TL;DR
- Swell shifts to the Optimism Superchain, moving away from its initial plan to use Polygon’s CDK, and will now leverage the OP Stack for building an optimistic rollup.
- The OP Stack, a modular and open-source framework, will enhance the capital efficiency of staked assets and maximize the potential of Swell’s restaking yield layer.
- Swell’s collaboration with OP Labs and the Optimism Collective will bring shared protocol upgrades, security enhancements, and access to grants, positioning Swell at the forefront of Ethereum scaling solutions.
Swell, a prominent liquid restaking protocol, has announced a significant strategic shift by joining the Optimism Superchain ecosystem. This move departs from its initial plan to develop a Layer 2 chain using Polygon’s chain development kit (CDK).
Swell L2 will be the Restaking Hub for the Superchain, bringing restaking yield and security to a collective of rollups that includes @base, @modenetwork, and @Optimism, along with new joiners @inkonchain and @unichain.
— Swell (@swellnetworkio) October 29, 2024
Instead, Swell will now leverage the OP Stack to build an optimistic rollup, aligning itself with the Ethereum-aligned scaling solution that powers all blockchains within the Superchain.
Benefits of the OP Stack
The OP Stack is a modular, open-source framework designed by Optimism to create scalable and interoperable Layer 2 blockchains, known as OP Chains. This framework focuses on parallel development, openness, and transparency, making it an ideal choice for Swell’s new direction.
By adopting the OP Stack, Swell aims to enhance the capital efficiency of staked assets and maximize the potential of its restaking yield layer through a unique Proof of Restake mechanism.
Collaboration with Optimism Collective
As part of this transition, Swell will collaborate closely with OP Labs and the wider Optimism Collective. This partnership will enable Swell to benefit from shared protocol upgrades, security enhancements, and access to grants and programs like Retro Funding, which rewards builders across the Optimism ecosystem.
Swell’s OP chain will use ETH as the gas token, and a portion of sequencer revenue will be allocated to the Optimism Collective, which will be consistent with the plans of all chains in the Superchain ecosystem.
Impact on Swell’s Ecosystem
Swell’s migration to the Optimism Superchain is expected to bring several advantages. The move will enhance the security and liquidity of staked assets, driving growth and fostering a positive-sum network where the success of any single chain benefits all chains within the ecosystem.
Swell’s founder, Daniel Dizon, expressed excitement about the collaboration, highlighting the potential for Swell L2 to become the home of all restaking activity in the Superchain. Looking ahead, Swell plans to release a test network soon, with the expectation of receiving a sizable grant from the Optimism Foundation for this migration.
The transition to the Optimism Superchain represents a significant milestone for Swell, positioning it at the forefront of Ethereum scaling solutions and reinforcing its commitment to innovation and growth in the decentralized finance (DeFi) space.
