Swell Forms a Coalition with Altlayer and EigenDA

Swell has struck a deal with Altlayer and EigenDa to introduce its Layer 2 rollup for restaking. Working upon its $1 billion in the form of TVL throughout its staked LST and LRT, Swell’s Layer 2 will be involved in liquid restaked assets on EigenLayer.

Swell’s rollup will play the role of a restaked roll-up, an infrastructure initiated by AltLayer. The rollup will have an array of actively validated services (AVS) that will bring about its safety and decentralization by providing leading solutions like decentralized sequencing, decentralized authentication, and quicker finality. This will be achievable by utilizing EigenLayer’s staking system. 

For users taking part in its ecosystem, Swell’s rollup will provide a conventional staking yield, better upgradability, and fewer fees for conventional staking and restaking yield.

rswETH will be the conventional gas token for the chain, which is Swell’s lately released LRT and built in association with operators, AVS, and risk experts. SWELL will be the governance token to govern the chain, along with swETH and rswETH.

Having been created on Polygon’s zkEVM technology on EigenDA, in association with AltLayer, Layer 2 will have the backing of Chainlink.

In the words of the Founder of Swell, Daniel Dizon, increasing the liquid restaking provisions of Swell within Layer 2 for staking is the way forward for the community of Swell and DAO.

According to the CEO of AltLayer, Yaoqi Jia, restaked roll-ups bring together the simplifying of spinning rollups utilizing rollup stacks like Polygon CDK with the potential of the staking system of EigenLayer. This is to maintain the safety factors of the rollups and create a decentralized network for main rollup solutions.

Swell is one of the largest Ethereum liquid restaking protocols in the increasing LRT field. It comes with over $1 billion in TVL. It is supported by Framework, IOSG, Maven 11, and others.

Eigen Labs is a research-based company that is engaged in the building of EigenDA. The founder is Sreeram Kannan, and he has the support of Blockchain Capital, Polychain Capital, and others.

AltLayer was set up in 2021 and is an open and decentralized protocol that helps speed up the release of rollups with Optimistic and ZK rollup stacks. Its landmark product is restaked rollups with better safety, decentralization, and quick finality.

Polygon Labs is into building Ethereum upgrading services for Polygon protocols. Polygon Labs links up with multiple ecosystem builders to connect with an upgradable, safe, and maintainable blockchain framework pertaining to Web3.

Chainlink, on its part, is a benchmark for decentralized computing platforms that boost the authenticability of the web. It has been responsible for large volumes of transactions by making provisions for financial institutions, startups, and others to connect with real-time data, off-chain computation, and safe cross-chain interoperability throughout every blockchain.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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