Swell Network Unveils Pre-Launch Deposit Access For Its Layer 2 Rollup
In Brief
Swell Network opened the Pre-Launch deposit entrance for its Layer 2 network, Swell, which will facilitate restaking activities.
Ethereum staking protocol Swell Network (SWELL) announced the commencement of the Pre-Launch deposit entrance for its Layer 2 network, Swell, which will facilitate restaking activities.
Users can now deposit ETH, liquid staking (LST) and restaking tokens (LRT) to obtain multiple potential benefits, including an extra SWELL airdrop upon the release of the Layer 2 scaling solution in the third quarter of 2024, airdrops from projects operating on the new network, such as Brahma, Ambient, and Ion Protocol, a part of the total one million EigenLayer points pool for users who maintain their deposits until launch, and native rewards and points associated with the deposited tokens.
Swell now accepts funds in various forms, including ETH, swETH, rswETTH, Renzo’s ezETH, Ether.fi’s eETH, and weETH, Stake Stone’s STONE, Pendle’s PT-rswETH, Eigenpie’s mswETH, mstETH, mwbETH, and mmETH, Lido’s stETH and wstETH, and Altlayer‘s ALT. Users may opt to withdraw their funds at any time.
Swell Layer 2 operates as a restaked rollup constructed on the Polygon contract development kit (CDK) and incorporates EigenDA and the Polygon AggLayer in partnership with AltLayer, Chainlink, and Redstone. It is backed by a grant from Polygon Labs and has undergone audits conducted by Hexen and MixBytes.
Keep track of cryptocurrency distributions in our Airdrops Calendar.
A “restaked rollup,” an innovation spearheaded by AltLayer, forms the framework for the endeavor. Functioning as such, Swell Layer 2 will incorporate a suite of Actively Validated Services (AVS) to enhance its security and decentralization. These AVS encompass decentralized verification, sequencing, and accelerated finality facilitated by EigenLayer’s restaking mechanism.
Swell rollup provides several benefits to Swell ecosystem participants, such as reduced fees, native restaking yield, and improved scalability, in addition to novel mechanisms for LRTfi. These advancements will be supported by familiar and new decentralized finance (DeFi) features built on native staking and restaking yield.
Swell Layer 2 Revolutionizes Ethereum Staking with Enhanced Liquid Staking Protocol
Swell Layer 2 is created by the team responsible for Swell Network, a decentralized staking protocol for Ethereum’s liquid staking and restaking. Through Swell Network, individuals can generate passive income by staking or restaking ETH, thereby earning rewards from the blockchain as well as restaked AVS rewards. In exchange, they receive a liquid token, either LST or LRT, with yield-bearing capabilities, which they can either hold or utilize within the broader DeFi ecosystem to further increase their earnings.
According to data from DefiLlama, the Swell Network’s total value locked (TVL) has recently surpassed $1 billion, reaching $1,104 billion as of this writing.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
