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Swell Integrates Chainlink PoR For rswETH, Announces CCIP Will Support Swell L2

In February, Swell Network, one of the largest non-custodial Ethereum liquid staking protocols with more than 100,000 users and over $1B in TVL (total value locked), joined Chainlink BUILD to accelerate the growth of its ecosystem and the adoption of liquid staking and restaking throughout DeFi.

The Chainlink BUILD program fosters promising early-stage startups and established projects in Chainlink’s ecosystem. Participants receive enhanced access to essential Chainlink infrastructure and technical support in exchange for paying fees that incentivize Chainlink service providers, boosting the network’s cryptoeconomic security and advancing the web3 industry as a whole.

Today, Swell announced it integrated Chainlink Proof of Reserve (PoR) on Ethereum to verify cross-chain reserves of its liquid restaking token, rswETH. PoR leverages Chainlink’s time-tested oracle network, which has enabled more than $10.5 trillion in transaction value, to verify in real time that onchain assets are fully collateralized by cross-chain reserves. The rswETH Chainlink PoR feed gives Swell’s liquid restakers a continuous, transparent view of ETH reserves backing rswETH.

The Swell protocol is designed to make it simple for users to stake ETH and access DeFi strategies alongside community initiatives and gamification opportunities within a liquid staking ecosystem that upholds Ethereum’s core principles of decentralization and censorship resistance.

Swell also announced today that Chainlink’s Cross-Chain Interoperability Protocol (CCIP) will support cross-chain transfers on the upcoming Swell L2 rollup for restaking created in collaboration with AltLayer and EigenDA. 

“We’re thrilled to integrate the industry-standard Chainlink Proof of Reserve to help monitor rswETH reserves in a reliable and timely manner,” said Swell founder Daniel Dizon. “We’re also excited that Chainlink will support Swell L2 with Chainlink CCIP. By continuing our long-standing collaboration with Chainlink, we’re able to more effectively drive the growth of staking and restaking across DeFi.”

To learn more about Swell, visit their website, X, and Discord.

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