Swell Liquid Restaking Protocol Moves to Optimism Superchain
Swell transitions to the Optimism Superchain, moving from Polygon CDK to enhance restaking features and capitalize on DeFi growth.
The liquid restaking protocol Swell has officially announced its migration to the Optimism Superchain, moving away from the Polygon Chain Development Kit (CDK). This strategic shift aims to enhance Swell's functionalities within the growing ecosystem of the Optimism network.
New Features for Swell Layer 2
In a recent blog post, Swell outlined its plans to provide restaking yield and security features tailored for the Superchain. The protocol will implement its Proof of Restake model, designed to improve the capital efficiency of staked assets and foster a supportive growth mechanism.
To align with Superchain requirements, Swell Layer 2 will adopt ETH as the rollup gas token and allocate a portion of sequencer earnings to the Optimism Collective.
Statement from Swell Founder
Swell Founder Daniel Dizon expressed enthusiasm about the transition, stating,
“The Superchain is home to the biggest success stories in DeFi, with 4 of the top 5 chains utilizing Optimism’s OP Stack. Swell is excited to collaborate with OP Labs and the wider Optimism Collective to build out our shared vision for scaling Ethereum – and make Swell L2 the home of all restaking activity in the Superchain.”
This move positions Swell alongside other notable players in the crypto industry, such as Coinbase, which are integrating with the Optimism Superchain via the OP Stack framework.
Background on Polygon CDK
Previously, Swell had announced plans to utilize Polygon’s CDK, which was introduced in Q3 2023 as an open-source framework for launching ZK Layer 2s. The Polygon CDK aims to streamline connections between various chains while focusing on customization and zero-knowledge technology.
Despite the shift to Optimism, Swell maintains its belief in the potential of the Polygon ecosystem.
Current Standing of Swell
Recent data from DefiLlama shows that Swell’s products collectively hold over $1.35 billion in total value locked, highlighting the protocol's significant presence in the DeFi landscape.
What's Your Reaction?
