Swell Debuts SwBTC: Ethereum-Based Bitcoin Liquid Restanking Token
CryptoNewsTerminal Staff14 Aug, 2024
Swell Debuts SwBTC: Ethereum-Based Bitcoin Liquid Restanking Token
Swell Network (SWELL), a prominent Ethereum liquidity staking protocol, has introduced SwBTC, a Bitcoin liquid restaking token (LRT), as reported by Coindesk on September 14th. SwBTC can be minted by restaking wBTC, an Ethereum-based BTC-pegged token. By maintaining Bitcoin's value as a store of value while facilitating additional income generation in DeFi ecosystems, Swell asserts that SwBTC "can increase the business applications of restaking." With a focus on Ethereum, Swell believes that introducing a Bitcoin liquid restaking token will facilitate the integration of up to $1 trillion in BTC liquidity into DeFi. Users who stake wBTC to get SwBTC can anticipate earning deposit earnings starting in mid-September.
