Swellchain is live!
The restaking chain, Swellchain is the hub for restaked assets, powered by Proof of Restake.
Swellchain’s launch follows a highly successful Pre-Launch deposit campaign which accrued more than $1 billion in assets from Swell, Etherfi, Renzo, and other leading restaking protocols.
What is Swellchain?
Our goal with Swellchain is to build a rollup that is scaled and decentralized with infrastructure secured by restaking.
This vision is made possible through Proof of Restake, a unique mechanism which uses Swell’s liquid restaked assets to secure both Eigenlayer AVS and Symbiotic Networks providing key infrastructure and services to the network.
In this way, the security provided by Proof of Stake on Ethereum is replicated at the rollup level—enabling fresh innovation for DeFi apps and chain infrastructure that is unconstrained by the limitations of the EVM, but still rooted in the security of the underlying blockchain. The resulting rollup structure not only creates deep alignment with Ethereum, but also unique possibilities to drive maximal value creation for Swell restakers.
Today, we launch with two AVS: Ditto, providing secure automation through its Keeper network, and Hyperlane, providing interoperability for ezETH and pzETH. In addition to the AltLayer AVS, secured through EigenLayer, these form the first components of the Proof of Restake mechanism underlying the chain, with more set to deploy in the coming weeks as we build out our vision of Swellchain.
Supported by Etherfi, Renzo, Kelp, Eigenlayer, Symbiotic, and RedStone
Swellchain is part of the Superchain, a network of blockchains powered by Optimism’s OP Stack, all working together to scale Ethereum.
In addition to Optimism, Swellchain launches with the support of the largest players in the restaking ecosystem: Etherfi, Renzo, and Kelp, along with Ethena and restaking platforms EigenLayer and Symbiotic – all supported by RedStone price feeds.
“We’re pumped to welcome Swellchain to the Superchain. As a hub for restaked assets within our growing ecosystem, Swellchain enhances the utility and potential of restaked assets on Ethereum. We look forward to supporting the growth of Swell alongside other big brands on the OP Stack."
— Mark, DeFi Partnerships, Optimism
“We’ve been working with Swell since April 2023, witnessing their growth for over 20 months through ETH Liquid Staking, Liquid Restaking, Bitcoin Staking and now an L2 as the icing on the cake. We are proud to have them as our long-lasting client and to be able to support the Swellchain ecosystem as the primary Push & Pull oracle."
— Marcin Kazmierczak, Co-Founder & COO, RedStone
Ethena-First Approach
Swellchain is the first chain to focus entirely on Ethena for its stablecoin strategy. Bridgeable via our bridging partner Stargate, Swellchain will launch with USDe and sUSDe.
Both assets will feature strongly in the ecosystem. USDe and sUSDe are the only dollar-denominated coins that will be rewarded by Swell during the bootstrapping period of the chain, which in addition to rewards from Ethena and sUSDe rewards, presents a very compelling case for liquidity providers and other DeFi users on the network.
Swellchain-native builders are leveraging Ethena assets to their advantage. For one: Tempest, a protocol built to support Swell applications, will be integrating USDe and sUSDe liquidity vaults and will also be airdropping a portion of its token to sENA stakers.
Finally, Swell has committed to accumulating sUSDe protocol-owned liquidity with a majority of excess sequencer profits. This will benefit the Swell ecosystem by driving extra liquidity and DeFi utility and allowing the protocol to earn on its treasury, while also supporting Ethena as they continue to grow.
Ethena's USDe and sUSDe will go live on Swellchain with the upcoming launch of Tempest Finance.
“We’re excited to continue to see the best DeFi teams build around Ethena to take advantage of the composable and DeFi-first properties of Ethena powered assets like USDe. We believe that introducing Ethena assets increases the efficacy of DeFi integrations and increases the economic surface through which developers can tap into for better tokenomics & protocol design. Swell’s focus on leveraging Ethena’s network effects, rewards, and partnerships is a unique approach that we hope other protocols and networks alike will take inspiration from moving forward.”
— Nick, Head of Strategy, Ethena Labs
Bridge to Swellchain
31,250,000 SWELL will be distributed to everyone who bridges and holds assets on Swellchain in the first two weeks.
Bridge before 12 am UTC on the 31st December to get your share, and be ready to earn more SWELL and tokens from dApps for exploring Swellchain in the next Wave.
Bridge now: app.swellnetwork.io/swellchain/launch
