We’re excited to announce that Swell has integrated the industry-standard Chainlink Proof of Reserve (PoR) on Ethereum to provide onchain transparency around the reserves of rswETH, our liquid restaking token.
Additionally, Chainlink will support Swell L2, the upcoming Layer 2 for Restaking, with Chainlink CCIP. These integrations extend Chainlink and Swell’s multi-year collaboration in powering liquid staking and restaking across DeFi.
Monitoring Liquid Restaking Collateral With Chainlink Proof of Reserve
Chainlink Proof of Reserve provides a best-in-class monitoring service for the ETH reserves backing rswETH tokens. In turn, the rswETH Chainlink PoR feed provides Swell’s liquid restakers with increased transparency and confidence in the ETH reserves.
Chainlink Proof of Reserve is available for both offchain assets and cross-chain assets. This PoR feed is a type of cross-chain reserves feed where Swell Network reports the validators addresses via the IPoRAddressList Wallet Address Manager contract. The feed then calculates and reports total ETH staked on the Consensus layer, which will then be implemented as additional checks for the restaking ETH and total rswETH supply ratio calculations. Learn more about evaluating data sources and risks.
Swell and Chainlink: Powering Liquid Staking and Restaking Across DeFi
Along with joining Chainlink BUILD to accelerate ecosystem growth and long-term adoption of liquid staking and restaking, Swell is using various services on the Chainlink platform.
CCIP helps secure cross-chain swETH transfers, while Price Feeds provide hyper-reliable and globally accurate price data to help estimate gas costs for transactions, and PoR helps users monitor swETH reserves. Underpinned by the Chainlink platform, Swell has reached more than $1 billion in TVL across its restaked LST and LRT.
“We’re thrilled to integrate the industry-standard Chainlink Proof of Reserve to help monitor rswETH reserves in a reliable and timely manner. We’re also excited that Chainlink will support Swell L2 with Chainlink CCIP. By continuing our long-standing collaboration with Chainlink, we’re able to more effectively drive the growth of staking and restaking across DeFi.” — Daniel Dizon, Swell Founder.
About Chainlink
Chainlink is the industry-standard decentralized computing platform powering the verifiable web. Chainlink has enabled over $10 trillion in transaction value by providing financial institutions, startups, and developers worldwide with access to real-world data, offchain computation, and secure cross-chain interoperability across any blockchain. Chainlink powers verifiable applications and high-integrity markets for banking, DeFi, global trade, gaming, and other major sectors.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link.
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.
