List Swell assets on Venus Ethereum Mainnet and L2s

Summary

This proposal seeks to introduce swETH (Liquid Staking Token), rswETH (Liquid Restaking Token), swBTC (Liquid Restaked BTC) as supported assets on Venus Protocol on Ethereum Mainnet. It aims to leverage the innovative features of these assets to enhance the lending and borrowing ecosystem, provide diversified collateral options, and foster greater liquidity and user engagement within the Venus Protocol.

Background and Motivation

Swell has established itself as a pioneering force in the liquid (re)staking sector, introducing products for Liquid Staked and Restaked Ethereum and Bitcoin.

Official Website: https://www.swellnetwork.io/

Official dapp website: https://app.swellnetwork.io

Documentation: https://docs.swellnetwork.io/

Statistics: https://defillama.com/protocol/swell#information

Assets

The integration of swETH, swBTC and rswETH into the Venus Protocol represents a great advancement in lending and borrowing options, offering users collateral with stable and reliable assets for financial operations. Meanwhile, the yield-bearing nature of these assets provides users with the unique opportunity to enhance their investment returns while maintaining liquidity in the DeFi ecosystem.

swETH:

• Supply: 104,774 (As of writing)

rswETH:

• Supply: 86,420 rswETH (As of writing)

swBTC:

• Supply: 522 wBTC (As of writing)

Collaboration on incentives and liquidity

In alignment with our goal to foster a meaningful integration between Swell Network assets and the Venus Protocol integrating Swell has many benefits such as; enabling markets on yield bearing collateral, exposure to the burgeoning AVS ecosystem, wavedrops and the introduction of Swell L2, the first and only restaked chain. This strategic partnership not only ensures a smooth integration of these assets but also demonstrates a shared commitment to fostering a vibrant and sustainable ecosystem enhancing the functionality of both platforms.

Conclusion

This proposal outlines a strategic opportunity for Venus Protocol to embrace the growing Swell ecosystem, enriching its lending and borrowing platform with (re)staking solutions that are aligned with the evolving needs of the DeFi community. By supporting this proposal Venus not only diversifies its asset offerings but also enhances its competitive edge in the DeFi space.