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Swell
6 hours agoNews Editor

Swell opens Ethereum claims portal for tokens stranded after Swellchain shutdown

Swell said users affected by the shutdown of Swellchain can now reclaim tokens that were left on the network through a claims portal opened on Ethereum. The project said it recovered the assets through a temporary cross-chain route using BNB Chain. According to the disclosure, the recovered assets include 72.77 million SWELL, 100.99 swETH, and 55.28 rswETH. Those users are now able to claim the tokens on Ethereum. The update was reported by ChainCatcher.

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Swell opens Ethereum claims portal for tokens stranded after Swellchain shutdown
Swell
1 days agoNews Editor

Swell reopens swETH and rswETH deposits and withdrawals, says users affected by inflated exchange rate will be compensated

Restaking protocol Swell said deposits and withdrawals for swETH and rswETH have reopened, with the exchange rate now back at the correct level. The protocol also said users who deposited at an inflated rate will receive compensation within the next week. Earlier, according to Foresight News, Swell said it had seen reports of suspicious activity involving the swETH and rswETH contracts. It then paused deposits and withdrawals for both assets while working with security partners on an investigation. The latest update marks the resumption of those services, while compensation is set for users who were impacted by the incorrect rate during the disruption.

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Swell reopens swETH and rswETH deposits and withdrawals, says users affected by inflated exchange rate will be compensated
Swell
1 days agoNews Editor

Swell lifts withdrawal pause for swETH and rswETH after rate reset

Liquid staking and restaking protocol Swell has lifted the withdrawal pause on swETH and rswETH after completing a rate reset, according to The Defiant. The move reopens withdrawals for the two tokens, while another restriction remains in place. Swell also said it will compensate funds that were deposited at inflated rates within one week. At the same time, the protocol’s direct deposit controls for both swETH and rswETH still show as paused. The update points to a partial restoration of functionality rather than a full return to normal operations, with withdrawals now available but direct deposits not yet reopened.

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Swell lifts withdrawal pause for swETH and rswETH after rate reset
Scott Bessent
5 days agoNews Editor

Bessent says digital assets can reinforce the dollar, with stablecoins becoming a Treasury funding source

U.S. Treasury Secretary Scott Bessent said on Oct. 27 at Ripple’s Swell conference that the United States will win in digital assets and that doing so will help preserve and extend the dollar’s global role. Speaking with Ripple CEO Brad Garlinghouse, Bessent argued that the foundation of reserve-currency power is shifting from military strength toward technological leadership, and he placed digital assets inside that competition. Bessent also said more than 90% of stablecoins are backed by the U.S. dollar and that issuers typically hold U.S. Treasuries as reserves. If stablecoin adoption grows, he said, demand for those assets could rise as well, giving the federal government another financing channel. He added that stablecoins are not merely replacing dollars already in circulation, but can reach new users in emerging markets who want to protect savings from local currency depreciation. After Congress failed to pass the CLARITY Act in September, Bessent said the Treasury Department could still work with the Securities and Exchange Commission and the Commodity Futures Trading Commission to move regulation forward through agency action. He also said regulatory safeguards could still help address industry concerns over debanking.

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Bessent says digital assets can reinforce the dollar, with stablecoins becoming a Treasury funding source
Swell
9 days agoNews Editor

Swell Halts swETH and rswETH Deposits and Withdrawals Pending Exchange Rate Fix

Swell has paused deposits and withdrawals for swETH and rswETH after saying it needs to restore both tokens’ net asset value to the correct level before reopening the functions. Contract readings cited by Unchained showed the swETH rate at about 1.203 ETH and rswETH at about 1.138 ETH as of Friday afternoon Eastern Time, still above the last levels that on-chain analyst Spreek described as clean: 1.133 ETH and 1.082 ETH. On decentralized exchanges, the tokens were trading below those contract rates, with swETH around 1.089 WETH in a Uniswap pool holding roughly $143,000 in liquidity and rswETH around 1.029 WETH on Curve. DefiLlama data put each token at about $29 million in value. Swell said all funds are safe, but it has not provided a timeline for reopening or guidance on trading and liquidity provision. Researchers said the issue may be tied to compromised admin or bot keys, though the cause remains unconfirmed. Railway disclosed on Oct. 21 that an unauthorized third party may have accessed some customers’ encrypted environment variables, but neither Railway’s notice nor Swell has confirmed a connection.

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Swell Halts swETH and rswETH Deposits and Withdrawals Pending Exchange Rate Fix
Swell
11 days agoNews Editor

Swell probes suspicious activity involving swETH and rswETH, says no funds have left

Restaking protocol Swell said it is investigating reports of suspicious activity tied to the swETH and rswETH contracts and is working with security partners while taking precautionary steps. The team said no ETH has left the withdrawal or deposit contracts for either swETH or rswETH, and that users do not need to take any action at this stage. Earlier, according to Foresight News, on-chain analyst Spreek said monitoring suggested the admin keys for Swell DAO’s swETH and rswETH may have been compromised, possibly related to Railway. Spreek added that an attacker had deployed four malicious upgrade contracts that could potentially steal about 2,500 ETH. The situation remains under investigation based on the information currently disclosed.

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Swell probes suspicious activity involving swETH and rswETH, says no funds have left
Liquid Restaking
1 months agoNews Editor

Top LRT Protocols Rewrite Their Playbooks as Restaking Yields Fade

Liquid restaking, once pitched as Ethereum’s yield engine, is losing its economic edge. PANews reports that ether.fi, long seen as the category leader, said on Sept. 29 that it will spin off its restaking business by the end of the quarter and fully pivot to a crypto neobank. CEO Mike Silagadze said restaking no longer offers meaningful yield opportunities and still carries material security risk. As of Sept. 30, the entire liquid restaking market held about $1.45 billion in total value locked, yet generated only about $100,000 in protocol revenue over the prior week. That squeeze is pushing the sector’s biggest players into new business lines. Kelp is shifting from selling restaking yield to offering short-term settlement liquidity through products such as Gain and the not-yet-launched KUSD. Renzo has rebranded as Renzo Finance and is repositioning itself as an on-chain structured yield platform. Swell shut down its Swellchain Layer 2 and redirected resources to Faro, a non-custodial AI trading app on Hyperliquid. Puffer is moving deeper into Ethereum execution infrastructure with Preconf and UniFi Based Rollup, while Bedrock is rebuilding its yield thesis around Bitcoin rather than Ethereum. Across these moves, the common thread is clear: LRT is being recast from a standalone product into a capital entry layer for higher-margin asset management, trading, and infrastructure services.

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Top LRT Protocols Rewrite Their Playbooks as Restaking Yields Fade
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