Swell is set to receive a grant from Polygon Labs, tied to Swell’s ability to successfully integrate liquid staking tokens and liquid restaking tokens into the broader Polygon ecosystem with its new Layer 2 scaling solution using Polygon CDK.
The grant will catalyze development of the restaking ecosystem on Swell's restaked rollup, 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.
Delivery of the grant is tied to the success of Swell's L2 in driving the adoption of liquid staking and restaking — including Swell’s native tokens swETH and rswETH — in the broader Polygon ecosystem. Developmental milestones are based on attracting and retaining liquidity and connecting with other projects via Polygon's AggLayer.
"We look forward to bringing liquid restaking to the rapidly growing Polygon ecosystem, and extend our gratitude to Polygon Labs for the grant. The funding will support Swell in the creation of a new restaking ecosystem that delivers the best yield flywheels in LRTfi. All on a fully scalable and cost-efficient foundation, which is seamlessly connected to unified liquidity through the much-anticipated Agglayer."
— Swell Founder Daniel Dizon
“This grant to Swell underscores a strategic focus in the growth of the Polygon DeFi ecosystem, targeting aligned incentives to deliver enhancements in scalability and security through innovative restaking solutions while leveraging the technology of Polygon CDK, Polygon zkEVM, and the AggLayer.”
— Jack Melnick, Head of DeFi at Polygon Labs
With the grant from Polygon Labs, Swell is poised to accelerate the deployment of its L2 for restaking.
Up next, the launch of pre-deposits will kickstart ecosystem development and give early depositors the chance to reap the rewards by getting in on the ground floor of a new restaking ecosystem.
Swell L2 mainnet launch is set for H2 2024.
About Swell L2
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 Polygon Labs
Polygon Labs develops Ethereum scaling solutions for Polygon protocols. Polygon Labs engages with other ecosystem developers to help make available scalable, affordable, secure and sustainable blockchain infrastructure for Web3. Polygon Labs has initially developed a growing suite of protocols for developers to gain easy access to major scaling solutions, including Layer 2s (zero-knowledge rollups), sidechains, app-specific chains and data availability protocols. Scaling solutions that Polygon Labs initially developed have seen widespread adoption with tens of thousands of decentralized apps, unique addresses exceeding 400 million, 2 million smart contracts created and 3.5 billion total transactions processed since inception. The existing Polygon network is home for some of the biggest Web3 projects, such as Aave, Uniswap, and OpenSea, and well-known enterprises, including Adidas, Stripe and Adobe. Polygon Labs is carbon neutral with the goal of leading Web3 in becoming carbon negative.
If you're an Ethereum Developer, you're already a Polygon developer! Leverage Polygon’s fast and secure txns for dApps you develop, get started here.
Website | Twitter | Telegram | LinkedIn | Reddit | Discord | Instagram | Facebook
