Swell on slashing exposure
7.8/ 35% of the score
Runs both a staking and a restaking token on a shared operator stack, with exposure published.
Best Liquid Restaking Protocols · Rank 04 of 8
Swell review
Users who want staking and restaking from one provider
Last verified August 18, 20264 scored axes
Score7.7
Self-reported only
The short answer
Swell scores 7.7 out of 10 and ranks #4 of 8 in the best liquid restaking protocols table, strongest on slashing exposure (7.8) and weakest on yield quality (7.4).
Runs both a liquid staking token and a restaking token with a shared operator stack, which simplifies the decision for users who want one relationship. Adoption sits mid-table and so does everything else.
Key facts on record
- Launched
- 2022
- Model
- LST plus LRT
- Chain
- Ethereum
What the record shows
4 axes, weighted as published in the table’s methodology. Each score below is read from the fact printed under it.
Swell on operator selection
7.6/ 25% of the score
Operators are admitted by the protocol under published criteria.
Swell on exit design
7.8/ 20% of the score
Withdrawals live with a published queue; on-chain liquidity is mid-table.
Swell on yield quality
7.4/ 20% of the score
Headline yield has leaned heavily on points programmes, which the protocol discloses.
Quick answers
- What is Swell best for?
- Users who want staking and restaking from one provider. Runs both a liquid staking token and a restaking token with a shared operator stack, which simplifies the decision for users who want one relationship.
- Where does Swell rank among best liquid restaking protocols?
- #4 of 8, scoring 7.7 out of 10 — self-reported only on our band scale.
- What is the weakest part of Swell?
- Yield quality at 7.4. Headline yield has leaned heavily on points programmes, which the protocol discloses.
Strengths and weaknesses
In its favour
- Single provider for both staking and restaking
- Clean contract record since launch
- Reasonable integration depth
Against it
- Nothing it does is best-in-class in this table
- Yield has leaned heavily on points programmes
One relationship, two products
Swell runs a liquid staking token and a restaking token on a shared operator stack, so a user who wants both does not have to evaluate two sets of operators. For anyone consolidating positions that is a genuine convenience, and the exposure of each token is published.
The yield is mostly a promise
Headline returns have leaned heavily on points programmes, which the protocol discloses. Strip them out and what remains is a competent staking product at market rates — worth holding on its own terms, and materially less exciting than the advertised number.
Where it sits
Operators are admitted under published criteria, withdrawals are live with a published queue and on-chain liquidity is mid-table. Nothing in this table is done better here than by the leaders, and nothing is done badly.
Who it suits
Users who want both staking and restaking from one provider and are pricing the position on base yield rather than on points.
What to read first
The published exposure for whichever of the two tokens you are holding, since staking and restaking carry different risk even on a shared operator stack. Consolidation is convenient, and it should not blur that line.
Who it suits
Holders who want one provider for both products, and who value simplicity over holding the deepest token in either category.
Frequently asked questions
Does Swell offer both staking and restaking?+
Yes — a liquid staking token and a restaking token sharing one operator stack, so a holder evaluates a single provider rather than two.
Is Swell's yield real?+
Its base staking return is; a large part of the headline figure has come from points programmes, which the protocol discloses and which are discretionary until they convert.
Can I withdraw from Swell?+
Withdrawals are live with a published queue, and on-chain liquidity is mid-table for the category.
How Swell compares
8 services in best liquid restaking protocols
- 01ether.fiThe most complete restaking product with the clearest disclosures8.5
- 02Puffer FinanceUsers who want anti-slashing tooling built into the design8.1
- 03RenzoCross-chain restaking exposure7.7
- 04Swellyou are hereUsers who want staking and restaking from one provider7.7
- 05MellowCurated vaults with explicitly stated risk mandates7.6
- 06EigenpieIsolating restaking exposure to a single LST7.4
- 07BedrockRestaking exposure beyond Ethereum7.3
- 08Kelp DAONobody yet — not until the rsETH backing is restored and the bridge design is replaced5.1