Submit your details below to learn how to earn extra Black Pearls by promoting Swell as an ambassador.
Fill out the form
🚀 earnETH launch
The newly launched earnETH vault delivers the best yield from both DeFi and Swell L2.
Simply deposit swETH, rswETH, ETH, or other supported liquid staking tokens, then sit back and relax!
💻 EigenLayer Programmatic Incentives
rswETH restakers now receive Programmatic Incentives every week.
The latest claim, for the period of 15-22 October, was for ~21,312 EIGEN in total. This was swapped into ETH via our Aera Finance vault and auto-compounded into rswETH, with the rewards reflected in the rswETH APR.
Learn more about EigenLayer’s Programmatic Incentives
⚒️ swBTC SDK Toolkit
Easily integrate $WBTC staking into your platform or protocol with the swBTC SDK!
This toolkit by P2P.org gives dApps, wallets, custodians, and more an easy way to manage deposits, withdrawals, and rewards without extensive development work.
🚨 rswETH Risk Radar
IntoTheBlock’s risk dashboard offers in-depth analysis of Swell’s economic risk profile, providing critical insights for large investors and institutions active in Swell.
Check out rswETH’s Risk Dashboard
⛹️ Bungee V2 Access
It’s tIme to get bouncin’
Pearl holders can now claim Balls on Bungee to get early v2 access and more!
💧 Liquidity
rswETH is now live on Compound
Supply rswETH to borrow ETH and continue accruing restaking rewards!
Capital efficient looping has come to rswETH
The pairing of rswETH with MetronomeDAO Synth ETH on Morpho, enables more efficient lending and borrowing.
swBTC on Sturdy
Lever up on Black Pearls and Symbiotic Points with swBTC. You can earn up to 30x Black Pearls, 10x Symbiotic Points, and 10x Karak and EigenLayer Points (coming soon).
📣 Top Tweets
DeFi Dad explains how to boost yield with earnETH
Looking to maximize your ETH yield effortlessly? 🚀
— DeFi Dad ⟠ defidad.eth (@DeFi_Dad) October 18, 2024
🌊 Check out our new tutorial on @swellnetworkio earnETH vault to start earning ETH yield + DeFi rewards. https://t.co/thIrSmlwUD
Kairos dive into Proof of Restake
This week, @Swellnetworkio doubled down on their commitment to the Restaking landscape and announced their plans to decentralize Swell L2.
— Kairos Research (@Kairos_Res) October 23, 2024
"Proof of Restake” is a mechanism that will stake users’ L2 deposits into Eigenlayer & Symbiotic, such that they are responsible for… pic.twitter.com/UjpXZ5An5I
Explore the technical architecture of swBTC with Aera Finance
1/ Last month, @swellnetworkio introduced swBTC, the first Bitcoin LRT to offer restaking yield from the Ethereum ecosystem.
— Aera (@aerafinance) September 23, 2024
What might have been lost in the announcement is that an Aera vault sits at the center of swBTC's architecture.
A brief 🧵 on how our vaults enhance… pic.twitter.com/ICvI8P7QyL
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.