Swell

Swell issues swETH, a non-rebasing liquid staking token, alongside a restaking product line, letting users earn staking yield plus ecosystem rewards.

LST plus a native restaking roadmap (rswETH / Swellchain) under one non-custodial protocol.

- swETH: Swell's reward-bearing liquid staking token (LST). Users deposit ETH via the DepositManager contract and receive swETH, whose exchange rate appreciates as Ethereum staking rewards accrue. The swETH token on Ethereum mainnet is deployed at 0xf951E335afb289353dc249e82926178EaC7DEd78. - rswETH: Swell's native Liquid Restaking Token (LRT), a tokenized version of ETH restaked on EigenLayer. Swell DAO validators for rswETH are integrated directly with EigenLayer, giving holders access to restaking rewards without locking liquidity. Announced 29 January 2024 with a 30-day zero-fee window, after which a 10% fee applies. - Swellchain: A restaking-focused Ethereum Layer 2 built on the OP Stack within the Optimism Superchain, using EigenLayer restaking plus AltLayer AVS components (MACH for fast finality, VITAL for state verification, SQUAD for decentralized sequencing). Launched December 2024. Swellchain was announced for permanent shutdown on 15 June 2026 as the team pivoted resources to the Faro AI platform on Hyperliquid. - SWELL token: The governance token of Swell DAO, with a total supply of 10,000,000,000. It is used for DAO governance and for restaking to help secure Swell's L2/restaking infrastructure via EigenLayer and Symbiotic. TGE claims opened 7 November 2024; initial circulating supply was ~13%.

- SWELL (SWELL) — Token, Governance token - swETH (swETH) — Receipt, LiquidStaking

- Smart Contract: swETH, rswETH and related contracts carry smart-contract vulnerability risk. Audits (Sigma Prime, Nethermind, Cyfrin, Mixbytes, Hexens) found and resolved multiple medium/low issues, but audits do not eliminate residual bug risk; an Immunefi bug bounty is in place. - Systemic: Swellchain was permanently shut down on 15 June 2026 as the team pivoted to the Faro AI platform on Hyperliquid. Users had to bridge assets off-chain before the deadline or risk them becoming unrecoverable, illustrating operational/discontinuation risk for assets deployed on the L2. - Counterparty: rswETH depends on EigenLayer restaking; AVS operator misbehaviour, EigenLayer slashing conditions, or failures in the restaking middleware could impair rswETH value beyond base Ethereum staking risk. - Reserve / Depeg: swETH and rswETH are reward-bearing tokens redeemable via withdrawal queues; secondary-market price can trade below the underlying ETH exchange rate (depeg) during stress, illiquidity, or delayed withdrawals. - Oracle: swETH pricing relies on a repricing oracle (0x289d...2d71) to update the ETH exchange rate. Oracle manipulation, staleness, or misconfiguration could misprice swETH across DeFi integrations that use it as collateral. - Governance: Swell DAO controls protocol parameters and the validator set backing rswETH. Concentration of SWELL voting power or governance capture could affect fees, validator selection, and treatment of user assets.

- Dividend-reinvesting index fund / accumulating ETF share: similar — swETH is a reward-bearing token whose value accrues automatically as staking rewards compound into the exchange rate, similar to how an accumulating fund reinvests dividends into share NAV rather than paying them out.; differs — swETH carries smart-contract and slashing risk, is redeemable via on-chain withdrawal queues rather than a fund administrator, and can be freely used as collateral across DeFi. Its yield derives from validating a proof-of-stake network, not from underlying equities or bonds.