Swell
Swell is a non-custodial Ethereum liquid staking and restaking protocol that issues swETH, rswETH, and swBTC tokens, enabling DeFi users to earn staking and EigenLayer restaking yields while retaining asset liquidity. It serves 167,000+ users with $1.8B+ in total value locked.
- Company typePrivate
- Founded2021
- HeadquartersSydney, Australia
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
What Swell does
Swell is a decentralized liquid staking and restaking protocol operating on Ethereum, serving DeFi users seeking to earn yield on ETH and WBTC while maintaining asset liquidity. The protocol issues three core liquid tokens: swETH (a liquid staking token for ETH validators, launched 2023), rswETH (a liquid restaking token providing access to EigenLayer restaking rewards, launched January 2024), and swBTC (a Bitcoin liquid restaking token via Symbiotic and EigenLayer, launched 2024). Supporting products include earnETH and earnBTC yield-optimization vaults, and the protocol previously operated Swellchain, an Optimism Superchain L2 that is being sunset by June 2026 in favor of a next-generation platform called Faro.
The protocol operates on a non-custodial, self-serve basis with no account registration required; users connect Ethereum wallets (MetaMask, Coinbase Wallet, WalletConnect) directly to the app. Revenue is generated through platform commission on staking rewards, transaction and withdrawal fees, and a novel Fee Flow auction mechanism (launched March 2026) that periodically sells protocol fees using the SWELL governance token, which is then burned to reduce supply. Swell has integrated with over 50 DeFi protocols across liquidity, lending, derivatives, and data, and supports institutional custody through Finoa.
Swell is operated by LD Technologies Foundation, incorporated in Panama, with Overflow Foundation serving as the Cayman Islands data controller. The company has raised $15.75M total across seed ($3.75M in 2022 from Apollo Crypto, Framework Ventures, IOSG Ventures, Maven 11, Meld) and Series A ($12M in January 2024 from Sora Ventures). The protocol has accumulated $1.8B+ in total value locked and serves 167,000+ users.
Swell firmographics
Firmographics- Name
- Swell
- Legal name
- LD Technologies Foundation
- Website
- https://swellnetwork.io
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Swell is a non-custodial Ethereum liquid staking and restaking protocol that issues swETH, rswETH, and swBTC tokens, enabling DeFi users to earn staking and EigenLayer restaking yields while retaining asset liquidity. It serves 167,000+ users with $1.8B+ in total value locked.
- Ownership category
- akta.pro rank
Swell industry classification
Industry- Product category
- Decentralized Finance — Liquid Staking & Restaking Protocol
- akta.pro primary industry
- Liquid Staking Protocols & Liquid Staking Tokens (LST) (FSADAOAL)
- akta.pro secondary industries
- Liquid Staking Tokens (LST) & Liquid Restaking Tokens (LRT) Issuers (FSADAHAI), Liquid Staking & Restaking Protocols (FSADAMAE), Layer 2 Scaling & Rollups (optimistic/ZK, sequencers, DA usage) (FSAPAAAB)
Keywords
Where Swell is headquartered
LocationHeadquarters
- HQ city
- Sydney
- HQ country
- Australia
- HQ region
- Oceania
Offices2 records
Markets served
Swell business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Platform Commission / Staking Fees: Swell charges a commission in connection with the use of the Platform for the provision of Staking Services. A percentage fee is applied to staking rewards generated from the protocol.
- Transaction Fees: Fees for facilitating transfers of Digital Assets and other blockchain transactions. Gas fees fluctuate based on network conditions and are paid to blockchain validators, not to Swell.
- Withdrawal Fees: Fees charged for unstaking or withdrawing Digital Assets from the protocol.
- Intangible Rewards Program Revenue: Protocol generates value through reputation indicators and points (Pearls, Ecosystem Points, Orki Drops, Wavedrops) that drive user engagement and protocol growth, though these are explicitly not monetizable.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Standard Staking Services |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels10 records
Swell product offering
Product offeringCore offering
Swell is a non-custodial liquid staking and restaking protocol on Ethereum that issues swETH (liquid staking token), rswETH (EigenLayer liquid restaking token), and swBTC (Bitcoin liquid restaking token), enabling users to earn Ethereum staking and EigenLayer/Symbiotic restaking yields while maintaining DeFi composability. The protocol also operates earnETH and earnBTC yield vaults and previously maintained Swellchain, an Optimism Superchain L2 being sunset in 2026.
Product overview
Swell is a liquid restaking protocol for DeFi offering a portfolio of staking and restaking products. The core products include swETH (liquid staking token for ETH), rswETH (liquid restaking token for EigenLayer), and swBTC (Bitcoin liquid restaking via Symbiotic and EigenLayer). Supporting products include earnETH and earnBTC vaults for optimized DeFi yield. The ecosystem previously included Swellchain, an Optimism Superchain L2 being sunset in June 2026, with focus shifting to a new platform called Faro. Key features include the Fee Flow auction mechanism for protocol revenue, USDK stablecoin issued via Orki Finance, and incentive programs (Voyage S1, Wavedrops S2). The protocol offers governance via SWELL token and integrates with extensive DeFi protocols for liquidity, lending, and yield optimization across Ethereum and Swellchain.
Differentiator
Problem solved
Functional benefit
Brands
- Swellchain: Optimism Superchain L2 restaking chain, powered by Proof of Restake. Being sunset in 2026.
- rswETH
- swETH
- swBTC
- earnETH Vault
- Voyager
Products and services
- swETH (Liquid Staking Token) Liquid staking token (LST) that allows users to stake ETH and earn steady yield (3.00% APR) from Ethereum validation while receiving a liquid token usable across DeFi protocols. Withdrawals enabled with Barracuda upgrade.
- rswETH (Liquid Restaking Token) Liquid restaking token (LRT) that delivers uncapped access to EigenLayer restaking rewards (2.63% APR) without locking liquidity. Restakes ETH on EigenLayer and Symbiotic and secures Swell L2. Withdrawals enabled with the Barracuda upgrade in April 2024, v2 in July 2024.
- swBTC (Bitcoin Liquid Restaking Token) Bitcoin liquid restaking token that allows WBTC holders to restake on Symbiotic and EigenLayer (and Karak) to earn Bitcoin restaking yield while securing Swell L2 via Hyperlane integration.
- earnETH Vault Yield-optimization vault that delivers top DeFi yield combined with Swell L2 points by depositing LST/LRT assets including pxETH, apxETH, wstETH, rswETH, and swETH. Audited by Pashov Audit Group, Macro Security, and Spearbit.
- earnBTC Vault
Quantifiable outcome
- Over $1.8 billion in total value locked across liquid staking and restaking products
- +3 more outcomes
Companies that use Swell
Customer profileNamed customers5 records
Segments5 records
Ideal customer profiles5 records
Swell technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration89 records
Feature7 records
Swell partnerships and signals
Strategic signalPartnerships
23 partnerships are on record, tiered core and minor.
- OptimismcoreSwell L2 joined the Optimism Superchain as an Optimistic Rollup built on the OP Stack. Swellchain is part of the Superchain ecosystem with access to shared security and interoperability infrastructure.
- EigenLayercoreSwell enables liquid restaking of swETH on EigenLayer. Users can restake to earn uncapped EigenLayer restaking rewards. Part of the Liquid Restaking Council.
- SymbioticcoreUsers can restake swETH and rswETH on Symbiotic for additional restaking yields. SWELL is restaked to support Swell L2 infrastructure with liquidity unlocked by rSWELL.
- ChainlinkcoreChainlink Proof of Reserve provides monitoring for rswETH collateral. Chainlink CCIP enables secure cross-chain transfers and supports Swell L2. Part of Chainlink BUILD program.
- RedstonecoreRedstone provides modular oracles with high-frequency data feeds and inherited security for Swellchain. Infrastructure partner for Swell L2.
- AltLayercoreCollaborated with AltLayer and Chainlink to launch L2 for Restaking. Provides restaking infrastructure for Swell L2.
- Ether.ficoreweETH is integrated as collateral on Orki Finance for USDK minting. Ether.fi is listed among restaking assets on Swellchain ecosystem page.
- RenzocoreListed as restaking asset on Swell ecosystem. Part of the LRT ecosystem integrated with Swell.
- KelpcoreListed as restaking asset on Swell ecosystem. Part of the LRT ecosystem integrated with Swell.
- HyperlanecoreActively Validated Service on Swellchain providing interoperability for rollups. Hyperlane will secure its bridge with WBTC restaked in the Swell BTC LRT Vault via Symbiotic.
- Euler FinancecoreLend, borrow and leverage up with LRTs on Swellchain. Hosts Relend's rUSDC stablecoin money market. One of the first major DeFi protocols on Swell L2.
- Orki FinancecoreCDP protocol and native stablecoin (USDK) on Swellchain. Builds on Liquity V2 architecture. Enables borrowing against LSTs and LRTs while maintaining staking rewards.
- Velodrome FinancecoreDEX expanding to Swellchain as part of Superchain ecosystem. Provides two-sided liquidity pools with VELO emissions. Active pairs include USDK/WETH, USDK/USDe, USDK/rUSDC.
- Ambient FinancecoreConcentrated liquidity DEX for restaked assets on Swell L2. KING-ETH LP pool available. Primary DEX for USDK trading.
- King ProtocolcoreAVS governance token platform on Swellchain. Formerly LRT2 product from Swell founders. Provides home for AVS governance tokens with liquidity and DeFi optionality.
- FinoaminorInstitutional custody for swETH and rswETH enabling secure custody solutions for larger positions.
- LidocorewstETH is bridged to Swellchain via Superbridge. Users can continue earning staking rewards while exploring DeFi opportunities through Swell Portfolio.
- CurvecoreswETH is traded and provided as liquidity on Curve. Double-sided LRT pool (rswETH-weETH) with EtherFi on Curve.
- BalancercoreswETH liquidity provided on Balancer with boosted rewards via Aura. Partner in LSTFi ecosystem.
- PendlecoreUsers can actively manage swETH principal and yield with Pendle. rswETH is available on Pendle for trading yield tokens.
- Yearn FinancecoreYearn supports Swell's LST index. Super swETH Vault available on Enzyme for ETH and stETH deposits.
- OKXminorOKX's L2 collaboration with Swell to boost liquid restaking ecosystem. Unlocks synergies between Swell's restaked rollup and OKX's L2.
- Bitget WalletminorBitget Wallet integration with bonus BWB Points for users minting rswETH through the wallet.
Scale indicators13 records
Recent moves9 records
Expansion highlights6 records
Swell competitors and assessment
Company assessmentBroad incumbents
- Lido Finance: Lido is the dominant Ethereum liquid staking protocol issuing stETH/wstETH, the largest LST by TVL. It is the benchmark direct competitor for Swell's swETH, though Lido's scale and DAO governance make it a broader incumbent rather than a niche peer.
Direct peers
- EtherFi: EtherFi issues weETH, one of the leading liquid restaking tokens on EigenLayer. It directly competes with Swell's rswETH in the LRT category and is itself integrated into Swell's broader DeFi ecosystem (e.g., Orki Finance).
- Renzo Protocol: Renzo issues ezETH, another top liquid restaking token built on EigenLayer. It targets the same yield-seeking ETH staker segment as Swell's rswETH and is listed alongside Swell in restaking ecosystem aggregators.
- Kelp DAO: Kelp issues rsETH, a competing liquid restaking token on EigenLayer with multi-AVS support. It directly competes with Swell in the LRT category and is similarly integrated across DeFi liquidity venues.
- Rocket Pool: Rocket Pool issues rETH, one of the earliest decentralized liquid staking tokens for ETH. It is a direct LST competitor to swETH with a focus on decentralized validator operation rather than restaking.
- StakeWise: StakeWise issues osETH, a liquid staking token with restaking support via EigenLayer. It targets the same institutional and DeFi yield-seeker segments as Swell, with similar multi-token architecture.
Emerging players
- Pendle Finance: Pendle enables yield tokenization and trading for LSTs/LRTs including swETH and rswETH. It is both a Swell integration partner and an adjacent DeFi primitive that competes for the same yield-optimizing user base.
- Mantle (mETH): Mantle issues mETH, a liquid staking token operated by the Mantle Network ecosystem. It competes in the LST category with a vertically integrated L2 angle analogous to Swell's earlier Swellchain strategy.
Others
- EigenLayer: EigenLayer is the underlying restaking protocol that powers rswETH and swBTC. It is both a critical Swell dependency and an enabling platform; Swell sits in the EigenLayer ecosystem as a top LRT issuer.
- Symbiotic: Symbiotic is a competing restaking coordination layer on Ethereum used by Swell for swBTC and rSWELL. Like EigenLayer, it is both an integration partner and a competing restaking primitive.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Swell social profiles
Digital presenceSwell compliance and trust
Trust signalCompliance5 records
Swell financial estimates
Financial estimateRevenue estimate
Valuation estimate
Swell leadership team
Management profileNumber of profiles
Profiles2 records
Swell funding detail
Funding detailFunding overview
Funding rounds4 records
Investors8 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Swell M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Swell
What does Swell do?
Swell is a non-custodial liquid staking and restaking protocol on Ethereum that issues swETH (liquid staking token), rswETH (EigenLayer liquid restaking token), and swBTC (Bitcoin liquid restaking token), enabling users to earn Ethereum staking and EigenLayer/Symbiotic restaking yields while maintaining DeFi composability. The protocol also operates earnETH and earnBTC yield vaults and previously maintained Swellchain, an Optimism Superchain L2 being sunset in 2026.
Is Swell a public or private company?
Swell is a private company. It is classified as venture growth investor backed and is currently operating.
When was Swell founded?
Swell was founded in 2021. It employs 11 to 50 people.
Where is Swell based?
Swell is headquartered in Sydney, Australia, in the Oceania region.
How does Swell make money?
Four revenue lines are on record. Platform Commission / Staking Fees are the primary driver. The others are transaction Fees, withdrawal Fees and intangible Rewards Program Revenue.
Who are Swell's main competitors?
Lido Finance is listed as a broad incumbent. Direct peers are EtherFi, Renzo Protocol, Kelp DAO, Rocket Pool and StakeWise. Emerging players are Pendle Finance and Mantle (mETH). Others are EigenLayer and Symbiotic.
Does Swell have an API?
Yes. Swell provides developer documentation at docs.swellnetwork.io covering smart contract integrations, SDK usage, and API references for building on their liquid staking and restaking protocols. The documentation supports integration with their staking products (swETH, rswETH, swBTC), Swellchain L2 development, and DeFi protocol connections. Developer documentation is at docs.swellnetwork.io.
What industry is Swell in?
Swell's product category is Decentralized Finance — Liquid Staking & Restaking Protocol. Its primary akta.pro industry code is FSADAOAL, Liquid Staking Protocols & Liquid Staking Tokens (LST), with a secondary code of FSADAHAI, Liquid Staking Tokens (LST) & Liquid Restaking Tokens (LRT) Issuers.