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Restaked Swell Ethereum

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Restaked Swell Ethereum?

Restaked Swell Ethereum (RSWETH) is a native liquid restaking token on the Swell Network, allowing users to unlock liquidity while earning staking rewards. It is a liquid token that can be used in other DeFi protocols, providing flexibility and maximizing earnings. RSWETH is part of the liquid restaking movement, which takes traditional liquid staking a step further by generating additional rewards while actively participating in the DeFi ecosystem.

How is Restaked Swell Ethereum used?

Restaked Swell Ethereum (rswETH) is a liquid restaking token (LRT) that allows users to unlock liquidity while continuing to earn staking rewards. Here are the key ways rswETH is used:

  1. Uncapped Access to EigenLayer:

    • rswETH holders have uncapped access to EigenLayer restaking points, which measure their contribution to the shared security of the EigenLayer ecosystem.
  2. Participation in DeFi:

    • rswETH is a reward-bearing ERC-20 token that can be used in DeFi protocols, allowing users to maximize their earnings on multiple fronts.
  3. Zero Fees for Initial Period:

  • For the first 30 days after launch, rswETH holders pay zero staking fees.
  1. Earning Pearls and Points:

    • rswETH holders earn Pearls, which represent a claim to future SWELL tokens, and EigenLayer Restaked Points, which measure their contribution to the shared security of the EigenLayer ecosystem.
  2. Future Restaking Rewards:

    • As EigenLayer onboards Actively Validated Services (AVSs) to mainnet, restaking yields will flow to rswETH holders.
  3. Integration with Pendle Finance:

  • rswETH can be staked using Pendle Finance, involving a few simple steps to connect a wallet and begin staking.
  1. Future Absorption of LSTs:
    • Future versions of rswETH are expected to enable swETH to be directly restaked into rswETH, gradually absorbing Liquid Staking Tokens (LSTs).

Overall, rswETH offers users a flexible and rewarding way to participate in the DeFi ecosystem while contributing to the security of EigenLayer.

How do I store Restaked Swell Ethereum?

To store Restaked Swell Ethereum (RSWETH) tokens, you need to choose a reliable crypto wallet. Here are the steps to follow:

  1. Choose a Crypto Wallet: Select a wallet that works well in your area, accepts your payment method, and follows your preferred policies. Popular and reliable options include Coinbase Wallet, MetaMask, and TrustWallet. You can download the wallet extension on Google Chrome or the wallet app from the iOS App Store or Google Play.

  2. Set up your Wallet: Create an account by providing your personal information and selecting a strong password. You will be given a Secret recovery phrase or Seed Words, which are crucial in case you lose your wallet. Accurately note them down before proceeding.

  3. Store Your RSWETH: Once you have set up your wallet, you can store your RSWETH tokens securely. Make sure to keep your wallet and recovery phrase safe to avoid any potential losses.

For beginners, hot wallets are recommended for quick and online payments, while cold wallets are more secure for long-term storage of large amounts of cryptocurrency.

How to buy Restaked Swell Ethereum?

To buy Restaked Swell Ethereum (RSWETH) tokens, follow these steps:

  1. Choose a Crypto Wallet: Select a reliable crypto wallet such as Coinbase Wallet, MetaMask, or TrustWallet. Ensure it is compatible with your location and payment method. For beginners, hot wallets are recommended for quick transactions, while cold wallets are more secure for long-term storage.

  2. Set up Your Wallet: Create an account, provide personal information, and set a strong password. You will receive a secret recovery phrase or seed words, which you should note down carefully.

  3. Buy Base Currency: Choose a cryptocurrency exchange platform and purchase a base currency, such as Bitcoin, Ethereum, or Tether. This will be used to trade RSWETH.

  1. Transfer Funds to Wallet: Withdraw the base currency to your crypto wallet by providing your wallet address and the amount to transfer.

  2. Select a Decentralized Exchange (DEX): Choose a DEX that supports your wallet, such as Pancake Swap or Uniswap. Ensure the exchange has sufficient liquidity for the trading pair.

  3. Buy RSWETH: Connect your wallet to the DEX and select RSWETH from the list. Enter the amount you want to trade and complete the transaction.

  1. Add RSWETH to MetaMask (Optional): If you use MetaMask, you can import RSWETH by copying its contract address (0xfae103dc9cf190ed75350761e95403b7b8afa6c0) and adding it manually or with one click on CoinGecko.

Popular exchanges to buy and trade RSWETH include Pancakeswap V3, Uniswap V3, and Balancer V2.

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History of Restaked Swell Ethereum

Restaked Swell Ethereum (RSWETH) is a liquid restaking token built by the Swell Network DAO. It is designed to provide uncapped access to Eigenlayer restaking rewards without the need to lock liquidity. The token is built on top of Eigen Layer and allows holders to earn both Ethereum staking rewards and Eigen layer restaking rewards.

Launch and Early Development

The Liquid Restaking Council expanded ahead of the rswETH launch, with actively validated services such as Hyperlane, NEAR, Mangata, and LAGRANGE joining to support the design and delivery of rswETH.

Price Performance

The price of RSWETH has fluctuated significantly. On March 14, 2024, it reached an all-time high of $17,684.38. Over the last month, the price has gone down by -6.00% against the US Dollar (USD), underperforming the broader crypto market, which is up by 1.30%. As of June 11, 2024, the current price of RSWETH is around $3,292.28.

Market Statistics

RSWETH has a market capitalization of $478,750,204 and a 24-hour trading volume of $1,860,033. The circulating supply is 129,704 RSWETH, with no maximum supply limit.

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How Restaked Swell Ethereum works

Restaked Swell Ethereum (RSWETH) is a liquid restaking token built by the Swell Network DAO. It is a tokenized version of Ether restaked on EigenLayer, a protocol built on Ethereum that introduces the concept of restaking. Restaking allows stakers to earn additional rewards by securing multiple Actively Validated Services (AVSs), which are protocols that require distributed validation, such as oracles, bridges, sidechains, virtual machines, and other systems that need to bootstrap decentralized security efficiently.

How It Works

To use RSWETH, users need to restake their ETH through the Swell app, which deposits the ETH into a separate restaking pool. This process earns both Ethereum staking rewards and EigenLayer restaking rewards. The underlying ETH is staked into the beacon chain to earn ETH staking rewards, and then it is restaked into EigenLayer, where it can be delegated to a curated set of operators who restake the ETH to various AVSs, earning restaking rewards in return for running the AVS client.

Key Features
  • Reward-Bearing: RSWETH is a yield-bearing token, meaning its value increases over time 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 versus the original amount of ETH that has been restaked.
  • Uncapped Deposits: As a native Liquid Restaking Token (LRT), RSWETH deposits are uncapped, allowing users to restake any amount of ETH.
  • DeFi Integration: RSWETH can be used in DeFi applications, enabling users to earn restaking rewards while also utilizing their RSWETH in decentralized finance.
  • Pearls and EigenLayer Points: Users earn Pearls and EigenLayer Restaked Points by holding RSWETH. Pearls can be used to claim SWELL tokens at the token generation event, while EigenLayer Restaked Points measure the user's contribution to the shared security of the EigenLayer ecosystem.
Fees and Withdrawals
  • Fees: For the first 30 days following the launch, RSWETH holders pay zero fees. After that, fees are 10% of staking rewards.
  • Withdrawals: Withdrawals are not yet live for RSWETH but will be enabled in the coming weeks.
Relationship with swETH

RSWETH and swETH are complementary and serve different purposes. In the future, Liquid Restaking Tokens (LRTs) like RSWETH are expected to gradually absorb Liquid Staking Tokens (LSTs) like swETH, allowing swETH to be staked in exchange for RSWETH.

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Restaked Swell Ethereum's strengths

Restaked Swell Ethereum (rswETH) offers several strengths:

  1. Uncapped Deposits: rswETH deposits are uncapped, allowing users to stake as much Ether as they want without any limitations.

  2. Reward-Bearing Token: rswETH is a reward-bearing token, meaning its price increases as staking and restaking rewards accrue. This can be tracked through the ETH:rswETH exchange rate, which reflects the relative value of total restaked ETH including rewards compared to the original amount of ETH restaked.

  3. Liquid Restaking: rswETH enables users to earn restaking rewards while still using the token in DeFi protocols, providing liquidity and flexibility.

  1. Security: rswETH is developed in collaboration with leading blockchain auditors and risk management firms, ensuring a high level of security and validity.

  2. Community Engagement: rswETH is supported by the Liquid Restaking Council, which involves the community in decision-making and governance, promoting decentralization and community involvement.

  3. Integration with EigenLayer: rswETH is integrated with EigenLayer, a protocol that enables restaking on multiple Actively Validated Services (AVSs), enhancing the security and returns for users.

  1. Native Token: rswETH is a native Liquid Restaking Token (LRT) that represents a new frontier in liquid restaking, offering users a unique way to participate in the DeFi ecosystem without compromising their rewards.

These strengths make rswETH an attractive option for users looking to maximize their returns and flexibility in the DeFi space.

Restaked Swell Ethereum's risks

Restaked Swell Ethereum (RSWETH) carries several risks. These include:

  • Slashing Risk: RSWETH holders face the risk of penalties through slashing, which can result in losses for users who stake their Ether through Swell's liquid restaking protocol.
  • Technology Risk: The protocol is vulnerable to technical issues and potential bugs in the smart contracts, which can impact the security and reliability of the system.
  • Centralization Risk: The concentration of power and control in a few entities can lead to centralization, which can undermine the decentralized nature of the Ethereum blockchain.
  • Rehypothecation Risk: The use of restaked Ether for securing other projects can increase the risk of rehypothecation, where assets are used as collateral multiple times, potentially leading to a cascade of failures.
  • Liquidity Risk: Users may face difficulties in withdrawing their assets or converting them into other tokens, which can result in liquidity issues.
  • Smart Contract Risk: The complexity of smart contracts involved in the restaking process can lead to unforeseen vulnerabilities and potential losses.

These risks highlight the importance of careful risk management and security measures in the design and development of RSWETH and other liquid restaking tokens.

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Did Restaked Swell Ethereum raise funds?

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Restaked Swell Ethereum's ecosystem

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Restaked Swell Ethereum’s team

  • Daniel Dizon: Founder of Swell, described expanding Swell's liquid-staking offering to layer 2 as "the next logical step" for the project.
  • Yaoqi Jia: CEO of AltLayer, collaborated with Swell on the layer-2 rollup and emphasized the benefits of combining rollup stacks with EigenLayer's restaking mechanism.
  • Aaron Alderman: Part of Swell Labs, involved in introducing Swell to audiences at events like Blockchain Australia.
  • 0xSalex: COO at Swell Labs, active on Twitter and involved in hiring for the company.
  • Jamie Crawley: CoinDesk news reporter, covered the launch of Swell's layer-2 rollup and its collaboration with EigenLayer and AltLayer.

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