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Introduction
Swell Network is a non-custodial, liquid ETH staking protocol built for stakers, node operators, and the Ethereum ecosystem. Users can stake ETH to receive swETH and earn DeFi yields. SWELL total supply: 10 billion tokens
This weeks highlights October 7 (22:00) FTX bankruptcy compensation plan needs to wait for confirmation at the hearing on October 7 ; October 8 The HBO documentary released on October 8th claims to reveal the identity of Satoshi Nakamoto ; Swell Network announced that it will conduct its first Wavedrop airdrop on October 8 ; October 9 Nigerian court to decide on Binance executives’ bail application on October 9 ; October 10 (20:30) The US will release the September CPI data on October 10 ; Ola will take the final token distribution snapshot of Massive before the mainnet and TGE on October 10 ; From October 7 to October 13, more noteworthy events in the industry are previewed below. October 7 FTX bankruptcy compensation plan needs to wait for confirmation at the hearing on October 7 Odaily Planet Daily reported that the FTX bankruptcy case file showed that at 10:00 Eastern Time on October 7 (22:00 Beijing Time), the Delaware Bankruptcy Court will hold a confirmation hearing on FTXs bankruptcy plan. On that day, the court will consider confirming FTXs proposed Chapter 11 reorganization plan and its related disclosure statement plan. If the court confirms the plan, FTX will be allowed to pay more than 98% of its customers and unsecured creditors in full with interest based on the US dollar price of crypto assets on November 11, 2022. In addition, according to US media Protos, the compensation may be implemented after three comprehensive hearings aimed at discussing the merger of multiple claimants into a unified category, scheduled for October 22, November 20 and December 12. Odaily Note: There are currently a lot of rumors on social media that FTX will start paying compensation next week, which is false. Lido: wstETH deposits from Ethereum to Optimism will be suspended from October 7 and will resume on October 14 Odaily Planet Daily News Lido issued a reminder on the X platform that as part of the introduction of stETH into Optimism upgrade, wstETH deposits from Ethereum to Optimism will be suspended from October 7 until the upgrade is completed (approximately October 14). October 8 HBO documentary released on October 8 claims to reveal the identity of Satoshi Nakamoto Odaily Planet Daily News Documentary director Cullen Hoback and HBO recently announced that the documentary Money Electric: The Bitcoin Mystery will premiere on October 8, suggesting that the true identity of Bitcoin creator Satoshi Nakamoto may finally be revealed. Cullen Hoback is best known for his HBO miniseries “Q: Into the Storm,” in which he claimed to have identified several authors of the QAnon conspiracy theory, but it remains to be seen whether he has actually unmasked the creator of Bitcoin. Binance will upgrade its system on October 8 and will close all deposit and withdrawal services 5 minutes before the upgrade. According to the official announcement, Binance will start the planned system upgrade from 14:00 (Eastern Time Zone 8) on October 8, 2024. The upgrade will take about 15 minutes. During the upgrade, users can continue to place new spot, futures and options orders, or cancel existing orders, and can access all Binance products as usual. However, some services and functions may be affected differently during the upgrade. At the same time, Binance will close all deposit and withdrawal services 5 minutes before the system upgrade. If users have deposit and withdrawal needs, they should leave enough time to operate before the upgrade. After the system upgrade is completed, deposit and withdrawal will be resumed. Swell Network announces first Wavedrop airdrop on October 8 Odaily Planet Daily reported that the re-staking agreement Swell Network announced that it will take a Pearls snapshot at block height 20422895, approximately at midnight UTC on July 30, 2024. After this snapshot, the TGE details and anti-witch measures will be determined. The first Wavedrop is scheduled for October 8, 2024, allocating 2% of the SWELL supply to Black Pearl holders, and 1% each subsequent time. In addition, Swell L2 deposits will enjoy a 1.5x ecosystem airdrop multiplier reward. Solana Radar Hackathon Opens Project Submissions and Will Close at 23:00 on October 8 Odaily Planet Daily News: The 10th Radar Global Online Hackathon hosted by the Solana Foundation has opened project submissions today and will end at 23:00 on October 8. The Radar Hackathon offers a total prize of more than $600,000, an early-stage investment of $250,000, and 1:1 incubation qualifications from the Colosseum accelerator. Participants can receive a single award of up to $50,000 and special bonuses. Choose Chinese as your native language or Hong Kong/Taiwan/Mainland China/Singapore as your region to share an additional $20,000 in prize money for the Chinese track. October 9 Nigerian court to decide on Binance executives’ bail application on October 9 Odaily Planet Daily News: A Nigerian court has postponed the decision date on the bail application of detained Binance executive Tigran Gambaryan to October 9. Nigerian judge Emeka Nwite made the ruling on September 4 after hearing arguments from Gambaryans lawyer Mark Mordi and prosecutor Ekele Iheanacho, who opposed the bail request. (CryptoSlate) Stacks Foundation: Nakamoto Activation Expected for October 9 Odaily Planet Daily News Stacks Foundation published a message on X saying that Nakamoto activation is expected to take place on October 9. To this end, the Stacks community will hold more than 20 developer workshops around the world, including lectures, live demonstrations and technical challenges, where participants can win STX. It recently announced that the core developers have selected the Nakamoto hard fork block - Bitcoin block #864864, when Nakamotos key improvements will be deployed, including fast blocks, Bitcoin finality, etc. As part of the hard fork, all node operators should upgrade their nodes, and binaries will be available about a week before the hard fork. It added that the core developers remain committed to a safe and reliable release. If necessary, they will reserve the right to choose a new hard fork block to resolve issues or investigate network activity. Any updates to the block will be updated immediately. Berachain launches RFB incentive program. Projects that have deployed testnet can submit applications before October 9. Odaily Planet Daily News Berachain launched the Request For Broposal (RFB) incentive plan, which mainly provides liquidity and other support for Berachains ecological projects and test network developers to help the project cold start. Projects that have been deployed on the Berachain test network can apply to participate in the RFB plan before October 9, and can choose to participate in the Boyco project at the same time. October 10 The US will release September CPI data on October 10 The U.S. CPI data for September will be released at 20:30 Beijing time on October 10 (Thursday). Currently, economists generally expect that the overall U.S. CPI data for September will drop slightly from 2.5% last month to 2.3%, and the month-on-month growth rate will also drop from the previous 0.2% to 0.1%; the year-on-year growth rate of core CPI will remain at 3.2%. Elon Musk: A historical humanoid robot will be released on October 10 Odaily Planet Daily News: Elon Musk announced on X that he will release a humanoid robot product on October 10, and said this will go down in history. Optimism: Hyperchain contributors can register from September 26 to October 10 to receive rewards Odaily Planet Daily News Optimsm published on the X platform that during the 5th and 6th seasons, up to 3.5 million OP will be allocated to contributors to Optimism Governance, which means that contributors from October 2023 to September 18, 2024 will receive rewards. If you contribute to the super chain governance, the following dates need to be paid attention to: Registration: September 26 - October 10; Application review process: October 14 - October 28; Voting: October 28 - November 7; Results announced: November 19. Ola will take the final token distribution snapshot of Massive before the mainnet and TGE on October 10 Odaily Planet Daily News: Ola officially announced that the third season of the Massive node verification network will be the last season of the Ola testnet phase. Users participating in the Massive season will be eligible for the allocation of Ola tokens. Ola will conduct the mainnet and TGE by the end of this year. Since the node registration was opened in April this year, the Ola Massive network has more than 240,000 active nodes. The token distribution ratios for the first two seasons were 1% and 2% respectively, and the third season snapshot to be conducted on October 10 will be the final season. October 11 SEC announces enforcement chief Gurbir Grewal will leave on October 11 Odaily Planet Daily News: The U.S. Securities and Exchange Commission (SEC) announced today that Gurbir S. Grewal, Director of the Enforcement Division, will leave on October 11, 2024. Following Mr. Grewals departure, Sanjay Wadhwa, Deputy Director of the Enforcement Division, will serve as Acting Director, and Sam Waldon, Chief Legal Counsel of the Enforcement Division, will serve as Acting Deputy Director. “We are very fortunate to have such an outstanding public servant as Gurbir Grewal join the SEC and lead the Division of Enforcement for the past three years,” said SEC Chairman Gary Gensler. “Every day, he thinks about how to best protect investors and helps ensure that market participants comply with time-tested securities laws. The Division of Enforcement he leads is always fearless, follows the facts and the law, and is impartial. I have greatly enjoyed working with him and wish him all the best.” TON will hold a Hackers League training camp starting on October 11, with a total prize pool of $2 million Odaily Planet Daily News: TON officially announced on its channel that it will hold a Hackers League training camp, sharing a total prize pool of $2 million, and providing guidance lectures from industry experts. The event will be held from October 11 to November 17, 2024. October 12 Public consultation on the European and American crypto asset classification guidelines will end on October 12 Odaily Planet Daily reported that EU regulators have issued guidelines for the classification of crypto assets based on MiCA, with the deadline for public consultation being October 12. October 13 None
Must-watch this week|HBO documentary plans to reveal Satoshi Nakamoto’s identity; FTX will have a confirmation hearing on its bankruptcy plan (10.7-1Swell L2 will decentralize and scale the core parts of its infrastructure through AVS's offering services such as sequencing, verification and finality, which are secured by restaked assets. With EigenLayer's new permissionless token support protocol feature, all ERC-20 tokens can now be restaked to provide this cryptoeconomic security. This sets the stage for a key piece of the Swell vision to fall into place: the restaking of Swell Token (SWELL). Dual staking and beyond As explained by Eigenlayer, Dual Staking represents a way of using two tokens to secure one network. This avoids a situation in which a system depends on the value of a single native token, which may be subject to volatility that could lead to 'death spiral' effects. Instead, dual staking enhances robustness by coupling the network token with an additional token such as ETH that has lower volatility, deeper liquidity, and more resilience. Building on this idea further, Swell L2 AVS’s will be secured by a diversified basket of assets comprising the native gas token, SWELL, along with Swell’s liquid staking tokens rswETH and swBTC. Securing Swell L2 with SWELL Using SWELL — in addition to rswETH and swBTC — to secure and scale the EigenLayer AVS's powering Swell L2, will help the network overcome the centralization, security and trust issues that undermine other L2s. And, it will drive a unique flywheel of restaking rewards for SWELL stakers securing the Swell L2 AVS's. These include: Data Availability: EigenDA EigenDA addresses the blockchain scaling bottleneck around data availability by enabling rollups to put their transaction data offchain and verify it with certificates posted to Ethereum. This will decouple the throughput of Swell L2 from Ethereum, leading to reliable and low cost transactions. State Validation: AltLayer MACH AtlLayer’s MACH is a fast-finality AVS that addresses rollups’ typically slow finality times. It ensures rapid transaction confirmation and maintains crypto-economic security to counteract malicious participants. Decentralized Sequencing: Radius Centralized sequencers, as used by most L2s, hold a single monopoly over the outcome of any block. This can pose risks including transaction censorship, downtime, and harmful MEV extraction. Radius resolves this with a shared sequencing layer built as an AVS, which takes a trust-minimized approach to ordering transactions. Get ready for rSWELL! By securing these AVS’s, SWELL stakers will capture yield generated by activity on Swell L2. And, with liquid restaking token rSWELL, they can capture this value while still being able to use the liquidity elsewhere in DeFi.
Securing Swell L2 with rSWELL on EigenLayerOdaily News: Swell published an article on X stating that EigenLayer programmatic incentives will be distributed weekly to rswETH holders as bonus income. Users do not need to do anything. By using their Aera vault to convert EIGEN into ETH and automatically compounding it into rswETH rewards, the process can be optimized to minimize slippage.
Swell: EigenLayer programmatic incentives will be distributed to rswETH holders weekly as bonus incomeRipple’s presence at the conference shows its strong role in the fintech world. Industry experts will share ideas about digital payments and new technologies. Continuing regulatory issues could affect Ripple’s future and the crypto sector. Ripple chief executive officer Brad Garlinghouse and cofounder Chris Larsen are going to attend the Federal Reserve Bank of Philadelphia’s eighth annual fintech summit. This occasion will happen on October 22 and 23. It will focus on important topics like tokenized deposits and real-world asset tokenization. Julapa Jagtiani, a senior economist at the Federal Reserve, says the conference aims to explore the future of the fintech industry. Ripple’s Market Impact The announcement of Garlinghouse and Larsen’s contributions has triggered a 4% increase in XRP’s price. This surge shows Ripple’s influence in the coin trade. Logistics professionals and researchers will gather to discuss various innovations affecting the sector. The agenda includes important discussions on banking as a-service and highlights emerging financial technologies. Is #Ripple on the way to replace the FED? 🏦 Brad Garlinghouse & Chris Larsen are about to appear at a Federal Reserve Event in October 22-23. And Jerome Powell said that they’re investing heavily right now in building a new settlement system for instant payments in the US -… pic.twitter.com/WQRrpfNwy2 — 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) September 28, 2024 Additionally, the involvement of Ripple’s executives shows the company’s commitment to engaging with industry trends. Experts will analyze how these innovations can reshape traditional banking practices. The dialogue aims to address the challenges posed by regulatory frameworks in the fintech sector. Upcoming Swell Conference in Miami Before the Federal Reserve event, Ripple will host its own Swell conference in Miami, Florida, on October 15 and 16. This event marks Ripple’s eighth annual gathering focused on digital payments. It will attract industry leaders who will discuss advancements in the fintech space. Previous Swell conferences have taken place in various global locations like London and Dubai. Moreover, discussions at the Swell conference will align closely with those at the Federal Reserve event. Ripple aims to reinforce its leadership in the rapidly evolving fintech landscape. Participants can expect insights into blockchain technology and digital asset management. Read CRYPTONEWSLAND on google news Legal Challenges Looming Ahead Ripple faces potential constitutional challenges from the U.S. Securities and Exchange Commission . Reports say the government is considering an appeal regarding recent rulings on the token’s programmatic sales. The decision deadline is set for October 6 which creates uncertainty for Ripple and its investors. Legal expert Jeremy Hogan recommends that the SEC focus on investor protection during its deliberations. Meanwhile, Ripple’s Chief Legal Officer, Stuart Alderoty, believes the legal conflict may soon be resolved. disclaimer read more Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
Ripple Executives Set to Speak at Federal Reserve Fintech EventRipple is ready to face a crucial battle against the SEC regarding its token identity. Earlier, Ripple Labs sought a 120-day stay on the $125M penalty ordered by the SEC. The lawsuit, which has been in progress since 2020, has yet to get a concrete answer. Ripple Labs is ready to face a crucial battle with the U.S. Securities and Exchange Commission (SEC) regarding its token identity. The lawsuit, which is slated to be held in October, will determine whether the token is a security or not. The case, which was filed by the SEC in December 2020, has yet to get a concrete answer. Considering the impact between the two parties, many took to X to vent their emotions and remained divided on whether the SEC would continue the appeal. Ripple’s Legal Officer, Stuart Alderoty, stated that the case on Ripple was over, but the ‘fair notice’ defense was still alive. Alderoty asserted that Ripple would win the case, even if it reached the Supreme Court. However, Marc Fagel, a retired securities lawyer, stated that the appeal, if filed, will go to the 2nd Circuit Court of Appeals and not the Supreme Court. He added that the decision from the 2nd Circuit Court of Appeals would take about 10-11 months and later on move to the Supreme Court. Earlier, Judge Analisa Torres ruled that Ripple did not violate the SEC regulations concerning its programmatic sales of XRP to investors. However, she added that the token had violated its institutional sales. Based on the ruling, Ripple Labs was ordered to pay a penalty of $125 million. However, Ripple sought a 120-day stay on the fee, which was approved by the SEC. The legal proceedings have so far received mixed responses from the crypto community. If the appeal is extended, then the case will be prolonged to the next year. If not, then Ripple will complete its penalties, and the case will finally be closed. Overall, the verdict would impact not just the future of Ripple and XRP but also its future projects. Notably, a Ripple Swell conference will be held in October, during which new projects will be unveiled. The post XRP vs SEC: Ripple Awaits Lawsuit Appeal as Deadline Looms appeared first on CryptoTale.
XRP vs SEC: Ripple Awaits Lawsuit Appeal as Deadline LoomsIn our latest Space, we were joined by builders from Polygon, AltLayer, and Ankr to discuss the development of Swell L2. In case you missed it, here are the top questions from the event. What is Swell L2 and why are we building it? "On a technical level, Swell L2 is a ZK-validium built on the Polygon CDK. Conceptually, the L2 is rooted in restaking, which has been a big narrative as of late, and a major focus of this year with the launch of restaking protocols such as EigenLayer and Symbiotic. With the launch of EigenLayer, we saw a tonne of adoption through swETH being deposited on their platform, and in turn launched rswETH, Swell’s own natively restaked LRT. One of the problems we saw was that there was all of this TVL going into these protocols, with no use cases being built around it. We realized that with all of this security we have backing our LRT, we can use AVS’s as infrastructure to decentralize and scale an L2 in a way that is modular, meaning each component of the L2 is ideally delegated to a specialized provider who is the best provider in that space. This will be secured by the three Swell tokens – SWELL, swBTC, and rswETH. By doing this, the L2 is able to drive value towards these tokens which enhances Swell’s liquid staking and restaking offerings, while also providing what we feel will be the next generation of DeFi on L2’s." — Abi, Swell What has happened since the L2 pre-deposits launched? "Swell launched L2 pre-deposits in April this year. This pre-launch has been one of Swell’s most successful campaigns, and is a testament to the community’s belief in what we are building. It has also been a great indicator of the communities willingness to want a differentiated L2 since there are a lot of L2’s launching at the moment that don't actually need to be L2s. For Swell, we found it was important to launch the pre-deposit campaign and really think about the story behind the L2, including what we are setting out to achieve, and how we will differentiate ourselves in the market." — Abi, Swell Why did Swell choose to build on Polygon CDK? "We chose the Polygon CDK for many reasons, one being that we have a huge belief in the Polygon team and what they’re building. One of the reasons we chose to use a ZK rollup opposed to an Optimistic rollup is because ZK rollups use ZK proofs to allow for much quicker withdrawal times from the L2 back to mainnet, so the value leakage from the L2 is essentially gone. There are two main forms of ZK rollups. One that uses Ethereum for data availability (DA), and the other which is a validum, which uses EigenDA for data availability. Swell will be using the latter, as ZK validums greatly reduce the transaction costs on the network with EigenDA, making it much cheaper than Ethereum. One of the benefits of this is that it can be extended on. We are working with partners like Aligned to also make the proving of the ZK proofs on mainnet much cheaper as well. This is the beauty of Swell L2. We can take the benefits of a ZK rollup which is ultimately a better stack, and we can solve the issues that potentially impact it using AVS’s." — Abi, Swell "For people who don't know, CDK stands for Chain Development Kit. This came from the idea that if we really want to get to a good solution for any of this, we really need to lean into ZK. By bringing the costs of proving down, we make it a lot easier to create not just a single network, but a network that talks to each other in a more secure way. This is really going to benefit Swell specifically because this architecture is very modular. It allows people to choose different tools to build a blockchain, and they can also build tools that application builders and users can use to interact with the blockchain, and that is what we’re trying to build here with the AggLayer." — Paul, Polygon How does the AggLayer benefit DeFi, and in particular Swell? "The idea of the AggLayer is two-fold. One of the things we really want to do is be able to have a consistent way to settle the network of ZK chains, or arrive at what their final state is. When we built the Polygon zkEVM, we designed a method for doing this that had a really awesome property, which is that because finality is deterministic and can be verifiable on L1, you can also build a bridge around that which means that not only do you have finality of the chain but you have finality of the bridge. Via some clever arrangement you can think of that as a way to build cross chain interactions. From my perspective, the AggLayer is a combination of a baseline settlement protocol and a bridge, and on top of this bridge we can layer tools for things like fast interoperability i.e. how do I move an asset or a message between two chains at the same speed of those chains finality. When you think of Swell, the idea here is that we are trying to make assets that come from one of many networks productive across a whole set of networks. That asset productivity requires a certain level of composability that you don't get unless you start thinking of architecting applications differently. If you listen to what both Abi and I are saying, it's that we can start to think of blockspace design as application design. The way that we were building DeFi applications for Ethereum in 2019 are now being able to be done at the blockchain level, meaning blockchains become robust applications and it opens up the design space for what it means to be building in Web3." — Paul, Polygon "The real vision for Swell is that Swell assets including swBTC, rswETH and the SWELL token, are able to leverage and share this same architecture that we are working with now to other chains. This positions Swell assets as the assets that are ultimately securing the decentralization and scaling of, one day, all the Polygon CDK chains. By doing this through the AggLayer, we can really stay true to the vision that liquidity really is aggregated. While the L2 is awesome, what’s even more clear is how the entire system fits together and how every product compliments each other. We really see Swell as the first vertically integrated full stack solution, and once we get this system running you won't be relying on a single sequencer. All of the value that the chain is able to create by offering this superior blockspace is not driven back to some foundation or DAO, it is fundamentally driven back to the actual users that are holding the assets that are securing the stack." — Abi, Swell What is the restaked rollup model, and how will it support Swell L2? "At AltLayer we are working on allowing users to have unlimited blockspace by deploying their own dedicated rollup. One of the most important things that Paul from Polygon mentioned is that there are too many rollups in the space, and having a rollup in general does not differentiate you, it's the applications on top of the rollup that brings value to the chain. At the moment, TVL is not the most important indicator within the rollup space, it's more about active users and if the rollup itself can generate sequencing revenue and enough transactions to cover the cost of the rollup to be sustainable. At AltLayer we are working on a number of products. We are developing Rollups-as-a-Service (RaaS) and have been spinning up close to 40 rollups within the space. We realized that people are finding new ways to redesign their rollup architecture in terms of technical standpoint, as well as looking for new ways to engage with their community, for example using shared security with EigenLayer. We have also developed a framework which is called Restaked Rollup, that involves a set of vertically integrated AVS’s on top of EigenLayer. All of these AVS’s are created on demand so you can decide whether you do or do not want these functionalities or services that aim or are purposed to enhance the functionality of a rollup in general. The first function we have designed which is live on the market is called MACH – a fast finality layer that allows you to have finality within a few seconds, compared to Ethereum which is ~30 minutes. AVS operators run MACH software, and it validates the state transition of the rollup in real time. When it has finished validating, it will proceed to finalize the block and you will be able to proceed with your transaction. With MACH you are able to enjoy the shared security from EigenLayer, as well as the EigenLayer permissionless token support where you can bring additional tokens and different ERC-20 tokens as your security guarantee beyond the MACH AVS. The second AVS we are building is called VITAL. You can treat it similarly to a firewall or VPN system with economical backing from EigenLayer. It acts similar to MACH but the difference is that it prevents users from continuing to use the chain while an invalid state transition has been detected. The last product we are building is called SQUAD which aims to decentralize all of the sequencers with AVS node operators. This means that in the future there won't be one provider that is running the entire architecture of the rollup, instead it could be a bunch of AVS operators with different entities with economical backing, as well as slashing conditions behind it. In the future our goal is to be able to have better security guarantee, better finality of time for high frequency trading apps, and better decentralization with decentralized sequencing." — Wen, AltLayer What is the Ankr RPC, and how will it make a difference to Swell L2? "Ankr’s infrastructure network has a presence in over 20 countries, and all of the nodes we run on the blockchain are globally distributed. We have our own custom built cloud native supports and are experienced running a vast diversity of different blockchains across L1s and L2s with different clients. We also have monitoring and alerting in place to make sure we can dynamically scale in response to any spikes in RPC traffic in specific regions. The benefit for the user is that they are guaranteed to receive the lowest latency and guaranteed response." — Paul, Ankr What can we expect as we near the launch of Swell L2? "Swell will be launching a private beta testnet with a purpose to allow our dApp partners that we’re working with to launch some of the co-integrations before we go live. This is a way for us to test the stability of our L2 and get some of the integrations up and running to show our users what we've been working on with our partners." — Abi, Swell Thanks to everyone who attended the event! Listen to the recording. To stay up-to-date with Swell, join our thriving community on Discord , Farcaster , DeBank , and X .
Building Swell L2 | Space RecapA high-stakes clash between Ripple and the SEC is about to explode. SEC has not backed down, scoring wins that have put Ripple on the defensive. The buzz around Ripple’s Swell conference has been building. The Ripple vs. SEC showdown is nearing its climax, and the entire crypto world is holding its breath. After years of legal back-and-forth, the XRP lawsuit is entering its final phase, a critical moment not just for Ripple , but for the future of cryptocurrency regulation in the U.S as a whole. As this high-stakes battle winds down, Ripple is gearing up for some exciting developments that could shake up the market even further. The SEC’s case against the company, accusing them of selling unregistered securities with XRP, has dominated headlines for years. Ripple’s Legal Battle Nears End Analyst Zach Rector hasn’t held back , calling out SEC Chair Gary Gensler and expressing doubt over how much the commission’s testimonies will sway things in the coming days. While the company braces for impact, the SEC has been stacking wins elsewhere. These include a recent case against ConsenSys that a Texas judge threw out, giving the agency another notch on its belt. Sponsored All eyes are now on October 6 or 7, the deadline for the SEC to file an appeal in the lawsuit. If no appeal comes through, it’s game over, and Ripple walks away from one of the most scrutinized legal battles in crypto history , but that’s not all. The company is expected to roll out its own stablecoin, RLUSD, potentially at the highly anticipated Swell conference on October 14-15. There are also swirling rumors about a possible XRP-focused ETF announcement appearing at the event as well. Ripple’s Swell Event Teases $50T Tokenization Boom Ripple’s Swell event promises to be more than just business as usual, with tokenization projects and big-name speakers from institutions like Northern Trust and Archax expected to drop game-changing insights. With projections suggesting up to $50 trillion in assets could be tokenized on the XRP Ledger in the future, the stakes are higher than ever. But the burning question remains: will the SEC file an appeal? Some ex-SEC lawyers are betting on it, but Ripple’s leadership seems unfazed, suggesting they’re ready to move forward regardless. If the SEC does appeal, it could drag out the legal drama even further, keeping XRP’s future in limbo. On the Flipside Even without an SEC appeal, Ripple could face scrutiny from other regulators, both domestic and international. The SEC’s recent wins, including against ConsenSys, suggest Ripple may still face regulatory pressure even after this case. Ripple’s $50 trillion tokenization vision may invite stricter oversight, slowing adoption. Why This Matters The Ripple vs. SEC case holds immense significance as its outcome could redefine crypto regulation in the U.S., directly impacting XRP’s future and potentially triggering broader market shifts. With RLUSD and possible ETF announcements on the horizon, the stakes go beyond just legal victory, hinting at transformative developments for the entire crypto space. To learn more about the upcoming events for Ripple, including the Swell conference and the potential launch of a Spot XRP ETF, read here: XRP Bets Big in October: What Does Ripple Have Planned? To learn more about the SEC’s decision on whether or not to appeal case, and how this battle could impact the future of crypto regulation, read here: SEC Appeal Imminent? Ripple Awaits Decision as XRP Shifts
Ripple Gears Up for SEC Appeal as October Deadline LoomsSwell is collaborating with permissionless restaking platform Symbiotic to decentralize and scale the core parts of Swell L2 infrastructure. The upcoming Swell Token (SWELL) will be restaked to support the decentralization and security of Symbiotic networks, which will provide services such as sequencing, verification and finality to Swell L2. Building on this, liquid restaking token rSWELL will enable the restaked SWELL to be used elsewhere in DeFi. Multi-asset staking with SWELL Swell L2 will employ multi-asset staking. Symbiotic networks provide infrastructure to the L2, with each network secured by a diversified basket of assets comprising native gas token SWELL, along with Swell’s liquid staking tokens rswETH and swBTC. This enhances the robustness of the network by coupling the network token SWELL with additional Swell assets that have lower volatility and deeper liquidity, preventing a situation in which the volatility of a single token negatively impacts security. Securing Swell L2 with SWELL Using SWELL — in addition to rswETH and swBTC — to secure and scale the Symbiotic networks powering Swell L2, will help Swell L2 overcome the centralization, security and trust issues that undermine other L2s. And, it will drive a unique flywheel of restaking rewards for SWELL stakers securing the Symbiotic networks. These networks include: Decentralized Sequencing: Radius Centralized sequencers, as used by most L2s, hold a single monopoly over the outcome of any block. This can pose risks including transaction censorship, downtime, and harmful MEV extraction. Radius resolves this with a shared sequencing layer built as a Symbiotic network, which takes a trust-minimized approach to ordering transactions. Automation: Ditto network Ditto network is a trustless actively validated keeper network that runs event-driven workflows with economic guarantees of execution, leveraging shared security. Ditto provides advanced automation tools to dApps on Swell L2, empowers developers to build faster, more feature-rich applications with improved security and automation. Get ready for rSWELL! By securing these Symbiotic networks, SWELL stakers will capture yield generated by activity on Swell L2. And, with liquid restaking token rSWELL, they can capture this value while still being able to use the liquidity elsewhere in DeFi. Important note: SWELL staking will not be available to persons located, organised, citizen or resident in the United States of America, Canada, and the People's Republic of China.
Securing Swell L2 with rSWELL on SymbioticThe SEC has faced a crucial decision on appealing Ripple’s XRP case. Chris Larsen’s massive XRP transfers have sparked hack rumors. The SEC has backed off its Binance fight, weakening its stance on XRP. Tensions are heating up in the high-stakes legal showdown between Ripple and the U.S. Securities and Exchange Commission (SEC) , as speculation grows over a looming appeal. With the clock ticking, the SEC has just two weeks left to make its move, and legal experts say an appeal is almost inevitable. Failure to act, some argue, could damage the agency’s reputation in the rapidly evolving world of crypto regulation. Attorney Fred Rispoli predicts the SEC will likely wait until the last possible moment to announce its decision, leaving the crypto world in suspense. Meanwhile, Ripple’s top brass, including CEO Brad Garlinghouse , are holding firm. Is Larsen’s XRP Exodus Linked to Binance? They’ve secured a stay on a hefty $125 million penalty payment while awaiting the potential appeal. In a separate twist, the SEC’s case against Binance seems less volatile, as the agency appears to have backed off any plans to appeal Judge Torres’ ruling on Ripple’s programmatic sales of XRP . Sponsored The ruling stopped short of declaring XRP secondary sales as securities, further complicating the SEC’s position. But it’s not just the courtroom drama catching attention. Ripple Chairman Chris Larsen has made waves with a massive movement of XRP tokens. Larsen shifted 50 million XRP from his personal wallet in a significant transaction, raising eyebrows across the crypto community. Just days later, he moved another 20 million XRP in four separate transfers. Some speculate the funds are headed to Binance, although nothing is confirmed. Ripple’s XRP Mystery Deepens While rumors of a potential hack are swirling—fueled by memories of a February incident where 212 million XRP was stolen from another of Larsen’s wallets—most experts are skeptical. No security breach has been reported, and the timing of these transactions doesn’t suggest foul play. Meanwhile, Vice President Kamala Harris is diving into the crypto world, meeting with industry heavyweights like Chris Larsen and Anthony Scaramucci. Their backing of her efforts to create clearer regulations signals a crucial shift in how Washington views digital assets, adding yet another layer of intrigue to Ripple’s ongoing saga. On the Flipside The SEC’s appeal may reinforce its authority in regulating crypto, countering claims that inaction damages its reputation. Ripple’s legal win could be short-lived, as future courts might interpret securities laws differently. The SEC’s cautious approach in the Binance case suggests a strategy to build stronger legal precedents for crypto regulation. Why This Matters This event is crucial as the Ripple-SEC legal battle could set key regulatory precedents, impacting how digital assets are classified and traded. The outcome may reshape market confidence, influencing both institutional and retail investors’ views on crypto’s regulatory future. To learn more about Ripple’s upcoming Swell Conference and how it might impact XRP, read here: XRP Bets Big in October: What Does Ripple Have Planned? For an update on the SEC’s legal battle with Ripple and the upcoming deadline to appeal the recent court ruling, see this article: Ripple’s Fate Looms as SEC Flirts with October Appeal Deadline
SEC Appeal Imminent? Ripple Awaits Decision as XRP ShiftsSwell announced on the X platform that the Season 2 EIGEN airdrop query portal is live, and that 100% of the 1,408,243 EIGENs allocated to rswETH will be distributed to repledge users, with claims opening in the coming days.
Swell: Season 2 EIGEN Airdrop Tracking Portal Now LiveMonths 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 .
Deep Dive | September 20thIn our latest Space we were joined by BOB, Avalon Labs, Garden, and Summer.fi to discuss the best opportunities to ride the BTCFi wave! In case you missed it, here are the top questions from the event. What is swBTC? "Swell BTC (swBTC) is a way for users to restake wBTC through Swell to earn yield through EigenLayer and Symbiotic, and use it throughout DeFi. We built this product as we believe all roads lead to Ethereum, and we feel that it will be a growing market over time." — Kilian, Swell Introduce your protocol and its role in the BTCFi ecosystem. "Garden is a trustless bridge which also happens to be the fastest Bitcoin bridge in the market right now. We enabled Bitcoin > any asset swaps in ~10 minutes, which also includes the recently supported wBTC. Garden makes it possible for BTCFi applications and chains to be connected between each other. It also allows the transfer of Bitcoin value at great speeds, whilst maintaining the important factor of trustlessness and decentralization. We are really excited to enable a lot of DeFi activity in the space through our product.' — Pankaj, Garden "Avalon enables BTCFi lending which is one of the key pieces in the space. We are working with a number of products and also have a unique centralized finance angle as well, where we allow an institution to come into a flow through our CeFi side." — Jason, Avalon "With Summer.fi you can do yield loops on multiple trades ultimately in one click. Summer.fi is integrated into apps such as Morpho which swBTC was recently added to as collateral, so you can now loop the swBTC token and the expected yield through the various points, against the borrow rate of wBTC." — Chris, Summer.fi "BOB is a hybrid L2 powered by Bitcoin and Ethereum. The hybrid stance is an important part of the stack as we combine the security, liquidity, user base and innovation of the two largest blockchains. We already have a vibrant ecosystem of DeFi native apps including lending protocols, DEXs, and support for wBTC and BTC. We also launched a unique protocol called the BOB gateway where users can convert BTC on Bitcoin mainnet to wBTC and tBTC, in a quick, trustless one click manner." — Pankaj, BOB Why should DeFi users care about BTCFi? "If we look at onchain TVL, a lot of the activity on Ethereum mainnet is denominated in ETH and based on the price of ETH rising to generate hype and confidence for moving funds around. The BTCFi vision is based on the belief that over time more BTC will find its way onto Ethereum mainnet, bootstrapping new DeFi protocols, trade markets, and user activity, as well as allow new things to happen on Ethereum. It is a fundamental belief that more BTC will come to mainnet, and that results in more TVL and onchain activity." — Kilian, Swell "In recent years, Bitcoin has been the most used collateral token as collateral. BTC is one of the most stable cryptocurrencies, and its value as a collateral token is underrated. When it comes to projects such as LSTs and those that support the staking of Bitcoin assets, you're unlocking so much potential for users and there is definitely a huge market there." — Pankaj, BOB Where do you see BTCFi going and how can we get more DeFi users to crossover? "BTCFi is finally making Bitcoin fun again, and in the end will allow access and opportunities to more communities. The growth potential is immense, and we are finally able to get new and old users to want to participate. As more BTC is staked and utilized in protocols, the more the market will grow." — Jason, Avalon "One of the reasons why Bitcoiners wouldn't want to come to Ethereum is because they are worried about getting hacked. At this point in time there are no trust minimized bridges, so the best we can do right now is make sure the UI/UX is as easy as it can be. This is why we created the BOB gateway, so that users can have a cheap and easy onboarding experience." — Pankaj, BOB Thanks to everyone who attended the event! Listen to the recording. To stay up-to-date with Swell, join our thriving community on Discord , Farcaster , DeBank , and X .
The BTCFi Revolution | Space RecapAccording to Dune data, the Bitcoin liquidity re-pledge token swBTC launched by Swell exceeded $30 million in TVL within 10 days of its launch and has over 560 independent holder addresses. Currently, a large amount of swBTC supply has entered major DeFi protocols such as Curve and Morpho, accounting for 8%. In addition, Swell is developing L2, with users having deposited 68% of the swBTC supply awaiting its launch.
The TVL of Swell's swBTC has broken through 30 million US dollarsSince the Swell L2 Pre-Launch opened in April, deposits have soared to around $1 billion. Meanwhile, an ecosystem has proliferated with a growing number of protocols supporting the network. As we look towards the launch, here are the latest updates from our technical infrastructure partners. Polygon CDK Swell L2 is being built on the Polygon Chain Development Kit (CDK). This is a modular, open source software toolkit for blockchain developers to launch new L2 chains on Ethereum, and is currently being upgraded. This release will introduce a number of improvements including: Boosted stability and scalability, with the Erigon Ethereum community client RPC and sequencer enabling more than 100 transactions per second and increased gas limits. Increased prover capacity, which translates to higher counter limits for smart contracts. This enables more complex smart contracts and more sophisticated DeFi protocols. Native AggLayer integration, with pessimistic proofs providing easier connectivity to the AggLayer out of the box. More new chains continue to join the AggLayer, including recently launched Korean L2 Silicon . The upgrade is expected to go live in October, setting the stage for the launch of Swell L2 soon afterwards. Ankr RPC Swell L2 will use Ankr's Remote Procedure Call (RPC) to connect dApps and blockchain projects to Swell L2. Ankr provides RPCs for every leading L2. The RPC infrastructure is notable for operating without any cloud dependencies: Ankr has created its own CDN network with independent distributed data centers, no cloud fees, and high public rate limits. This makes it one of the fastest on the market. Developers enjoy a simple onboarding experience through the free public RPC, and can use various high-performance RPC connections for smart contract deployment, transaction execution, and network data retrieval. RedStone Oracle Long-standing Swell partner RedStone will be the first Oracle on Swell L2. The oracle is not only the leader of the liquid restaking market, but will also be secured by restaked assets through EigenLayer and Symbiotic – supporting Swell’s vision of the Restaking Yield Layer. Swell L2 testnet Up next, Swell L2 testnet in early Q4. This fully-featured testnet environment will closely mirror mainnet conditions, allowing for thorough testing and experimentation prior to the launch.
Swell L2 Development UpdateWith the Voyage snapshot taken, we are now in the final stages of crunching the data ready for TGE. This includes incorporating a bonus for loyal community members: The Loyalty Bonus. In this blog, we explain why we are implementing a Loyalty Bonus and provide a brief overview of how it is calculated. Why have a Loyalty Bonus? Voyagers experienced many twists and turns, with Swell continually evolving to capture new markets and growth – all the way from liquid staking with swETH to restaking with rswETH, and eventually Swell L2. Those who stuck with us along the way deserve to be rewarded, regardless of the amount they staked. For this reason, 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. How does it work? The Loyalty Bonus takes into account both your earliness and your commitment to the protocol over time. 1. Earliness Earlier Voyagers took the risk of joining a nascent protocol and provided contributions that were invaluable to our early growth. For that reason, they get a higher weighting in the Loyalty Bonus. This weighting is determined by dividing the Voyage into four Epochs from mainnet launch to snapshot, and then assigning a number based on when the earning of Pearls began. Over time, the weighting falls in a squaring pattern, shifting rewards heavily towards those who joined in the earliest stages of the Voyage. Epoch Time period (all times are 02:00 UTC) Weighting 1 April 25, 2023 - Sept 5, 2023 16 2 Sept 5, 2023 - Dec 19 2023 9 3 19 Dec 2023 - April 2, 2024 4 4 2 April 2024 - July 30, 2024 1 2. Commitment In addition to the joining date, the Loyalty Bonus also takes into account continued participation. To achieve this, the original weighting is multiplied by the difference in the amount of Pearls at the transition between each epoch. For example, if you earned 100 White Pearls in Epoch 1 and 120 White Pearls in Epoch 2, your multiplier for that epoch would be 1.2. This number is normalized for increasing Pearl rates through the Voyage by dividing it against by the average ratio of the entire Epoch change. A minimum of 0.5 is used to represent non-participation, and a maximum of 1.5. Summary The Loyalty Bonus calculation can be summarized as: Starting Bonus * epoch change ratio_1 * epoch change ratio 2 * epoch change ratio 3 For example... Alice bought $250 of swETH in Epoch 1 and stayed until Epoch 4, earning more Pearls in each epoch by continuing to chase the most lucrative Pearl-earning opportunities. 16 * 1.2 * 1.3 * 1.4 = 34.9 Loyalty Bob on the other hand bought $100,000 of rswETH in Epoch 3 and stayed until Epoch 4, but earned fewer Pearls in Epoch 4. 4 * 0.7 * = 2.8 Loyalty As shown, Alice's loyalty nets her a much bigger bonus than Bob — despite having deposited less ETH. FAQ Is the Loyalty Bonus impacted if I engaged with Swell from different wallets? Yes, the Loyalty Bonus can only be applied to one individual wallet. If you have engaged with Swell from multiple wallets without acting as a Sybil, then you will receive a Loyalty Bonus for each wallet. Is the Loyalty Bonus impacted by the amount of assets that I deposited? No, the amount of deposited assets has no bearing on how the Loyalty Bonus is calculated. This is because the Loyalty Bonus is designed to reward early commitment and continued participation, rather than large deposits. Is the Loyalty Bonus impacted by the total amount of Pearls that I earned? No, the bonus doesn't take into account the total amount of Pearls earned. It only takes into account the difference in the amount of Pearls earned between epochs.
The Voyage Loyalty BonusEverstake announced on X that it has become one of the Swell node operators, supporting rswETH Liquid Restaking. According to its introduction, Swell is a non-custodial staking protocol that allows users to access blockchain and restaked AVS rewards while participating in a broader DeFi ecosystem for additional gains. Its liquid restaking token rswETH provides liquidity for ETH restaking without requiring users to lock their restaked ETH.
Everstake becomes Swell node operator, supporting rswETH liquidity re-stakingTL;DR Restaked Swell Ether (rswETH) is Swell's native Liquid Restaking Token (LRT) rswETH delivers uncapped access to Eigenlayer restaking rewards without the need to lock your liquidity. The token has been developed with a focus on security and risk management, and is audited by Sigma Prime. rswETH holders will enjoy zero fees for 30 days from the launch. Swell has launched Restaked Swell Ether (rswETH). As a native liquid restaking token, rswETH gives you uncapped access to EigenLayer restaking without the need to lock your liquidity. The token has been audited by leading blockchain security firm Sigma Prime , and its development is supported by expertise from top-tier DeFi risk management firms Gauntlet and Chaos Labs , as well as collaboration with leading Actively Validated Services (AVSs) across the rapidly growing EigenLayer restaking ecosystem. Why rswETH? Restakers on EigenLayer confront the same problem that stakers faced before the emergence of Liquid Staking Tokens (LSTs) — they must choose between staking and effectively locking their liquidity, or staying liquid and using their ETH in DeFi. As a Liquid Restaking Token (LRT), rswETH solves this problem by providing a tokenized version of restaked ETH that represents ETH plus accumulated restaking rewards. This unlocks liquidity, enabling restaked ETH to be traded, transferred, and used in DeFi. Looking ahead, we expect LRTs to grow in popularity and eventually absorb LSTs. This functionality will be made available in future versions of rswETH, which will enable swETH to be directly restaked into rswETH. rswETH rewards By simply holding rswETH you will earn: 100% staking yield from the rewards earned by staking your ETH with Swell. rswETH holders will pay zero fees for 30 days from launch. Pearls representing your share of the Swell Voyage airdrop. rswETH holders earn the same Pearls as swETH holders. That includes 30 Pearls per minted rswETH, ongoing Pearls for holding rswETH, and ongoing Pearls at a higher rate for using rswETH in approved DeFi protocols. Pearls will be redeemable for $SWELL tokens at the TGE, scheduled for late Q1. 100% EigenLayer Restaked Points. Swell passes all the Points earned on EigenLayer directly to restakers. Future restaking rewards, when EigenLayer onboards Actively Validated Services to mainnet. Plus, you will also be able to earn additional yield by using your rswETH in a range of DeFi protocols. These are expected to include Curve, Pendle, ION, and many more. How rswETH works rswETH is a yield-bearing token. This means that its value rises over time as staking and restaking rewards accrue. The rising value is expressed through changes in the exchange rate on the rswETH contract, which keeps track of the relative value of total ETH restaked including rewards, vs the original amount of ETH that has been staked. Under the hood, the validators for the rswETH restaking pool are pointed directly towards the EigenLayer smart contracts, enabling the ETH to be pledged to secure Actively Validated Services . This makes rswETH a native Liquid Restaking Token (LRT). rswETH v1 rswETH will evolve alongside EigenLayer. In version 1, you can deposit ETH to get rswETH, and accrue restaking rewards in the form of Pearls and EigenLayer Restaked Points . Subsequent versions will introduce additional functionality including withdrawals, the restaking of LSTs including swETH, and restaking rewards for securing the first Actively Validated Services . Got Questions? Find answers below, and join the conversation about restaking in our thriving community on Discord , DeBank , and X . FAQ What is rswETH? Restaked Swell Ether (rswETH) is a tokenized version of Ether restaked on EigenLayer. Technically speaking, rswETH is a native Liquid Restaking Token (LRT). What is a native Liquid Restaking Token? As native LRT, rswETH deposits are uncapped. Under the hood, the Swell DAO validators for rswETH are integrated directly with EigenLayer. Read more about Native Restaking in the EigenLayer docs . What is EigenLayer? EigenLayer is a protocol built on Ethereum that introduces the new cryptoeconomic primitive of restaking. Restaking on EigenLayer enables stakers to earn additional rewards by securing multiple Actively Validated Services (AVSs), which are protocols that require distributed validation. This includes: oracles, bridges, sidechains, virtual machines, and other systems that need to bootstrap decentralized security in an efficient and effective way. How are restaking rewards distributed? rswETH is reward-bearing, which means that it increases in price as staking and restaking rewards accrue. This can be tracked through the ETH:rswETH exchange rate, which shows the relative value of total restaked ETH including rewards, vs the original amount of ETH that has been restaked. What will I earn by holding rswETH? For now, you will earn Pearls and EigenLayer Restaked Points. Pearls can be used to claim SWELL tokens at the token generation event (TGE), which is scheduled for late Q1, 2024. EigenLayer Restaked Points are a measure of your contribution to the shared security of the EigenLayer ecosystem. Swell passes all points earned on EigenLayer to the restaker. When EigenLayer onboards Actively Validated Services (AVSs) to mainnet, restaking yields will flow to rswETH holders. Can I see my EigenLayer Restaked Points in the Swell app? An estimation of your EigenLayer Restaked Points is visible on the Swell app. Due to the way in which EigenLayer Points are calculated, this estimated number may diverge by up to a few percentage points from the exact figure shown on the EigenLayer app. Do swETH and rswETH earn the same amount of EigenLayer Points? Although both swETH and rswETH could be expected to earn roughly the same number of EigenLayer points over long periods, there may be some short-term variance due to a difference in the way that native restaking is set up within EigenLayer. While swETH restakers start earning Points immediately upon restaking, native restakers (rswETH holders) only start earning points when the validator has been registered on the beacon chain, which can take more than 18 hours. The loss of Point earnings during this period is spread across all holders, resulting in rswETH holders potentially earning slightly fewer Points compared to swETH restakers. Is there a cap to restaking with rswETH? There is no limit to the amount of ETH that can be natively restaked on EigenLayer through rswETH. What are the fees on rswETH? For the first 30 days following the launch, rswETH holders will pay zero fees. Following this period, fees will be 10%. Can I use rswETH in DeFi? Yes, restaking with rswETH enables you to earn restaking rewards while also using your rswETH in DeFi. The first DeFi integrations will be available in the days following the launch. These will include Curve, Maverick, Pendle, and ION. Will I earn Pearls with rswETH? You can collect Pearls with rswETH in the same way as with swETH. That includes ongoing Pearls for holding rswETH and using it in DeFi, along with a bonus of 30 Pearls for each new minted rswETH. Note that Pearls earnt with rswETH are not yet showing on the Voyage dashboard and will be added in the next few weeks. Will I get rswETH by restaking swETH on EigenLayer? No, you will not get rswETH by restaking swETH on EigenLayer. To get rswETH, you need to restake through the Swell app, which deposits your ETH into a separate restaking pool. Learn more about the difference between rswETH and restaking swETH in our blog: What is restaking? Can I withdraw or swap rswETH for ETH? Withdraws are not yet live for rswETH. This will be enabled in the coming weeks. Swaps are possible on the secondary market through the use of DEXs or DEX aggregators. What is the relationship between swETH and rswETH? swETH and rswETH are complementary and serve different purposes. In the future, we expect Liquid Restaking Tokens (LRTs) to gradually absorb Liquid Staking Tokens (LSTs). As such, future versions of rswETH will enable swETH to be staked in exchange for rswETH. Do referrals work with rswETH? Referrals will be made available for rswETH at a later date.
Introducing rswETHOver the last month, the price of Bitcoin has been subject to much turbulence, culminating in a total loss of 3.09% according to data from CoinmarketCap. Notably, despite intermittent waves of a price rally, The crypto market leader failed to reclaim the $65,000 price zone in all of August. However, amidst this bearish market, institutional investors have taken the opportunity to strengthen their position in the Bitcoin market. Related Reading: El Salvador Just Added 162 More Bitcoins to Its National Holdings: Report Bitcoin OTC Reserves Surge At Record Since 2021 In a Quicktake post on CryptoQuant, an analyst with the username caueconomy reported an observation on the purchasing behavior of Bitcoin institutional investors. By monitoring transactions of Bitcoin’s over-the-counter (OTC) addresses, this analyst conferred that these parties have been rapidly increasing their holdings in the past few weeks. Institutional investors often prefer OTC trading over exchanges for large transactions as it allows them to buy or sell large quantities of cryptocurrencies without moving the market price significantly. According to caueconomy, these investors have now acquired 57,000 BTC, valued at $3.65 billion, in the last 30 days, representing a purchase scale last seen in 2021. The analyst notes that this buying activity is unusual as high levels of institutional OTC trading usually occur during periods of high volatility in contrast to low price volatility that has been largely present in the BTC market over the last few weeks. However, caueconomy postulates that this large-scale acquisition may be targeted at planned token offload in cases of “adverse” market reaction. In contrast, whales and institutional investors’ purchase of large amounts of an asset especially during market lows represents a bullish signal of confidence in future profitability. Most recently, the premier cryptocurrency experienced a price boost on Friday, after US Federal Reserve Chairman Jerome Powell affirmed an incoming interest rate cuts over the next few months. Bitcoin rose by 4.84% to reach a peak of $64,879, just shy of the prominent $65,000 resistance zone. Commenting on this development, Uto Shinohara, financial expert and managing director of an asset investment company Mesirow, predicted a rate cut of 30bps in September and a total rate cut of 95 to 100 bps by the end of 2024. If such predictions prove true, Bitcoin and other cryptocurrencies are expected to surge in demand in the coming months which could translate into significant profits for institutional investors. Related Reading: Will Bitcoin Rhyme With 2020 Events And Explode 5X By December? BTC Price Overview According to data from CoinMarketCap, Bitcoin trades at $63,905 with a price gain of 5.38% in the last 24 hours. In tandem, the asset’s daily trading volume is up by 64.53% and valued at $42.94 billion. BTC trading at $63,903 on the daily trading chart | Source: btcusdT chart on Tradingview.com Featured image from Coinformania, chart from Tradingview
OTC Bitcoin Wallets Swell Amid Low Volatility: 57,000 BTC Added In A Month – DetailsIn support of the recent launch of swBTC, Swell has forged partnerships with Networks across the Symbiotic ecosystem. Each of which will bring unique benefits to Swell and boost rewards for swBTC restakers. Let's dive into how swBTC restaked through Symbiotic helps to secure Hyperlane ! What is Hyperlane? Hyperlane is the first permissionless interoperability solution that allows smart contract developers to send arbitrary data between any blockchains. How Hyperlane uses swBTC Economic Security Hyperlane will draw economic security from the Swell BTC LRT Vault on Symbiotic to secure its bridge. As TVL in the product scales, so does the economic security for Hyperlane, and swBTC will be securing the chain infrastructure (i.e. Bridge) to take the asset across the ecosystem. Fees captured from swBTC bridging transactions can then create revenue for the vault and flow back to depositors. What will this unlock for swBTC? Hyperlane will enable swBTC to expand cross-chain, secured by economic security from the BTC LRT Vault. This includes: Moving swBTC between chains Scaling swBTC to any chain/VM with permissionless Hyperlane deployments Customizing cross chain security/rate limits with modular security Economically securing bridge transactions with restaked swBTC Generating and redistributing swBTC bridge fees to depositors Permissionless Expansion Most importantly, Hyperlane empowers Swell to expand swBTC and other Swell assets to more chains. With Hyperlane Permissionless Deployments , Swell is able to connect to new chains faster and self-deploy bridging ( Warp Routes ) to them without any dependencies on another developer team. Sovereign Asset Issuance with Hyperlane Hyperlane also empowers Swell as a sovereign asset issuer, meaning Swell has full control of where Swell assets can be bridged, bridge security (such as rate limits and address blacklists), and contract upgradeability. Each asset will be siloed into its own Warp Route contracts with its own security model customizable by Swell. As the asset issuer, Swell can customize the size of the validator set, bring their own validators, implement rate limits, address permissions, and more security parameters. With this sovereign and siloed security approach, no one asset can jeopardize any other asset. About Hyperlane Hyperlane is the open interoperability framework. It empowers developers to connect anywhere onchain and build applications that can easily and securely communicate between multiple blockchains. Importantly, Hyperlane is fully open-source and always permissionless to build with. About Swell Swell is the restaking yield layer for Ethereum. The protocol provides liquid staking and restaking primitives for DeFi and is delivering the first vertically integrated Layer 2 restaked rollup. About Symbiotic Symbiotic is a generalized shared security system enabling decentralized networks to bootstrap powerful, fully sovereign ecosystems.
swBTC set to secure Hyperlane via SymbioticOn August 19th, The liquidity re-pledge platform Swell Network announced on X platform that it has completed the Voyage event (White Pearls) snapshot. Black Pearls holders will be able to apply for SWELL in the first round of Wavedrop in October, and ecosystem points holders will share all Swell L2 airdrops.
Swell Network: Completed White Pearls snapshot, points holders will share all Swell L2 airdropsDelivery scenarios
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