Swell Network offers liquid restaking on Ethereum, issuing a restaked ETH token (rswETH) that keeps your position liquid while the underlying stake is restaked for additional rewards.
Where does Swell sit?
Swell is an established Ethereum staking name that expanded into restaking. Our data records this restaking product on a single chain with about $30.4M in total value locked, 2 independent audits logged, a track record near 2.6 years, and app latency around 144ms. The audits are a meaningful positive in a category where many peers have none recorded.
There is a reasonable case for choosing a restaking product from a team that already ran a staking operation: they have operated validators, handled withdrawals and dealt with real users before adding the extra restaking layer. Experience is not a guarantee, but in a young sector it is one of the few signals that a protocol has been tested by more than a quiet market.
What are the risks?
- Depeg: a liquid restaking token can trade below the ETH backing it, especially in stressed or illiquid markets.
- Slashing: restaked ETH can be penalized for faults in the services it secures.
- Layered contracts: restaking stacks additional smart-contract risk on top of staking.
Restaking is a young sector, so even audited protocols carry above-average risk.
Who is it for?
It suits Ethereum users who want restaking exposure from a protocol with an audit record and prefer a recognizable staking brand. It is less suitable for those who need deep liquidity or want the very largest pool, given its comparatively modest measured TVL. If your strategy depends on moving large sums in and out quickly, thinner liquidity could cost you more than any audit reassurance is worth.
Our rating
Swell scores 6.72/10 and ranks 6/15 in our liquid restaking category. Its 2 audits and multi-year track record support the score; smaller scale and the lack of a public status page weigh against it. We do not record market cap, and we do not track the token's yield or fees, which change over time and should be checked on Swell's own app before you commit. Restaking remains a young, higher-risk sector even for audited protocols, so size any position accordingly.