Swell rswETH is Swell Network's liquid restaking variant of swETH. Deposit ETH; receive rswETH; earn base staking + EigenLayer restaking yields. Deeply integrated with Swell L2 and points-based incentive programs.
What rswETH is
rswETH is a value-accruing LRT — your balance stays constant while the ETH-per-rswETH ratio grows. Swell operates a permissionless node operator set (via Puffer-style validation) and delegates restaking to multiple EigenLayer AVSs.
Swell L2 launched in 2024, providing a restaking-native rollup where rswETH is a first-class citizen. This gives Swell users an ecosystem to stack additional yield on top of restaking.
Points and airdrops
Swell has run points programs since 2023 (Pearls) that rewarded early rswETH holders via SWELL token distributions. Points-farming attracted significant TVL but caused mercenary capital to churn as programs concluded.
Verdict
rswETH is a strong LRT option for users already in the Swell ecosystem. Native L2 + points programs + solid EigenLayer exposure = differentiated positioning.