Swell
Staking · Liquid Staking · swETH
Swell issues swETH, a non-rebasing liquid staking token, alongside a restaking product line, letting users earn staking yield plus ecosystem rewards.
Non-custodial liquid staking and restaking.
swETH price
$1677.79
-5.6% 24h
Latest data · 15 min delay
Research
Components, facts, FAQ, timeline, and tokenomics in one place
Main components (4)
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%.
Differentiator
LST plus a native restaking roadmap (rswETH / Swellchain) under one non-custodial protocol.
Organizational structure
Units & roles
- Governance
Swell DAO
Swell is a decentralized, non-custodial protocol governed by Swell DAO. SWELL holders participate in governance, and Swell DAO operates the validator set backing rswETH's EigenLayer integration.
Investment rounds
| Date | Round | Amount | Investors | Link |
|---|---|---|---|---|
| 2022-03-18 | Seed | $3.75M | Framework VenturesMaven 11IOSG VenturesApollo Capital | Source |
Similarity to traditional finance products
How Swell maps onto established TradFi structures, and where it diverges.
| TradFi product | Similarity to Swell | Key differences |
|---|---|---|
| Dividend-reinvesting index fund / accumulating ETF share | 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. | 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. |