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.
Total staked
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Latest data · 15 min delay
Risks identified
- 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.