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Swell has launched the first Bitcoin LRT to offer restaking rewards from the Ethereum ecosystem.
Swell Restaked BTC (swBTC) holders will earn restaking yield from Symbiotic — with the opportunity to further boost yield in DeFi.
The innovation of swBTC is commended by leading custodian BitGo, and strategic infrastructure partner P2P.org will help bring swBTC to the institutional market. Vault strategy is powered by Aera and managed by expert Restaking Guardian Gauntlet, with deposits and withdrawals handled by the battle-tested Yearn V3 vault. Native swaps from BTC to swBTC will be enabled through Garden Finance.
swBTC joins swETH and rswETH as another restaking primitive supporting Swellchain.
“We’re excited to see Swell’s continued innovation in this space, and help WBTC holders take advantage of a new opportunity to earn restaking rewards.” - Nuri Chang, VP of Product at BitGo
swBTC rewards
Yield will be generated by utilizing the collateral asset (WBTC) as economic security for networks on restaking protocols such as Symbiotic. These networks compensate stakers for the economic security provided, which translates into yield for swBTC holders.
How it works
1️. Deposit WBTC (or swap direct from native BTC via Garden Finance)
2. Get Swell BTC ($swBTC)
3️. When restaking rewards are enabled, your WBTC will be restaked to earn rewards in exchange for securing the best AVS’s and Networks from across Ethereum through restaking protocols including Symbiotic.
4. Boost your $swBTC yield in DeFi or deposit it in Swell L2.
5️. Withdraw at any time (subject to a 10 day unstaking period).

Securing BTCFi
The growing number of Bitcoin L2s face challenges of centralization, security, scalability and interoperability.
Swell has partnered with leading Symbiotic Networks to help Bitcoin L2s overcome these challenges through services secured by swBTC.
That includes rollup infrastructure provider Radius, decentralized oracle provider Ojo, keeper network Ditto, interoperability framework Hyperlane, and Marlin, which provides scalable coprocessors for decentralized compute.
In addition, Swellchain will leverage assets restaked through Symbiotic including BTC to secure critical infrastructure services for the rollup.
FAQ
Which assets can I deposit?
Deposit WBTC on Ethereum.
Or swap BTC to swBTC natively via Garden Finance.
How are deposits distributed between the different restaking protocols?
Gauntlet will act as a Restaking Guardian, selecting strategies and markets to optimize vault performance.
Is swBTC audited?
The swBTC vault is based on Yearn v3, which has been thoroughly battle-tested since launching in 2022.
Swell's changes to the vault were audited by Nethermind and ChainSecurity.
Where can I use swBTC in DeFi?
Provide swBTC liquidity in pools on PancakeSwap and Curve (more DeFi opportunities coming soon).
Are there any fees?
swBTC holders pay zero fees.
Fees will remain zero until real restaking rewards begin to flow.
Can I withdraw?
Withdrawals can be made at any time.
Withdrawing swBTC currently takes a total of 10 days: 3 days to withdraw from Swell, and 7 to withdraw from Symbiotic.
What is the minimum deposit?
There is no minimum deposit.
How are Symbiotic Points distributed between depositors?
Points are distributed to depositors pro rata based on the total number of Symbiotic points generated and the depositor's position size over time.
When and where will the points show?
The Points are being tracked and will show up retroactively at a later date.
Is swBTC reward-bearing?
Yes, swBTC is a yield bearing ERC-20 Liquid Restaking Token.