With the first feature of rswETH v2 enabled, restakers can now unstake rswETH for ETH through the Swell app at the primary market rate.
The upgrade streamlines the experience of swapping out of rswETH, and provides assurance that stakers holding rswETH can always get back what they staked along with the accrued staking and restaking rewards, without needing to rely on the secondary market. This lends further stability to rswETH as one of the most popular and integrated LSTs in DeFi and the only LRT backed by Chainlink Proof of Reserves.
The withdrawal passed through a stringent security process before release, with all code fully audited by Sigma Prime and Nethermind.
How to unstake rswETH
1. Request to unstake
Click on the arrow under ‘Restake’ in the Swell app and input the amount you wish to withdraw.
2. Receive an unstake NFT and wait for up to 21 days
Each withdrawal request is represented by a NFT, which is automatically minted for you when you make the request.
The time taken to withdraw rswETH depends on:
- Validator sweep state and exit queue (9-16 days)
- EigenLayer native restaking withdrawal delay (7 days)
- Demand for unstaking. Swell retains a buffer of rswETH which enables withdrawals to be completed in roughly one day. However, this may run out during times of high demand. See the docs for more details.
If you want to swap back faster, you can trade back on the secondary market instantly through a DEX such as PanCakeSwap or DEX aggregator. Note that you may incur slippage on large amounts.
3. Claim your ETH
Once the the withdrawal is ready, the status on the app will change from Pending to Claimable.
What about the rest of rswETH v2?
Coming very soon, the next phase of rswETH v2 will introduce delegation, enabling rswETH holders to receive real restaking yield.
Stay up-to-date with Swell and rswETH by joining us in Discord and following us on Farcaster, Twitter and DeBank.
