What is Swell Network And How Does it’s Works?
What is Swell Network (SWELL)?
By staking or restaking Ethereum, users of the liquid staking platform Swell Network (SWELL) can generate passive revenue. To aid in the validation of transactions on the Ethereum blockchain, staking entails locking up a specific quantity of ETH. Users receive prizes in exchange. Even for people without a lot of ETH or technical know-how, Swell makes this process simpler and more approachable.
Who Created Swell Network (SWELL)?
Swell Labs, a group committed to building a safe, decentralized, and open financial future, created Swell Network. Swell Labs wants to ensure that everyone has access to financial freedom free from censorship and prejudice.
How Swell Network (SWELL) Works
Swell Network offers a range of services to make staking and restaking ETH more accessible and rewarding.
Liquid Staking: Users can stake any amount of Ethereum with liquid staking, even less than the 32 ETH needed for traditional staking. Users who utilize Swell to stake their Ethereum get swETH in exchange. In the DeFi ecosystem, this coin can be used just like ordinary ETH. While still receiving staking incentives, users can move it, utilize it as collateral, or supply liquidity. This adaptability improves the Ethereum network’s security and boosts staking participation.
Restaking: Restaking is an extension of staking. Swell provides rswETH to people that want to restake. With this token, users can restake their Ethereum without having to lock up 32 Ethereum or maintain a validator node. Rather, users combine their ETH into a restaking pool that is overseen by qualified node operators. By managing the technological facets, these operators optimize profits for all parties.
Swell L2: Built on top of the Polygon CDK, Swell L2 is a restaked rollup. It works with partners including AltLayer, Chainlink, and Redstone to leverage cutting-edge technology like EigenDA and the Polygon AggLayer. By giving users more chances and incentives, Swell L2 seeks to improve the staking and restaking experience even more.
Swell DAO: Swell DAO, a DAO made up of SWELL token holders, is in charge of overseeing Swell Network. The development, governance, and community involvement of the protocol are all greatly aided by the DAO.
Contributions from the community might take the form of conversations, suggestions, and social media promotion of Swell. Active involvement guarantees the protocol’s ongoing development and helps to influence its future.
