Swell

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.

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

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

• Liquid staking protocol
• Liquid restaking tokens
• DeFi yield vaults
• Ethereum staking
• Bitcoin restaking

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. 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.
2. 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.
3. Withdrawal Fees: Fees charged for unstaking or withdrawing Digital Assets from the protocol.
4. 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

Go-to-market motion2 records

Distribution channels5 records

Marketing channels10 records

Core 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

Named customers5 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration89 records

Feature7 records

Partnerships

23 partnerships are on record, tiered core and minor.

• OptimismcoreStrategic or Co-development PartnerSwell 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.
• EigenLayercoreTechnology or IntegrationSwell enables liquid restaking of swETH on EigenLayer. Users can restake to earn uncapped EigenLayer restaking rewards. Part of the Liquid Restaking Council.
• SymbioticcoreTechnology or IntegrationUsers can restake swETH and rswETH on Symbiotic for additional restaking yields. SWELL is restaked to support Swell L2 infrastructure with liquidity unlocked by rSWELL.
• ChainlinkcoreTechnology or IntegrationChainlink Proof of Reserve provides monitoring for rswETH collateral. Chainlink CCIP enables secure cross-chain transfers and supports Swell L2. Part of Chainlink BUILD program.
• RedstonecoreTechnology or IntegrationRedstone provides modular oracles with high-frequency data feeds and inherited security for Swellchain. Infrastructure partner for Swell L2.
• AltLayercoreTechnology or IntegrationCollaborated with AltLayer and Chainlink to launch L2 for Restaking. Provides restaking infrastructure for Swell L2.
• Ether.ficoreTechnology or IntegrationweETH is integrated as collateral on Orki Finance for USDK minting. Ether.fi is listed among restaking assets on Swellchain ecosystem page.
• RenzocoreTechnology or IntegrationListed as restaking asset on Swell ecosystem. Part of the LRT ecosystem integrated with Swell.
• KelpcoreTechnology or IntegrationListed as restaking asset on Swell ecosystem. Part of the LRT ecosystem integrated with Swell.
• HyperlanecoreTechnology or IntegrationActively 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 FinancecoreTechnology or IntegrationLend, 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 FinancecoreStrategic or Co-development PartnerCDP protocol and native stablecoin (USDK) on Swellchain. Builds on Liquity V2 architecture. Enables borrowing against LSTs and LRTs while maintaining staking rewards.
• Velodrome FinancecoreStrategic or Co-development PartnerDEX 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 FinancecoreTechnology or IntegrationConcentrated liquidity DEX for restaked assets on Swell L2. KING-ETH LP pool available. Primary DEX for USDK trading.
• King ProtocolcoreStrategic or Co-development PartnerAVS governance token platform on Swellchain. Formerly LRT2 product from Swell founders. Provides home for AVS governance tokens with liquidity and DeFi optionality.
• FinoaminorChannel Partner/ Reseller/ DistributorInstitutional custody for swETH and rswETH enabling secure custody solutions for larger positions.
• LidocoreTechnology or IntegrationwstETH is bridged to Swellchain via Superbridge. Users can continue earning staking rewards while exploring DeFi opportunities through Swell Portfolio.
• CurvecoreTechnology or IntegrationswETH is traded and provided as liquidity on Curve. Double-sided LRT pool (rswETH-weETH) with EtherFi on Curve.
• BalancercoreTechnology or IntegrationswETH liquidity provided on Balancer with boosted rewards via Aura. Partner in LSTFi ecosystem.
• PendlecoreTechnology or IntegrationUsers can actively manage swETH principal and yield with Pendle. rswETH is available on Pendle for trading yield tokens.
• Yearn FinancecoreTechnology or IntegrationYearn supports Swell's LST index. Super swETH Vault available on Enzyme for ETH and stETH deposits.
• OKXminorStrategic or Co-development PartnerOKX's L2 collaboration with Swell to boost liquid restaking ecosystem. Unlocks synergies between Swell's restaked rollup and OKX's L2.
• Bitget WalletminorChannel Partner/ Reseller/ DistributorBitget Wallet integration with bonus BWB Points for users minting rswETH through the wallet.

Scale indicators13 records

Recent moves9 records

Expansion highlights6 records

Broad 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

• Xx.com/swellnetworkio
• GitHubgithub.com/SwellNetwork
• LinkedInlinkedin.com/company/swellnetworkio

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds4 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Swell