Swell Network

• Swell provides liquid staking and restaking for Ethereum, issuing swETH and rswETH against deposits.

• It also operates its own Layer 2 focused on restaked assets.

• SWELL is the governance token of the protocol.

• Distributed largely through a points campaign preceding the token launch.

• Governs protocol parameters, fee structure and operator set.

Pros:

• Combines liquid staking and restaking in a single protocol.

• Runs a dedicated chain rather than depending entirely on Ethereum mainnet.

• Operator set is publicly documented.

Cons:

• Points-based distribution attracted capital that departed after the airdrop, a pattern common to the cohort.

• Restaking yield remains dependent on services paying for security.

• Smaller deposit base than the largest liquid staking protocols.

• Exposure to both liquid staking and restaking through one protocol.

• Owns its Layer 2, capturing fees from restaked asset activity.

• Weigh the retention question after incentive campaigns end.

• A single protocol spanning liquid staking, restaking and a dedicated settlement layer for those assets.

• Staked ETH is locked and cannot be used elsewhere while it earns.

• Issuing a transferable claim against it restores usability, at the cost of introducing peg and issuer risk.

• Founded by Daniel Dizon.

• Developed by the Swell Labs team with governance through SWELL holders.

• No public sale. SWELL was distributed to users through a points programme and airdrop.

• Liquid staking tokens can trade below the underlying during withdrawal congestion.

• Restaking adds slashing exposure beyond ordinary Ethereum staking.

• Deposits are incentive-sensitive and can leave quickly.

• Competition from much larger liquid staking incumbents.