In support of the recent launch of swBTC, Swell has forged partnerships with Networks across the Symbiotic ecosystem. Each of which will bring unique benefits to Swell and boost rewards for swBTC restakers.
Let's dive into how swBTC restaked through Symbiotic helps to secure Hyperlane!
What is Hyperlane?
Hyperlane is the first permissionless interoperability solution that allows smart contract developers to send arbitrary data between any blockchains.
How Hyperlane will use swBTC Economic Security
Hyperlane will draw economic security from the Swell BTC LRT Vault on Symbiotic to secure its bridge.
As TVL in the product scales, so does the economic security for Hyperlane, and swBTC will be securing the chain infrastructure (i.e. Bridge) to take the asset across the ecosystem.
Fees captured from swBTC bridging transactions can then create revenue for the vault and flow back to depositors.
What will this unlock for swBTC?
Hyperlane will enable swBTC to expand cross-chain, secured by economic security from the BTC LRT Vault. This includes:
- Moving swBTC between chains
- Scaling swBTC to any chain/VM with permissionless Hyperlane deployments
- Customizing cross chain security/rate limits with modular security
- Economically securing bridge transactions with restaked swBTC
- Generating and redistributing swBTC bridge fees to depositors
Permissionless Expansion
Most importantly, Hyperlane empowers Swell to expand swBTC and other Swell assets to more chains. With Hyperlane Permissionless Deployments, Swell is able to connect to new chains faster and self-deploy bridging (Warp Routes) to them without any dependencies on another developer team.
Sovereign Asset Issuance with Hyperlane
Hyperlane also empowers Swell as a sovereign asset issuer, meaning Swell has full control of where Swell assets can be bridged, bridge security (such as rate limits and address blacklists), and contract upgradeability.
Each asset will be siloed into its own Warp Route contracts with its own security model customizable by Swell. As the asset issuer, Swell can customize the size of the validator set, bring their own validators, implement rate limits, address permissions, and more security parameters. With this sovereign and siloed security approach, no one asset can jeopardize any other asset.
About Hyperlane
Hyperlane is the open interoperability framework. It empowers developers to connect anywhere onchain and build applications that can easily and securely communicate between multiple blockchains. Importantly, Hyperlane is fully open-source and always permissionless to build with.
About Swell
Swell is the restaking yield layer for Ethereum. The protocol provides liquid staking and restaking primitives for DeFi and is delivering the first vertically integrated Layer 2 restaked rollup.
About Symbiotic
Symbiotic is a generalized shared security system enabling decentralized networks to bootstrap powerful, fully sovereign ecosystems.
