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
$2114.37
-0.9% 24h
Latest data · 15 min delay
LST plus a native restaking roadmap (rswETH / Swellchain) under one non-custodial protocol.
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.
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.
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.
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%.
10,000,000,000 SWELL (fixed max supply); ~13% initial circulating at TGE
Swell Network - Introducing SWELLSwellchain permanently shut down 15 June 2026; team pivoted to Faro AI on Hyperliquid
CryptoRank - Swellchain shutdown June 15, Faro AI on Hyperliquid$3.75M seed round (March 2022) led by Framework Ventures
CoinCarp - Swell Network fundraisingHow Swell maps onto established TradFi structures, and where it diverges.
Dividend-reinvesting index fund / accumulating ETF share
Swell
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.
TradFi analogue
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.
Swell DAO
Governance 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.
Key milestones: launches, upgrades, exploits and governance events.
swETH liquid staking mainnet launch
ExecutedAfter a Goerli testnet phase and a guarded mainnet launch, Swell opened permissionless ETH staking deposits, issuing the reward-bearing swETH token.
SourcerswETH restaking token launch
ExecutedLaunch of rswETH, Swell's EigenLayer-integrated liquid restaking token.
SourceSwellchain L2 mainnet launch
ExecutedSwellchain, a restaking-focused OP Stack L2 in the Optimism Superchain, launched on mainnet in December 2024.
SourceSwellchain permanent shutdown
ExecutedSwell announced Swellchain would permanently cease operations on 15 June 2026, pivoting to the Faro AI platform on Hyperliquid; users were urged to bridge assets off-chain before the deadline. SWELL continues on Ethereum.
SourceswETH is Swell's liquid staking token representing ETH staked on the Ethereum beacon chain, earning standard staking rewards. rswETH is Swell's liquid restaking token, representing ETH restaked on EigenLayer for additional restaking (AVS) rewards on top of base staking yield. Both are reward-bearing tokens whose exchange rate appreciates over time.
No. Swell announced that Swellchain would permanently shut down on 15 June 2026, redirecting resources to Faro, an AI platform on the Hyperliquid ecosystem. Users were urged to bridge assets (including Lido wstETH) off the chain before the deadline, after which remaining assets on Swellchain risked being unrecoverable. The SWELL token continues to exist on Ethereum.
Swellchain was a restaking-focused Ethereum Layer 2 built on the OP Stack within the Optimism Superchain. It extended Ethereum security through EigenLayer restaking and used AltLayer AVS services for fast finality, state verification and decentralized sequencing. It launched in December 2024.
SWELL has a total supply of 10 billion tokens. 35% was reserved for the community and ecosystem. The Voyage airdrop campaign (based on 'Pearls' points) distributed 8.5% of supply, with claims opening 7 November 2024. Initial circulating supply at TGE was about 13%.
Swell's smart contracts have been audited by Sigma Prime (swETH, completed April 2023, and rswETH/rswETH withdrawals) and Nethermind, with additional firms including Cyfrin, Mixbytes and Hexens auditing later upgrades and the Swell L2 pre-launch deposit contracts. Development was also supported by risk firms Gauntlet and Chaos Labs, and Swell runs an Immunefi bug bounty.
