Liquis has kicked off its Pre-Launch Program with a bang: over 2,400,000 veLIT-equivalent deposits have been made since rewards began on August 2nd. We’re excited to keep the momentum going with the announcement of our second launch partner, Swell Network!
About Swell Network
Swell Network is a non-custodial liquid staking protocol with a mission to deliver the world’s best liquid staking experience and to simplify access to DeFi, all while securing the future of Ethereum.
With Swell, users are able to earn passive income by staking ETH to earn blockchain rewards and in return be provided with a yield bearing liquid staking token, swETH, to hold or participate in the wider DeFi ecosystem to earn additional yield.
Swell is currently underway with its Voyage program meant to bootstrap initial secondary liquidity for swETH. Users can earn pearls for both providing liquidity across different DEX venues, as well as for participating in the Swell community. These pearls will be redeemable for the Swell Network governance token upon its genesis. Should 50,000 swETH be minted prior to the conclusion of the Voyage, all pearl holders will receive a 40% increase in the amount of SWELL tokens rewarded.
At the time of writing, 44,000 swETH have been minted.
Swell development focus is on its Barracuda release, which will allow users to redeem swETH for the underlying ETH. While the launch is slated for early 2024, swETH holders can expect the expansion of Swell across various L2 networks in the interim.
Swell Network x Liquis
As a relatively new entrant into the liquid staking token arena, Swell has proven itself adept at bootstrapping liquidity for swETH. swETH is currently the 7th largest Ethereum liquid staking derivative and its Bunni ranges represent over $3.5M of the platform’s $11.8M in TVL.
Swell’s liquidity on Bunni is particularly robust as its aggregate ranges can facilitate trades on par with its stableswap AMM pools at a fraction of their total wETH supplied. The below example compares the sale of 100 swETH on both Uniswap v3 and on Balancer, with the latter DEX hosting more than 5x the TVL.
There are, of course, caveats in comparing concentrated liquidity with stableswap liquidity, but it is clear that Bunni provides a clear value proposition for issuers of liquid staking tokens like swETH.
With Liquis, swETH liquidity providers on Uniswap v3 will benefit from boosted Bunni emissions regardless of their veLIT holdings, in addition to further LIQ emissions as well.
Learn More about Swell Network
You can follow and learn more about Swell Network via the following resources:
The primary Swell Network interface can be found here.
The Latest on Liquis
Liquis is well underway with its Pre-Launch Program. The second phase of reward emissions is set to begin at 0:00 UTC on August 9th and will feature a 25% step-down in the LIQ emission rate to 600,000 for the week.
Liquis is currently the third largest holder of the BAL-20WETH-80LIT pool token. These holdings will be locked for veLIT upon the completion of the Pre-Launch Program, assuming Timeless Finance governance approves the platform as a smart contract locker.
If you’re new to Liquis, make sure to join us on Twitter and Discord, as well as reading up on our documentation.