Swell has launched the first Bitcoin LRT to offer restaking rewards from the Ethereum ecosystem.
Swell Restaked BTC (swBTC) holders will earn restaking yield from Symbiotic, EigenLayer, and Karak, with the opportunity to further boost yield in DeFi.
The innovation of swBTC is commended by leading custodian BitGo, and strategic infrastructure partner P2P.org will help bring swBTC to the institutional market. Vault strategy is powered by Aera and managed by expert Restaking Guardian Gauntlet, with deposits and withdrawals handled by the battle-tested Yearn V3 vault. Native swaps from BTC to swBTC will be enabled through THORChain.
swBTC joins swETH and rswETH as another restaking primitive supporting Swell L2 – the upcoming restaking yield layer for Ethereum.
“We’re excited to see Swell’s continued innovation in this space and help wBTC holders take advantage of a new opportunity to earn restaking rewards.” – BitGo.
swBTC rewards
Yield will be generated by utilizing the collateral asset (WBTC) as economic security for networks on restaking protocols such as Symbiotic, Karak, and EigenLayer. These networks compensate stakers for the economic security provided, which translates into yield for swBTC holders.
This yield is expected to start flowing from mid-September when the first underlying platforms enable real restaking rewards.
Until then, you can deposit wBTC to get swBTC and earn Black Pearls in addition to Symbiotic Points.
swBTC can also be deposited in the Swell L2 Pre-Launch to earn airdrops from the Swell ecosystem at a 1.5x multiplier.
Swell Founder Daniel Dizon said: “Swell’s roots are in Ethereum. But we are bullish on restaking across the blockchain ecosystem. That’s why we’ve launched Swell BTC (swBTC), a liquid restaking token for Bitcoin that will bolster the BTCfi renaissance by helping up to one trillion of bitcoin liquidity start flowing into DeFi.”
Securing BTCFfi
The growing number of Bitcoin L2s face challenges of centralization, security, scalability and interoperability.
Swell has partnered with leading Symbiotic Networks to help Bitcoin L2s overcome these challenges through services secured by swBTC.
That includes rollup infrastructure provider Radius, decentralized oracle provider Ojo, keeper network Ditto, and interoperability framework Hyperlane.
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.
