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Deep Dive | September 20th

Swell Network BlogSwell Network Blog2024/09/20 07:54
By:Written by Swell

All the latest updates from the Swell ecosystem, including Swell L2 development and the launch of swBTC.

Months of hard work are getting closer to fruition as we approach the launch of $SWELL, expected this month.

Meanwhile, the Swell ecosystem continues to grow with a range of new DeFi integrations and the rip-roaring launch of swBTC.

Dive into this newsletter to get all the latest from Swell over the last month.

✨ Introducing swBTC 

Swell launched the first Bitcoin LRT to offer restaking yield from the Ethereum ecosystem, starting with Symbiotic and with EigenLayer and Karak Network coming soon.

You can now restake WBTC to earn 3x Black Pearls and Symbiotic Points. While Symbiotic caps are full, all swBTC holders will earn Black Pearls at a boosted rate of 5x. 

You can also deposit swBTC in the Swell L2 Pre-Launch or juice your yields on PancakeSwap and Curve Finance. 

Restake WBTC in the Swell BTC LRT Vault. ‍

👀 earnETH Project

As hinted at in a recent tweet , Swell is working on a special project with newly-launched Nucleus protocol.

Keep your eyes on our X account for updates on this soon.

🚢 Swell Voyage Loyalty Bonus

Loyal Swell stakers will be rewarded with a special bonus at TGE!

The Loyalty Bonus takes into account both your earliness and your commitment to the protocol over time. Within the 8% of the SWELL supply allocated to the Voyage, 1% will be allocated to a Loyalty Bonus. The other 7% will be allocated linearly based on Pearl holdings.

Learn more about the Voyage Loyalty Bonus.

⛓️ Swell L2 Updates

Swell L2 is now scheduled to launch in early Q4, following Polygon's Chain Development Kit (CDK) upgrade expected in October. This upgrade will introduce a number of improvements including boosted stability and scalability, increased prover capacity, and native AggLayer integration.

Ahead of launch, the Swell L2 testnet will go live! This fully-featured testnet environment will closely mirror mainnet conditions, allowing for thorough testing and experimentation of projects AVS and DeFi protocols prior to the launch.

Get the latest updates from our technical infrastructure partners. ‍

swBTC has landed on Swell L2!

Deposit swBTC in the Swell L2 Pre-Launch to accrue Swell L2 airdrops faster with 1.5x Ecosystem Points, while keeping your Black Pearls, Symbiotic Pearls, and future restaking rewards.

Deposit swBTC in Swell L2. ‍

Bubbly Finance is coming to Swell L2

The first AMM-based pre-market DEX, Bubbly Finance, will bring innovative pre-market trading to Swell L2, and will be airdropping to Swell L2 Pre-Launch depositors.

‍ Follow Bubbly on X ‍

🪂 Eigen Season 2 Stakedrop

EIgenLayer Season 2 claims are now open.

EIGEN tokens earned with rswETH in Season 2 will be claimed by Swell and redistributed to eligible rswETH holders via the Swell app by Friday September 20th.

If you held swETH in EigenLayer during Season 2, then you will need to claim via EigenLayer’s portal.

Learn more about EigenLayer’s Season 2 Stakedrop ‍

💠 Swell Integrates with SSV Network

Swell has integrated with SSV Network! 

More than 4000+ swETH validators have now been onboarded to SSV Network, marking an important milestone on our journey to delivering the most robust staking network for Ethereum.

Learn more about our SSV integration. ‍

🌍 The Swell Node Operator Set has Expanded!

The rswETH node operator set has recently expanded to strengthen our staking infrastructure.

These operators met rigorous onboarding criteria, which includes robust operational capabilities, security protocols, experience in validator management, utilizing underrepresented clients, and geographical distribution.

Meet the rwETH Node Operators. ‍

🌸 Swap swBTC with Garden 

BTC holders can now directly trade from native Bitcoin into swBTC on Ethereum in less than 10 minutes via Garden’s trustless Bitcoin bridge.

‍ Bridge into swBTC using Garden.

🧑‍🚀 swBTC set to Secure Hyperlane

swBTC will secure Hyperlane via Symbiotic!

Hyperlane’s bridge will draw economic security from the Swell BTC LRT Vault on Symbiotic, and capture bridging fee revenue to flow back to restakers.

‍ Dive into how swBTC will help to secure Hyperlane.

🤝 Swell Teams up with Hemi and Symbiotic 

Swell has teamed up with Hemi Network and Symbiotic!

Hemi will leverage Swell’s BTC LRT Vault on Symbiotic to source economic security for Hemi’s Bitcoin asset tunneling system.

‍ Learn more about this partnership

💧 Liquidity 

swBTC has entered BTCFi hub Avalon Labs

Borrow, lend, and leverage against swBTC, and earn 5x Black Pearls, AVAF points, and lending yield for supplying WBTC.

‍ Deposit swBTC in Avalon Labs ‍

swBTC crashes into the Loop Pool Party

Earn 4 types of points when depositing swBTC on Loop!

Deposit in the Sep rswETH (Swell L2) Pool

Earn and Borrow swBTC on Morpho Labs

Borrow, lend, and leverage against swBTC collateral or Supply swBTC to the vault to earn yield and Black Pearls on Morpho Labs!

Earn with Morpho Labs

Borrow with Morpho Labs

Summer has come to Swell!

Borrow, lend, and loop your swBTC on Summer.fi!

‍ Earn with Summer.fi

Borrow with Summer.fi

Stack mats with swBTC on Mezo 

Deposit swBTC in Bitcoin’s Economic Layer with the code ‘SWELL’ to earn Black Pearls and Mezo mats.

‍ Deposit swBTC in Mezo ‍

rswETH is integrated in Tokemak’s autoLRT Autopool

rswETH is now eligible for liquidity deployments on Tokemak's newly launched AutoPilot.

‍ Check out the autoLRT pool

🙋Spaces and Podcasts

Securing Bitcoin Liquid Restaking | Space

Discussing swBTC security with Risk Guardian Gauntlet and vault infrastructure provider Yearn.

‍ Read the recap

Listen to the recording ‍

The BTCFi Revolution | Space 

Chatting BTCFi and swBTC with BOB, Avalon Labs, Garden, and Summer.fi. 

‍ Read the recap

Listen to the recording ‍

Building Swell L2 | Space

The latest developments on Swell L2 with builders Polygon, AltLayer, and Ankr.

‍ Listen to the recording.

Restaking Abstracted | Socket Protocol Space

Swell Founder Daniel joined the teams from Symbiotic and Socket to discuss how restaking and chain abstraction make sovereign, trust-minimized dApps a reality.

‍ Listen to the recording ‍

Swell City, Wave Drops and Swell L2 | Ion Protocol Space

We joined Ion Protocol to discuss all things new for Swell City, and our upcoming season featuring Black Pearls and Wavedrops!

‍ Listen to the recording

Swell Japan AMA 

Our Japanese community hosted an AMA to learn more about Swell’s journey ahead of TGE.

‍ Listen to the recording. ‍

📣 Top Tweets

AVResearch dives into the challenges and limitations that Swell L2 will help overcome.

𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬 𝐚𝐧𝐝 𝐋𝐢𝐦𝐢𝐭𝐚𝐭𝐢𝐨𝐧𝐬 𝐨𝐟 𝐋𝐚𝐲𝐞𝐫 𝟐 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬

🧵A Thread | Challenges @swellnetworkio 's Swell L2 Promises to Overcome 🧵 pic.twitter.com/Ncn08n5r6g

— AV | Research (@AVResearchAV) September 10, 2024

Explore the technical architecture of swBTC with leading auditor, ChainSecurity.

We recently audited @swellnetworkio 's swBTC, a system allowing wBTC holders to deposit their token in a ERC4626 vault to participate in restaking to earn yield.

Today, we will dive into the architecture and explain how it works 🧵👇 pic.twitter.com/y9H5vFyo8E

— ChainSecurity (@chain_security) August 28, 2024

Join the Swell Community

Expect to receive your next edition of the Swell Deep Dive in three weeks.

Until then, stay up to date by joining us in Discord and following us on Farcaster , Twitter and DeBank .

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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