SwBTC generates returns utilizing wBTC – the token that’s pegged 1:1 to BTC and may be staked on the Ethereum community whereas preserving the worth of the world’s largest cryptocurrency.
Swell’s objective is to increase the enterprise case for recapture to crypto customers who can profit from the worth that bitcoin gives whereas additionally benefiting from returns in different ecosystems.
Ethereum staking venture Swell has launched ‘swBTC’, a liquid restaking token (LRT), to earn returns from bitcoin holders by way of EigenLayer and rival withdrawal protocols Symbiotic and Karak.
SwBTC generates returns utilizing wBTC, the token that’s pegged 1:1 to BTC and may be staked on the Ethereum community whereas preserving the worth of the world’s largest cryptocurrency.
Customers can deposit their wBTC to get swBTC in return, with proceeds anticipated to begin flowing from mid-September, in line with an announcement shared with CoinDesk on Wednesday.
Restaking is the place ether (ETH) tokens deposited as safety for the Ethereum community, a course of generally known as staking, may be reused to safe different blockchains and protocols.
Swell’s objective is to increase the enterprise case for recapture to crypto customers who can profit from the worth that bitcoin gives whereas additionally benefiting from returns in different ecosystems.
“Swell’s roots lie in Ethereum. However we’re optimistic in regards to the blockchain ecosystem taking up once more,” Swell founder Daniel Dizon mentioned within the announcement. “That is why we have launched a liquid withdrawal token for Bitcoin that can allow as much as $1 trillion of Bitcoin liquidity to move into DeFi.”
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