Preparations are underway for TGE, with rswETH withdrawals under audit and details of the Voyage airdrop charted out — including a bonus for our most loyal and long-term stakers.
Elsewhere, rswETH continues to proliferate across DeFi, and is set to start its crosschain journey on Base.
Get all the highlights in your latest Deep Dive newsletter!
🚢 Swell Voyage Updates
Swell’s Road to Decentralized Governance
Swell City is in our sights!
Our arrival will mark the end of the Voyage, the launch of SWELL, and the genesis of the Swell DAO which will help create a truly decentralized ecosystem that reflects the collective interests of its contributors. This will minimize the influence of core contributors and gradually transfer governance power to token holders through progressive decentralization.
At the TGE, governance power will start being gradually made available to the community.
Learn more about our DAO roadmap
Voyage airdrop allocation Increase
As a gesture of appreciation for patience during delays, Swell is increasing the token allocation of Season 1 (The Voyage) from 7% to 8%.
Loyalty bonus
Within the 8% allocation to the Voyage, the distribution will be weighted towards the most aligned and long-term community members. This weighting will be in the form of a loyalty bonus, which will scale according to multiple factors including time spent deposited in Swell.
More details on the Loyalty Bonus will be made available ahead of TGE.
🕵️ rswETH v2 Audits
rswETH v2 is currently under audit by Sigma Prime and Nethermind. This upgrade will bring:
- Withdrawals to promote stability at TGE and beyond
- Restaking of LSTs including swETH
- Secure delegation to AVS’s
⚡ Zapping is back!
You can once again zap any Ethereum-based token into rswETH on the Swell app! Zaps are routed through ParaSwap so users can get the best price when zapping into rswETH.
Zap in today!
⛓️Swell L2 Updates
Recent DeFi protocols and AVS’s to announce deployment on Swell L2 include:
Lyra
Lyra builds restaking derivatives, including covered calls, basis trades and more, and will bring automated derivative strategies and sustainable yield to Swell L2.
GammaSwap
GammaSwap has pioneered onchain perpetual options.
OpenLayer
A user-operated data oracle built on EigenLayer as an AVS, OpenLayers OpenOracle offers a wide variety of data including long-tail exotic data feeds, and decentralizes the way in which it is brought onchain.
Jigsaw
CDP-based stablecoin protocol Jigsaw enables lending with fluid and composable collateral. Deposit in Swell pools on Jigsaw to earn Pearls, EigenLayer Points, Jpoints, Ion Points, and ETH yield.
Versatus
Versatus will offer early access to their decentralized cloud EigenLayer AVS to the Swell L2 ecosystem, and collaborate with Swell to support developers on the network.
🌊 rswETH Proposals on Moonwell and Compound
We recently submitted proposals to add rswETH as collateral on lending protocols Compound and Moonwell (Base)!
Head on over to the forums to show your support.
💻 Swell is Hiring!
Swell is looking for software engineers who share our appetite to innovate within the Ethereum ecosystem.
If you believe you fit the criteria feel free to apply below!
Apply today
💧Liquidity opportunities
swETH on Symbiotic
Restake your swETH on newly launched protocol Symbiotic. The caps are expected to open again in future.
rswETH on Morpho
Morpho has integrated rswETH, enabling you to borrow, lend, and deploy leveraged strategies against rswETH. Leverage trading carries significant risk.
RSWETHC Vault on Lyra
You can now earn yield on rswETH with automated Covered Calls on Lyra. rswETH depositors get the max boost on LDX Points and 4.5x Pearls.
Deposit in the RSWETHC Vault
rswETH (Swell L2) Pool on Equilibria
The L2 rswETH boosted pool is ready for deposits!
In addition to boosted PENDLE, EQB, and xEQB rewards, you can provide liquidity to also receive 4x Pearls, Swell L2 multiplier, and EigenLayer Points.
Maximize your Swell L2 rewards on Equilibria
WETH-rswETH Pool on PancakeSwap
You can earn tasty yield on rswETH with PancakeSwap.
This position is managed by Bril Finance and gets 1.5x Pearls and bonus $CAKE rewards.
Provide liquidity on PancakeSwap
🙋Twitter Spaces and Podcasts
From Staking to Restaking | Space
We were joined by Jakov from Lido to discuss the shifting staking landscape and stETH as restaking collateral for rswETH and Swell L2.
Read the recap
Versatus on Swell L2 | Space
We were joined by Andrew from Versatus and Nader from EigenLayer to discuss the recent collaboration between Versatus and Swell.
Exploring the Technical Architecture of Swell L2 | Space
In our latest Space we were joined by the key infrastructure collaborators of Swell L2 – AltLayer, Polygon, EigenDA – as well as Kairos Research, to talk about the vision of Swell L2 and the technical architecture behind it.
Read the recap
The Future of LSTs/LRTs | Curvance Space
Our Head of Growth, Baley, joined Curvance in their latest DeFi Hour panel to discuss the future of LSTs/LRTs and what our plans are for the future in the fastest growing sector of DeFi.
📣 Top Tweets
Swell's Head of Partnerships Kilian breaks down how Swell will foster an ecosystem that embraces AVS’s.
— zKilian | Swell (@Fundi_Crypto) June 4, 2024AVSs risk obsolescence if they fail to integrate into a thriving ecosystem.
How does @swellnetworkio address this and foster an ecosystem that embraces AVSs?
🧵
Slappjakke walks you through points farming using rswETH on Lyra.
— slappjakke.eth 🦇🔊 (@Slappjakke) May 24, 2024If this doesn't get your composability boner going i don't know what will
One of the best point farming routes I've seen lately👇
Lyra rswETH covered call strategy
1️⃣ Get @swellnetworkio Restaked Swell ETH $rswETH on mainnet
2️⃣ Go to @lyrafinance in the Yields section select… pic.twitter.com/v1Kku2l65J
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.
