Swell Network and L2: Here's Why They're Worth Paying Attention To?

Bittime -What is Swell Network? The barriers to launching L2 continue to decrease thanks to Rollup as a Service (RaaS) providers, opening the door to abundant supply and blurring the distinctions between all new chains. 

Becoming L2 essentially makes sense for blockchains that were previously sovereign or protocols that only existed as smart contracts on mainnet. 

L2 implementation allows existing  protocols or blockchains to avoid the costly problem of starting their own set of validators, and allows a more efficient path for vertical value accumulation through a sequence of transactions.

However, in the long run, if we truly live in a world of thousands of rollups, that means we will see hundreds of losers and a few tens of big winners. We believe that most activity will be concentrated in a few general and special purpose L2s (e.g. core vertical focus, DeFi). 

Currently, we believe that Swell Network has the potential to be a leader in this last category for many reasons. But, what exactly is Swell?

What is Swell Network?

Source: https://twitter.com/kairos_res/

What is Swell? Swell is a non-custodial staking protocol on a mission to provide the world's best liquid staking and restaking experience, simplifying access to DeFi, while securing the future of Ethereum and restaking services. 

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So, how does this look in practice? Well, pretty accurate. Swell has accumulated a total of $2.1 billion (713k ETH) in  total value locked (TVL) at the time of writing.

Of the total $2.1 billion, 29.57% was in their liquid staking token, swETH, 17.78% was in their liquid staking token, rswETH, and the remaining 52.65% was in their L2 deposit contract.

As you can see, Swell L2 Pre-Launch deposits had the sharpest growth of all Swell products. 

Swell Network Growth

Swell L2 is L2 for restaking. This L2 is a restaged rollup built on Polygon CDK, and leverages EigenDA and Polygon AggLayer in collaboration with AltLayer, Chainlink, and Redstone. Support for L2 is obtained from Polygon Labs1.

Swell's swETH is already one of the second largest Liquid Staking Tokens (LST) on EigenLayer, and rswETH is one of the fastest growing Liquid Restaking Tokens (LRT) on the market. 

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With over 100,000 users, Swell also builds L2 for restaking by leveraging AltLayer's restaking rollup, all built on top of the Polygon zkEVM stack2.

Swell is committed to providing the best liquid restaking experience, simplifying access to DeFi, and securing the future of Ethereum. With rapid growth and support from various partners, Swell Network is one of the L2s to watch in the current blockchain ecosystem. 

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How to Buy Bitcoin (BTC) on Bittime

You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Bitcoin (BTC) on Bittime. 

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.