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Enzyme Powers Launch of Swell’s Super swETH Vault

Today we are excited to formally announce Enzyme’s support for Swell’s Super swETH Vault, which aims to reward Swell staking participants and help decentralise the Ethereum liquid staking ecosystem.

Swell, a liquid staking protocol with more than 48,000 total staked ETH, has launched an Enzyme-powered Vault that delivers on two fronts for Ethereum:

  1. It offers superior yield for stETH holders by redirecting 100% of Swell’s DAO commission to Vault depositors, in addition to staking yield, and Pearls that will be redeemable for SWELL tokens at the end of Swell’s Voyage airdrop campaign.
  2. It helps diversify Ethereum staking across more operators, protecting the credible neutrality of Ethereum.

With more than $9M in TVL so far, Swell’s Enzyme Vault has seen more than 360 unique depositors participate in the initiative to date. Let’s dive into the Super swETH Vault and explain Enzyme’s role in facilitating this programme.

What is Swell?

Swell is building the LST for DeFi.

This non-custodial liquid staking protocol launched in April 2023, and has since become one of the fastest growing projects in DeFi by offering a compelling alternative for stakers. Swell’s liquid staking token swETH benefits from over 40+ wide-ranging integrations, and the protocol is protected by top-tier security including an audit with Sigma Prime and Proof of Reserves from Chainlink.

Most importantly, Swell is playing its part in preserving the core properties of decentralisation and censorship-resistance that makes Ethereum powerful.

Incentivising the Diversification of Ethereum

Centralisation risk has become a significant concern in the liquid staking market, with a single liquid staking protocol controlling almost 33% of all staked ETH. This presents a problem, because if any single protocol holds a significant market share (>33%) it potentially becomes a threat to the security and neutrality of Ethereum.

Swell is taking a unique approach to addressing these concerns with the introduction of the Super swETH Enzyme Vault. This allows stETH holders to be rewarded and earn additional revenue for their help to secure Ethereum by depositing stETH into the Vault, which will later be unstaked and swapped into Swell’s liquid staking token, swETH.

This process is made possible thanks to Enzyme’s recently announced native Lido unstaking feature, which will unstake stETH natively from Lido thereby reducing its current market share. The net result? Greater diversification of staked ETH and a reduction in the current centralisation risk that Ethereum is facing.

What Rewards Does Swell’s Super swETH Vault Offer?

Users that deposit stETH into the Super swETH Vault and lock in until maturity are eligible to earn supercharged rewards.

These rewards include:

  • Boosted yield from staking rewards (underlying ETH staking yield ranges from 3–4%)
  • 100% of redirected Swell DAO revenue (representing 10% of the staking rewards earned on Swell’s TVL)
  • Pearls for the upcoming $SWELL Voyage airdrop

The earlier you deposit, the more rewards you receive. Deposits before 10k stETH AUM lock in 3x Pearls, while deposits after 50k earn 1.5x Pearls. Following Swell’s token generation event, Pearls will be replaced with $SWELL token rewards.

What is Enzyme’s Role?

As the industry’s leading on-chain asset management protocol, Enzyme’s secure and flexible on-chain infrastructure has enabled Swell to create a stETH-denominated Vault and launch its Super swETH initiative.

Enzyme’s non-custodial smart contracts mean stakers retain full self-custody of their funds at all times. Moreover, with Enzyme’s automated reporting, 24/7 transparency and live dashboard, it’s simple and easy to track the total value locked progress of Swell’s initiative in real-time.

While not directly affiliated with the programme, we are proud that Enzyme is being utilised to support Swell on this transformative journey to mitigating this risk of Ethereum staking centralisation. It is a priority that we work towards fostering a more balanced and secure Ethereum network, ensuring it remains a secure and trustless platform for decentralised applications.

How to Get Started

For more information on how to participate in Swell’s Super swETH initiative, please read this blog post here. You can also contact Swell directly via their Discord to ask the team questions directly.

We look forward to watching the further adoption of Swell’s Enzyme Vault.


How does the Vault work?

stETH deposited in the Vault is unstaked from Lido and swapped into swETH. Depositors receive redirected Swell DAO commission and boosted Pearls.

Who is eligible to deposit in the Vault?

Anyone except residents, citizens, entities incorporated in, or having registered offices in the United States or blacklisted/sanctioned countries.

Which assets can be deposited in the Vault?

The Super swETH Vault accepts both stETH and ETH as a deposit asset.

Is it possible to withdraw funds?

Deposits are locked in the Vault for the first seven days. Following this period, users can withdraw at any time for a small fee (1% to swETH and 2% to stETH). Withdrawal fees do not apply on maturity of the vault.

When will the Vault mature?

Rewards will stop flowing to the Vault 180 days from inception, on April 22nd, 2024.

When do rewards start accruing to the Vault?

Rewards are automatically sent to the Vault daily. Pearls earned in the Vault will update on the Voyage dashboard in real-time from November 2nd, with any rewards being backfilled from time of deposit.

Interested in launching your own vault? 🚀

With Enzyme’s v4 Sulu, it’s never been easier for managers to create custom on-chain asset management strategies and access dozens of DeFi d’Apps and 220+ digital assets in one simple, trustless and efficient platform.

At Avantgarde, we help institutional investors and crypto-natives get exposure to DeFi investment opportunities. Get in touch to learn more.

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