🌊 Swell Network Weekly Recap 🌊
I've been traveling a bit this month, so this recap is a few days late. This week, the big news in @swellnetworkio-land has to do with $BTC (or rather, swBTC). What does a restaking project have to do with Bitcoin?
Let's dive in 🤿
2) The headline news this week is swBTC. ‼️
Swell has launched the first Bitcoin LRT to offer restaking rewards from the Ethereum ecosystem. 🤯
swBTC holders will earn restaking yield from @symbioticfi ( @eigenlayer and @Karak_Network coming soon).
x.com/swellnetworkio/status/1823722077364609188
3) In less than 4 days, there is already over $13.5M of $WBTC deposited.
x.com/swellnetworkio/status/1824671267368341732
4) One of the things that continues to impress me about Swell, is their ability to work on multiple new things at once. The week prior to rolling out swBTC, Swell announced that more than 4k swETH validators have been onboarded to SSV.
So what? ⬇️
x.com/swellnetworkio/status/1821455603451277363
5) SSV’s Distributed Validator Tech allows Swell to increase the efficiency of liquid staking, whilst bolstering decentralization.
This is important: it enhances the resilience and security of the protocol by preventing the concentration of power and potential collusion.
6) As promised, rswETH withdrawals are now live (and have been for a couple of weeks).
x.com/swellnetworkio/status/1818498477443408200
7) Now that rswETH withdrawals are live, and the snapshot is done, the Swell team is in the final stages of TGE preparation.
The team is currently working hard on finalizing listings, as well as completing the process of calculating Pearls. 🔜
8) Want to go even deeper? Swell released another fortnightly deep dive, which is always an informative read.
x.com/swellnetworkio/status/1818853382528156057
9) As always, thanks for reading. See you next week! Disclaimers: None of this is financial advice. Always do your own research. Crypto is risky - you could lose what you put in. I am a member of Swell's Community Council.
10) If you missed it, here is my last recap.
x.com/TheBenMeadows/status/1818014522977992833