Ethereum-based Swell introduces $swBTC, a liquid restaking token backed 1:1 by WBTC

Ethereum liquid staking and restaking protocol Swell has introduced swBTC, a new liquid restaking token (LRT) that lets bitcoin holders earn yield from Ethereum restaking infrastructure while keeping exposure to BTC. The token is backed 1:1 by Wrapped Bitcoin (WBTC) bridged to Ethereum, meaning each swBTC represents a claim on an equivalent amount of WBTC held in reserve. Functionally, swBTC extends Swell’s existing model for ETH (via swETH and rswETH) to Bitcoin, allowing BTC capital to participate in restaking markets that were previously focused on ETH and ETH derivatives. According to Swell and coverage of the launch, swBTC deposits are routed into restaking protocols such as EigenLayer, and also integrated with newer restaking frameworks like Symbiotic and Karak, so holders can earn restaking rewards and points associated with these ecosystems. This design is part of a broader trend of Bitcoin LRTs, but Swell positions swBTC as one of the first Bitcoin-backed LRTs purpose-built to capture Ethereum restaking yield. Strategically, the product aims to deepen the link between Bitcoin and Ethereum DeFi by importing BTC liquidity into Ethereum’s restaking economy, while giving bitcoin holders an additional yield avenue beyond traditional lending or custodial yield products. The launch builds on Swell’s role as a non-custodial liquid staking and restaking protocol that already issues swETH and rswETH for ETH staking and restaking. By adding a WBTC-backed LRT, Swell is broadening its asset base and competing more directly in the fast-growing restaking sector centered around EigenLayer and similar protocols. For the wider market, swBTC underscores how restaking is evolving from a niche ETH validator strategy into a multi-asset yield layer, using tokenized representations like WBTC to bridge Bitcoin liquidity into Ethereum’s security and DeFi infrastructure.

✨ AI-generated background, compiled from web sources — not editorial content.

More coverage

• Swell - About @ TAIKAI (taikai.network)
• Swell - Liquid Restaking for DeFi - Coinvision Research (blog.coinvision.co)
• Nansen (nansen.ai)
• Swell Liquid Restaking TVL, Fees & Revenue - DefiLlama (defillama.com)
• Ethereum-Based Swell Imports Wrapped Bitcoin to Serve As Liquid ... (binance.com)

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• Ethereum
• Restaking
• Bitcoin
• WBTC