Swell collaborates with Etherfi, Renzo, and Kelp to launch Restaking chain

As an Optimistic Rollup joined Superchain, Swellchain is supported by RedStone Oracles, AltLayer, Symbiotic, and EigenLayer. Swellchain has officially launched this Restaking chain, which is driven by Proof of Restake. Swellchain's launch follows its successful pre-release event, in which assets deposited by leading Restaking protocols such as Swell, EtherFi, Renzo, and others exceeded $1 billion. What is Swellchain? Swellchain is a Restaked Rollup built on the OP Stack, supported by a unique Proof of Restake mechanism. We aim to develop a Rollup that achieves Decentralization and scalability through Restaking. With the security and Settlement capabilities of ETH, Swellchain will align with ETH's Depth and have unique advantages to overcome the major challenges faced by existing Layer 2 solutions, including inadequate Liquidity, centralization, and lack of native revenue. The core of this vision is the Proof of Restake mechanism, which utilizes Swell's Liquidity Restaked assets to provide infrastructure support and services for EigenLayer AVS and Symbiotic networks, elevating the value creation of Restakers to new heights. Today, we are launching two AVSs: Ditto, which provides secure automation through the Keeper network, and Hyperlane, which provides interoperability. Together with AltLayer AVS, which guarantees security through EigenLayer, these form the initial components of the off-chain Proof of Restake mechanism, with more to be deployed in the coming weeks to gradually realize our Swellchain vision. Supported by EtherFi, Renzo, Kelp, EigenLayer, Symbiotic, RedStone, and Ethena, Swellchain is part of Superchain, a Block chain network powered by Optimism's OP Stack aimed at jointly scaling ETH. In addition to Optimism, Swellchain's launch also received support from the largest participants in the Restaking ecosystem, including EtherFi, Renzo, and Kelp, as well as EigenLayer and Symbiotic Restaking platforms, all supported by RedStone price feeds. "We are excited to welcome Swellchain to Superchain. As a hub for Restaked assets in our constantly evolving ecosystem, Swellchain enhances the utility and potential of Restaked assets on ETH. We look forward to supporting Swell's rise along with other well-known brands on the OP Stack." - Mark, Optimism Decentralized Finance Partnerships. "Since April 2023, we have been working with Swell, witnessing their development from ETH flow stake, flow Restaking, BTC stake to now as a Layer 2. We are proud to be their long-term client and as a major Push & Pull oracle supporting the Swellchain ecosystem." - Marcin Kazmierczak, RedStone Co-founder and COO. Ethena Priority Strategy Swellchain is the first chain fully focused on Ethena Stable Coin strategy. Through cross-chain bridges partner Stargate, USDe and sUSDe can be bridged. These two assets will play an important role in the ecosystem. USDe and sUSDe are the only dollar-denominated Tokens that receive Swell incentives during the chain launch bootstrapping period. With the synergistic incentives of the Ethena reward program and the intrinsic rewards provided by sUSDe, we believe this is a very attractive opportunity for Liquidity providers and other Decentralized Finance users on the network. We also invite developers native to Swellchain to utilize Ethena assets. For example, protocol Tempest, which supports Swell applications, will integrate USDe and sUSDe Liquidity vaults and Airdrop part of the Tokens to sENA stakers. Finally, Swell promises to use most of the redundant sorter earnings to accumulate all the Liquidity of the sUSDe protocol. This will drive additional Liquidity and Decentralized Finance utility, benefitting the Swell ecosystem while supporting the continued rise of Ethena. "We are excited to see more and more excellent Decentralized Finance teams building around Ethena, leveraging the composability and Decentralized Finance-first properties of Ethena assets. We believe that introducing Ethena assets can improve the efficiency of Decentralized Finance integration and increase the economic foundation available to developers, providing support for better Token economic models and protocol designs. Swell focuses on leveraging the network effects, rewards, and partnerships of Ethena assets in a unique way, and we hope that other protocols and networks will be inspired by this in the future." - Nick, Ethena Labs Head of Strategy. Bridge to Swellchain Within the first two weeks, users who bridge and hold assets on Swellchain will receive a total distribution of 31,250,000 SWELL. Complete the bridge by 2025 to be eligible for rewards and be ready to explore more SWELL and Token rewards through dApps on Swellchain. Bridge now: About Swellchain Swellchain is the first vertically integrated Layer 2 Restaked Rollup created by Liquidity Restaking protocol Swell, which provides Liquiditystake and Restaking primitives for Decentralized Finance. About EigenLayer EigenLayer is a Restaking protocol for Decentralization, which enhances the security and scalability of the Block chain ecosystem by allowing ETH validators to extend their security guarantees to other networks and services. By leveraging existing ETH stake infrastructure, EigenLayer enables developers and Decentralization applications to benefit from the strong security of ETH without having to establish a separate validators network. About Symbiotic Symbiotic is a universal shared security system that enables Decentralization networks to launch powerful fully autonomous ecosystems. Swellchain will use Symbiotic Restaking to ensure the security of its Rollup with sorting, Decentralized Finance Oracle Machine, and cross-chain bridges as part of the Proof of Restake mechanism. About RedStone RedStone is the fastest rising Oracle Machine in 2024, focused on providing staking support for revenue assets in the lending market. Trusted by top Decentralized Finance protocols such as Swell, Morpho, Compound, Pendle, Venus, Lido, EtherFi, Ethena, and more than 80 other clients. RedStone provides a variety of high-demand assets, such as LSTs, LRTs, Convex-Bitcoin, and other assets.