Kairos Research publishes a Swell Research report on its non-custodial staking protocol, reporting that Swell's total TVL has reached $2.10 billion (713,000 ETH) at the time of writing. Of this 2.10 billion, 29.57% is in its liquidity staking token swETH, 17.78% is in its liquidity re-staking token rswETH, and the remaining 52.65% is in its L2 deposit contract. Of this, the majority of SwellL2 deposits are made up of Swell ecosystem tokens, such as rswETH, swETH, and the affiliated Pendle main token.
In addition to this, Swell L2 also hosts millions of dollars worth of other LRTs and their affiliated PT tokens through Pendle. If their total deposits of $1.10 billion were included, they would rank sixth on TVL, ahead of famous L2s like StarkNet, ZkSync Era, Manta, Linea, and the newly launched Mode Network.
It is worth noting that the majority of Swell L2's deposits were allegedly made by one individual, Justin Sun. The purse, allegedly his own, deposited 120,000 eETH from EtherFi into SwellL2, worth $376 million at the time of trading. Today, Justin Sun's deposits account for about 30% of the entire Swell L2 TVL. After Justin Sun's deposits, some other whales initiated seven- and eight-figure deposits, notably Wintermute's roughly $9 million of Renzo's ezETH. Overall, Justin L2 TVL has grown by an additional $360 million since Sun's alleged deposits.
Report: Justin Sun Deposits 120,000 EETH in Swell L2, Worth $376 million
2024-05-12 06:47:15
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