After TVL approaches US$1 billion, Swell Network announces it will launch L2

Author: DeMan

In March 2024, Swell Network announced that it would launch its Layer 2 rollup chain, and the mainnet is expected to be officially launched in the second half of this year. This Layer 2 network uses a unique "restaked rollup" framework developed by AltLayer, which is different from traditional Layer 2 designs. It is built based on Polygon's Chain Development Kit (CDK) and supported by AltLayer. The network aims to bring multiple benefits to Swell users including native re-staking benefits, better scalability and lower transaction fees. Swell’s upcoming token will be used for the governance of the network. The following is an overview of the Swell Network project.

TVL is approaching $1 billion, providing users with staking income on LST or LRT

Swell Network, a leading non-custodial staking protocol, is about to launch its innovative product rswETH. Through Swell, users can continuously earn passive income by staking or re-staking ETH, including blockchain rewards and AVS rewards.

As a reward, users will receive yield-generating liquidity tokens (LST or LRT) that can not only be held but also used to participate in the broader DeFi ecosystem to achieve additional benefits. This cooperation will be discussed in depth below.

Swell’s L2 solution focuses on liquid re-hypothecation assets on EigenLayer, based on a total value locked (TVL) of approximately $1 billion in its LST and LRT.

Different from traditional rollup technology, Swell adopts the "restaked rollup" framework pioneered by AltLayer and improves its security and decentralization through a series of active verification services (AVS), including decentralized sorting and verification. and accelerated transaction finality.

Swell’s L2 network not only provides native re-staking benefits, but also brings higher scalability and lower fees to users through LRTfi’s new flywheel mechanism. These advantages are based on native staking and re-staking yields, introducing new and familiar primitives to the DeFi space. Swell’s native Gas token, rswETH, and its governance token, SWELL, were developed in collaboration with industry experts to further govern and optimize the network.

From EigenLabs to Chainlink, take a look at Swell Network’s many partners

In the rapid development of blockchain technology, the role of partners is crucial. The following are several key technology partners of Swell Network in promoting its Layer 2 rollup chain cooperation.

1. EigenLabs:

EigenLabs, a leading research organization, is responsible for the development of EigenDA. Founded by Sreeram Kannan, EigenLabs is supported by well-known companies such as Blockchain Capital, Polychain Capital, and Ethereal Ventures, and is committed to promoting the innovation and application of blockchain technology.

AltLayer, established in 2021, is an open and decentralized protocol that accelerates the launch of Rollup through Optimistic and ZK Rollup technology. Its flagship product "restaked rollups" has become an industry disruptor, unlocking the true potential of rollups through enhanced security, decentralization, rapid finality and interoperability. AltLayer’s replay rollup includes three vertically integrated Active Validation Services (AVS): MACH, VITAL, and SQUAD, which leverage the permissionless nature of the rollup stack and the recollateralization principle, allowing the network to borrow economic security from Ethereum.

Swell will be one of the first Rollups instances back operational, powered by AltLayer's three key products: MACH (for faster finalization), VITAL (for decentralized verification) and SQUAD (for decentralized verification). centralized sorting). These services run as AVS, borrowing security from Ethereum through EigenLayer's re-mortgage mechanism. Built on top of the Swell protocol is a multi-chain, multi-VM compatible Rollups as a Service (RaaS) launcher that provides developers with A hassle-free platform to quickly launch custom rollups.

In this regard, Swell founder Daniel Dizon said that extending Swell’s liquidity re-hypothecation product to L2 is a natural step for the development of the community and DAO, which not only expands the vision of the protocol, but also provides new opportunities for the DeFi ecosystem. Provides a high-quality liquidity remortgage experience. AltLayer CEO Jia Yaoqi also expressed his expectations for this cooperation, believing that the introduction of restakted rollups will greatly enhance the security and decentralization of the network and bring new innovations to DeFi.

2. Polygon Labs:

Polygon Labs develops Ethereum scaling solutions for the Polygon protocol and collaborates with other ecosystem developers to provide scalable, affordable, secure and reliable solutions. Ongoing blockchain infrastructure. The scaling solutions developed by Polygon Labs have been widely adopted, supporting tens of thousands of decentralized applications, processing 3.5 billion transactions, and have become the choice of many large Web3 projects and well-known enterprises.

3. Chainlink:

Chainlink, as an industry-standard decentralized computing platform, provides support for verifiable networks by providing access to real-world data, off-chain computing and secure cross-chain Access to chain interoperability, supporting global financial institutions, startups and developers. Chainlink has enabled over $9 trillion in transaction value, powering verifiable applications and marketplaces across multiple industries.

The technical support and innovative cooperation of these partners provide a solid foundation for Swell Network’s Layer 2 solutions, heralding the significant advancement of blockchain technology in terms of security, scalability and user experience. progress.

Can a series of initiatives bring a better DeFi value experience to users? Swell Network’s market outlook still needs attention

In this article, we take an in-depth look at Swell Network and its latest progress in the field of blockchain technology, especially its upcoming Layer 2 solution. By working closely with industry leaders such as EigenLabs, AltLayer, Polygon Labs, and Chainlink, Swell not only demonstrates its determination to promote technological innovation, but also sets new standards for the development of the DeFi ecosystem.

Swell Network’s Layer 2 solution, especially the "restaked rollups" technology it adopts, marks an important technological breakthrough that provides a new level of security by improving the security, decentralization and speed of transactions. Users bring unprecedented value. In addition, Swell’s technical architecture and partner support provide developers with a seamless platform to quickly launch and scale Web3 applications, whether in the NFT space, DeFi, Web3 games or the tokenization of real-world assets etc.

Just as Dolomite has gained recognition in its space through innovative and user-friendly strategies, Swell Network has set new standards for the application and popularization of blockchain technology through its Layer 2 solutions and partner network. model. Swell's vision and ambitions go far beyond that. With the continuous advancement of its technology and the expansion of its ecosystem, the future will undoubtedly bring more opportunities and possibilities to users, developers and the entire blockchain community.

In short, the progress of Swell Network is not only a technological leap, but also a clear guide to the future development direction of the DeFi ecosystem. As more protocols and applications are added, as well as the shift to DAO governance, we have reason to believe that Swell and its partners will continue to lead innovation in blockchain technology and drive the entire industry forward.