Swell is deepening its collaboration with OKX to foster the growth of its recently announced Layer 2, along with restaking on OKX’s L2, the native Layer 2 network of OKX.
The new collaboration will unlock powerful synergies between Swell’s restaked rollup and OKX’s L2. Both of which are built on Polygon’s CDK and will interoperate within a larger network of ZK-powered L2s through the Polygon AggLayer.
In the coming weeks, the collaboration will deliver:
Native restaking for OKX's LST
Through an integration with Swell’s liquid restaking token rswETH, users of OKX’s L2 will be able to restake OKX's LST and receive restaking rewards in both the OKX wallet and on OKX’s L2.
Block Explorer and wallet support for Swell L2
Both OKLink Block Explorer and Wallet will support Swell L2, giving more than 50 million OKX users easy access to Swell L2 for restaking.
Swell L2 pre-deposits on OKX Web3
Pre-deposits of rswETH and other liquid staking tokens for Swell L2 will be made available through OKX Web3 Wallet on both mainnet and shortly OKX’s L2, with special incentives for OKB holders.
The news follows the announcement of Swell’s L2 for restaking earlier this month, in which Swell revealed plans to build its own Ethereum ZK L2 on Polygon’s zkEVM technology with EigenDA, in collaboration with AltLayer and supported by Chainlink.
Commenting on the collaboration, Swell Founder Daniel Dizon said:
“We are glad to deepen our collaboration with OKX, which is a leading exchange and has become a hub for crypto in Asia – a region that has played a key role in the growth of Swell. Along with the burgeoning restaking ecosystem, Layer 2s are set to rise on tailwinds from Ethereum’s successful Dencun upgrade, which is spurring a rise in L2 activity by cutting transaction costs to a few cents. By working together, OKX’s L2 and Swell L2 are perfectly positioned to ride this growth.”
Jack Melnick, Polygon Labs Head of DeFi, said:
“This collaboration showcases the adaptability and robustness of the ever growing Polygon Ecosystem, enabling Swell and OKX to enhance their Layer 2 solutions. By utilizing the Polygon CDK and zkEVM technology, Swell's restaking L2 and OKX’s L2 by OKX are at the forefront of innovation, ensuring seamless interoperability and enhanced utility for users across the ecosystem.”
About Swell
Swell is one of the biggest Ethereum liquid restaking protocols in the rapidly expanding LRT space, with more than $1B+ in TVL (Mar 2024). Swell’s swETH is already the second-largest restaked LST on EigenLayer, and rswETH is one of the fastest-growing LRTs in the market. With more 100,000 users, Swell is also building the L2 for restaking by leveraging restaked rollups by AltLayer, altogether built on top of the Polygon zkEVM stack. Swell is backed by Framework, IOSG, Maven 11, and more.
About OKX
A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including:
- OKX Wallet: The world's most powerful, secure and versatile crypto wallet which gives users access to over 80 blockchains while allowing them to take custody of their own funds. The wallet includes MPC technology which allows users to easily recover access to their wallet independently, removing the need for traditional, 'written down' seed phrases. In addition, OKX Wallet’s account abstraction-powered Smart Account enables users to pay for transactions on multiple blockchains using USDC or USDT, and interact with multiple contracts via a single transaction.
- DEX: A multi-chain, cross-chain decentralized exchange aggregator of 300+ other DEXs and approximately 15 bridges, with 200,000+ coins and more than 20 blockchains supported.
- NFT Marketplace: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings across seven top-tier marketplaces including OpenSea, MagicEden, LooksRare and Blur.
- Web3 DeFi: A powerful DeFi platform that supports earning and staking on about 70 protocols across more than 10 chains.
- OKX’s L2: OKX’s L2 is a ZK-powered layer 2 network that connects the OKX and Ethereum communities, enabling users worldwide to participate in a global on-chain ecosystem.
- OKLink Explorer: A leading one-stop explorer covering 43 chains and counting. It simplifies access to on-chain information, making complex data easy to understand and empowering users' informed decisions for investment and asset protection.
