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In March 2024, Swell Network announced the launch of its Layer 2 rollup chain, with the mainnet expected to go live in the latter half of this year. This Layer 2 network adopts the unique "restaked rollup" framework developed by AltLayer, which is distinct from traditional Layer 2 designs. It is built on Polygon's Chain Development Kit (CDK) and supported by AltLayer. The network aims to bring multiple benefits to Swell users, including native restaking rewards, improved scalability, and lower transaction fees. The upcoming token from Swell will be utilized for governance within the network. The following provides an overview of the Swell Network project.
With TVL nearing $1 billion, providing staking income in LST or LRT
Swell Network, a leading non-custodial staking protocol, is set to launch its innovative product rswETH. Through Swell, users can continuously earn passive income by staking or restaking ETH, including blockchain rewards and AVS rewards.
As a reward, users will receive yield-bearing liquidity tokens (LST or LRT), which can not only be held but also used to participate in a broader DeFi ecosystem to generate additional returns. Further discussion on this collaboration will be provided below.
Swell's L2 solution, based on its total locked value (TVL) of approximately $1 billion in LST and LRT, focuses on liquidity restaking assets on EigenLayer.
Distinguishing itself from traditional rollup technology, Swell utilizes AltLayer's pioneering "restaked rollup" framework, enhancing its security and decentralization through a series of Active Verification Services (AVS), including decentralized ordering, verification, and accelerated transaction finality.
Swell's L2 network not only offers native restaking rewards but also brings higher scalability and lower costs to users through the new flywheel mechanism of LRTfi. These advantages, based on native staking and restaking yield rates, introduce new and familiar primitives to the DeFi space. Swell's native Gas token rswETH and governance token SWELL have been developed in collaboration with industry experts, aiming to further govern and optimize the network.
From EigenLabs to Chainlink, a look at Swell Network's many partners
In the rapid development of blockchain technology, the role of partners is crucial. The following are key technical partners of Swell Network in advancing its Layer 2 rollup chain.
EigenLabs:
EigenLabs, a leading research organization responsible for developing EigenDA. Founded by Sreeram Kannan, EigenLabs has received support from prominent companies such as Blockchain Capital, Polychain Capital, and Ethereal Ventures, and is dedicated to advancing innovation and applications in blockchain technology.
Established in 2021, AltLayer is an open and decentralized protocol that accelerates the rollout of Rollups through Optimistic and ZK Rollup technology. Its flagship product, "restaked rollups," has become an industry disruptor, unleashing the true potential of Rollups through enhanced security, decentralization, rapid finality, and interoperability. AltLayer's rollup aggregator includes three vertically integrated Active Verification Services (AVS): MACH, VITAL, and SQUAD. These services leverage the permissionless nature of the aggregation stack and restaking principles to allow networks to borrow security from Ethereum.
Swell will be one of the first instances of re-running Rollups, supported by AltLayer's three key products: MACH (for faster finality), VITAL (for decentralized validation), and SQUAD (for decentralized ordering). These services operate as AVS, borrowing security from Ethereum through EigenLayer's restaking mechanism. Built on top of the Swell protocol is a multi-chain, multi-VM-compatible Rollups as a Service (RaaS) launcher, providing developers with a hassle-free platform to quickly deploy custom Rollups.
Daniel Dizon, founder of Swell, expressed that expanding Swell's liquidity restaking products to L2 is a natural step for community and DAO development, extending the protocol's vision and providing a high-quality liquidity restaking experience for the DeFi ecosystem. Jia Yaoqi, CEO of AltLayer, also expressed anticipation for this collaboration, believing that the introduction of restaked rollups will significantly enhance the network's security and decentralization, bringing new innovations to DeFi.
Polygon Labs:
Polygon Labs develops Ethereum scaling solutions for the Polygon protocol, collaborating with other ecosystem developers to provide scalable, affordable, secure, and sustainable blockchain infrastructure. Polygon Labs' scaling solutions have been widely adopted, supporting tens of thousands of decentralized applications, processing 35 billion transactions, and becoming the choice of many large Web3 projects and well-known enterprises.
Chainlink:
Chainlink, as the industry-standard decentralized oracle platform, supports verifiable networks by providing access to real-world data, off-chain computation, and secure cross-chain interoperability, supporting global financial institutions, startups, and developers. Chainlink has facilitated over $9 trillion in transaction value, supporting verifiable applications and markets in multiple industries.
The technical support and innovative collaborations of these partners provide a solid foundation for Swell Network's Layer 2 solution, signaling significant advancements in security, scalability, and user experience in blockchain technology.
Can a series of initiatives bring a better DeFi value experience to users? Swell Network's future prospects still need attention
In this article, we have delved into Swell Network and its latest developments in the field of blockchain technology, especially its upcoming Layer 2 solution. Through close collaboration with industry leaders such as EigenLabs, AltLayer, Polygon Labs, and Chainlink, Swell not only demonstrates its determination to drive technological innovation but also sets new standards for the development of the DeFi ecosystem.
Swell Network's Layer 2 solution, especially its adoption of the "restaked rollups" technology, marks a significant technical breakthrough, bringing unprecedented value to users by enhancing transaction security, decentralization, and speed. Additionally, Swell's technical architecture and the support of its partners provide a seamless platform for developers to quickly launch and scale Web3 applications, whether in the NFT space, DeFi, Web3 gaming, or tokenization of real-world assets.
Just as Dolomite has been recognized in its field through innovation and user-friendly strategies, Swell Network also establishes a new paradigm for the application and popularization of blockchain technology through its Layer 2 solution and partner network. The vision and ambition of Swell extend far beyond this, and with the continuous progress of its technology and the expansion of its ecosystem, the future undoubtedly holds more opportunities and possibilities for users, developers |
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Post time 1-4-2024 07:47:12