The next era of Swell restaking has begun!
Building on ~$1B in TVL across Swell’s restaked LST and LRT, Swell is now unlocking more opportunities for restakers by opening pre-launch deposits for Swell L2 – the L2 for restaking.
Deposit LRTs and other supported tokens now to earn multiple airdrops and reap the rewards of this new restaking ecosystem.
Pre-Launch Deposit Rewards
- Bonus SWELL airdrop on Swell L2 launch
Depositors will receive a SWELL airdrop on the launch of Swell L2. Note that this is a separate portion to the 7% of supply that is allocated to Pearl holders.
- Multiple airdrops from projects building on Swell L2
Collect future airdrops from protocols building on Swell L2. These include ION Protocol, Ambient, Brahma Finance, and more to be confirmed soon.
- 1 million EigenLayer Points
A proportional share of 1 million Eigenlayer Points will be given to everyone who deposits in the first four weeks (before May 8th, 2024), and doesn’t withdraw until the launch of Swell L2 in Q3, 2024.
In addition to the rewards, depositors retain the native points and rewards of all assets deposited. For example, rswETH depositors will continue to earn staking yield, 4x Pearls, and EigenLayer Points, while ezETH depositors will continue to earn Renzo ezPoints in addition to other native rewards such as staking yield.
Supported Assets
- Swell Ether (swETH) and Restaked Swell Ether (rswETH)
- Etherfi Restaked ETH (eETH)
- Renzo Restaked ETH (ezETH)
- Magpie swETH (mswETH), Magpie stETH (mstETH), Magpie Wrapped Beacon ETH (mWBETH), and Magpie Mantle ETH (mmETH)
- StakeStone ETH (STONE)
- Lido Staked ETH (stETH) and Lido Wrapped Staked ETH (wstETH)
- Pendle PT-rswETH
- AltLayer (ALT)
- Ether (ETH)
Why Swell L2?
Swell L2 is the L2 for restaking.
It will provide a highly-efficient and low cost platform for the next stage of Swell ecosystem expansion, unlocking new opportunities for both restakers, who will be rewarded for securing and utilizing AVSs such as EigenDA, and projects building on the L2, which will benefit from the improved security outcomes made possible by EigenLayer.
Key features
- Native restaking yield
Swell L2 provides a foundational yield of staking and restaking rewards for all assets and activity on the network. - LRT gas token
rswETH will be the native gas token of Swell L2. This brings more utility to the token, and optimizes user experience and gas expenditure as holdings appreciate over time from staking and restaking rewards. - Unified liquidity
Swell L2 will tap into liquidity from across the Polygon ecosystem, bringing ZK-secured restaking yield to all, with near zero fees enabled by EigenDA.
- Tri-Staking
Swell, together with @AltLayer, will introduce novel staking mechanisms, including the Tri-Staking model, where $SWELL, $ALT, and $rswETH, can secure Swell L2 AVS's via AltVault, to receive baseline rewards for securing chain-specific services.
How does Swell L2 work?
Swell L2 will be powered by Swell’s own liquid staking and restaking tokens — swETH and rswETH — as well as those of fellow LRT protocols including EtherFi and Renzo.
As the liquid restaked tokens are bridged to Swell L2, they drive network activity and provide restaked security to the AVS's, which in turn power the network. These include AltLayer AVS's (Vital, Mach, Squad), which provide core functionality such as verification, sequencing, and finality, as well as other AVS’s in the ecosystem such as Lagrange, HyperLane, and NEAR which provide a range of services including interoperability and security.
In this way, liquidity flowing into the chain both supports the DeFi ecosystem on the network, and secures the underlying infrastructure of Swell L2 and other protocols across the restaking ecosystem.
FAQ
1. What is Swell L2?
Swell L2 is the L2 for restaking.
The L2 is a restaked rollup built on the Polygon CDK, and leverages EigenDA and the Polygon AggLayer in collaboration with AltLayer, Chainlink, and Redstone. It is supported by a grant from Polygon Labs.
The L2 is expected to launch in H2 2024.
2. What will I get for L2 Pre-Launch Depositing?
Multiple airdrops
Depositing in the Swell L2 Pre-Launch Deposit contract on mainnet makes you eligible for airdrops from both Swell and projects building on the L2.
These projects include ION Protocol, Ambient Finance, Brahma Finance, and more to be confirmed. Each of these will deliver tokens to depositors on the date of their respective airdrops.
In addition, Swell will airdrop $SWELL to depositors on the launch of Swell L2. Note that this is separate to the 7% of supply that is allocated to Pearl holders.
Native points and rewards
In addition to being eligible for multiple airdrops, you will also earn native rewards and points for the token you deposit.
Points for native rewards are distributed by their platform to the L2 Pre-Launch Deposit contract, and then passed in full to depositors.
Depending on the asset you deposit, these rewards/points will include:
- 4x Swell Voyage Pearls (until TGE)
- EigenLayer Restaked Points
- EtherFi Loyalty Points
- StakeStone Points (in Carnival wave 2)
- Eigenpie Points
- Renzo ezPoints
- Etherfi Loyalty Points
- LST/LRT staking yield
- LST/LRT restaking yield
Note that ALT staking yield is not included as a native reward.
Share of 1M EigenLayer Points
A proportional share of 1 million Eigenlayer Points will be given to everyone who deposits in the first four weeks (before May 8th, 2024), and doesn’t withdraw until the launch of Swell L2 in Q3, 2024.
3. How will the EigenLayer Points be distributed?
The amount of EigenLayer Points received will be derived from the amount that you deposit in the pre-launch deposit contract, and the duration of your deposit, as calculated based on a time-weighted average.
Only depositors who stay in the Pre-Launch Deposit Contract until the launch of Swell L2 in Q3, 2024 will receive the Points.
4. Can I withdraw from the L2 Pre-Launch Deposit?
Withdrawals can be made instantly at any time.
There is no need to lock or bridge assets to earn points and receive the airdrop rewards.
5. How does Swell L2 work?
Swell L2 will be powered by Swell’s own liquid staking and restaking tokens — swETH and rswETH — as well as those of fellow LRT protocols including EtherFi and Renzo.
As the liquid restaked tokens are bridged to Swell L2, they drive network activity and provide restaked security to the AVS's, which in turn power the network. These include AltLayer AVS's (Vital, Mach, Squad), which provide core functionality such as verification, sequencing, and finality, as well as other AVSs in the ecosystem such as Lagrange, HyperLane, and NEAR which provide a range of services including interoperability and security.
In this way, liquidity flowing into the chain both supports the DeFi ecosystem on the network, and secures the underlying infrastructure of Swell L2 and other protocols across the restaking ecosystem.
6. What does Swell do with L2 Pre-Launch Deposited assets?
Assets deposited in the L2 Pre-Launch Deposit contract remain untouched in the contract on mainnet, with no additional risk incurred.
Once Swell L2 is live, users will be able to bridge from mainnet to Swell L2
7. How are assets in the L2 Pre-Launch Deposit contract secured?
You remain in control of L2 Pre-Launch Deposited assets and can withdraw at any time.
The L2 Pre-Launch Deposit contract has been audited by Hexens and MixBytes.
8. Is there a minimum deposit?
There is no minimum deposit requirement.
