SwBTC generates yield utilizing wBTC – the token pegged 1:1 to BTC that may be put to work within the Ethereum community whereas retaining the worth of the world’s largest cryptocurrency.
Swell’s intention is to increase the enterprise case for restaking to crypto customers who to learn from the shop of worth provided by bitcoin whereas additionally benefiting from yields in different ecosystems.
Ethereum staking venture Swell has launched “swBTC,” a liquid restaking token (LRT), to earn bitcoin holders yield from EigenLayer and rival restaking protocols Symbiotic and Karak.
SwBTC generates yield utilizing wBTC, the token pegged 1:1 to BTC that may be put to work within the Ethereum community whereas retaining the worth of the world’s largest cryptocurrency.
Customers can deposit their wBTC to get swBTC in return, with yield anticipated to begin flowing from mid-September, based on an announcement shared with CoinDesk on Wednesday.
Restaking is the place ether (ETH) tokens which are deposited as safety for the Ethereum community, a course of often known as staking, will be repurposed to safe different blockchains and protocols.
Swell’s intention is to increase the enterprise case for restaking to crypto customers who to learn from the shop of worth provided by bitcoin whereas additionally benefiting from yields in different ecosystems.
“Swell’s roots are in Ethereum. However we’re bullish on restaking throughout the blockchain ecosystem,” Swell founder Daniel Dizon mentioned within the announcement. “That’s why we’ve launched a liquid restaking token for Bitcoin that can… assist as much as $1 trillion of bitcoin liquidity begin flowing into DeFi.”
Learn Extra: Bitcoin Might Get Ethereum-Fashion Restaking as Startup Lombard Raises $16M
