Bittime - Swell Network (SWELL) is a non-custodial staking protocol that promises the best liquid staking and restaking experience in the world. With the goal of simplifying access to DeFi and safeguarding Ethereum's future, Swell Network comes as a solution to the various challenges facing the blockchain ecosystem.
This article will discuss more about what is Swell Network, SWELL coin, SWELL tokenomics, advantages of Swell Network, and its conclusion.
What is a Swell Network (SWELL)?
Swell Network is a non-custodial staking protocol that aims to provide the best liquid staking and restaking experience in the world.
With a mission to simplify access to DeFi (decentralized finance) and ensure Ethereum's future security as well as restaking services, Swell Network has managed to amass a total locked value (TVL) of $2.1 billion at the time of writing, with 713,000 ETH on board.
Of these, 29.57% were in the form of swETH liquid staking tokens, 17.78% were in the form of rswETH liquid restaking tokens, and the remaining 52.65% were in their L2 deposit contracts.
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Swell Network Architecture
In terms of architecture, Swell Network leverages AltLayer technology to launch as a "restaked rollup" built using Polygon's Composable Development Kit (CDK).
In addition, they use EigenDA as a data availability layer and also have a "native yield" embedded in the chain backed by staking and restaking rewards. Interestingly, they have their own canonical gas token, namely Liquid Restaking Token (LRT), rswETH.
What Is SWELL Coin?
The SWELL coin is a crypto token used in the Swell Network ecosystem. This token not only serves as a means of payment, but is also used to earn rewards and discounts within the Swell platform.
In addition, when SWELL tokens are stake, holders can collect sequencer fees, which solves an incentive problem often found in other L2s. As such, Swell Network ensures that token holders and platform users have an equal flow of incentives from day one.
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Tokenomics SWELL
There is no detailed information related to the SWELL coin because it has not been released to the public. However, users can stake ETH to earn passive income and receive another token in the Swell ecosystem, liquid staking tokens (ESG). ESG tokens allow their holders to participate in the broader DeFi ecosystem to earn additional yield.
Pros of Swell Network
Swell Network offers various advantages that make it stand out among other staking protocols:
1. Non-Custodial Staking Protocol: The Swell Network allows users to store their assets securely without having to entrust it to a third party.
2. Liquid Staking Experience: With swETH and rswETH tokens, users can enjoy high liquidity in their staking and restaking activities.
3. Aligned Incentives: By integrating incentives for token holders and platform users, Swell Network ensures an equal and mutually beneficial flow of incentives.
4. Advanced Architecture: Using AltLayer technology and Polygon's Composable Development Kit, Swell Network offers a robust and innovative architecture.
5. Community and Industry Support: Backed by industry experts and having a strong community, Swell Network is well positioned to continuously evolve and bring new innovations.
Conclusion
Swell Network with its SWELL token brings significant innovation in the world of liquid staking and restaking. With its state-of-the-art architecture, aligned incentives, and strong community support, Swell Network is poised to become a leader in the DeFi ecosystem.
By continuing to develop technology and expand its reach, Swell Network has the potential to change the way we transact and invest in the future.
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How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the Complete Guide on How to Buy Crypto on Bittime.
Monitor the 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 does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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