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Swell Liquid Staking Review 2026: Ethereum Restaking

Swell is a non-custodial liquid staking protocol on Ethereum that also presents itself as liquid restaking for DeFi. It has about $26.8 million in TVL and two listed audits, but fees are not published publicly reviewed.

Ethereum

By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

6.5/10

Good

Visit Swell Liquid Staking

Our verdict on Swell Liquid Staking

6.5/10

Swell suits ETH holders who want staking rewards plus a liquid token they can use in DeFi, and who are comfortable with smart-contract risk. Its strengths are the non-custodial design, two listed audits and a track record since 2023. The main caveat is that fees, auditor details and mechanics are not public reviewed, so read the app and documentation before depositing.

Score breakdown

How Swell Liquid Staking scores

Security: 6.5/10
Ease of use: n/a
Fees: n/a
Features: 6.5/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Swell Liquid Staking?

Swell is a non-custodial liquid staking protocol on Ethereum, listed on DefiLlama since April 2023. Its homepage describes it as liquid restaking for DeFi, and the app is hosted at the project's official address.

DefiLlama shows about $26.8 million in total value locked, down 5.7% over the past week. It lists two audits and a SWELL token. Public sources reviewed do not include fee schedules, auditor names, team details or supported withdrawal mechanics.

This review is research-based and relies on the limited data available. Readers should confirm current terms in the Swell app and project documentation.

How Swell Liquid Staking works

Liquid staking lets users stake ETH without running their own validator. They deposit ETH into the protocol and receive a liquid token that represents the staked position. That token can usually be held or used elsewhere in DeFi while the underlying ETH earns staking rewards.

Swell describes its protocol as non-custodial, so smart contracts rather than a company hold the staked funds. Its homepage frames the product as liquid restaking for DeFi, which generally means the staked position can also be used to secure additional services for extra yield. Public sources reviewed do not detail how Swell implements this.

Because the token represents a claim on staked ETH, its market price can drift from the underlying value, especially under stress. Rewards, fees and withdrawal timing depend on the protocol's design and Ethereum's staking queue.

5 features

Key features

Non-custodial liquid staking

DefiLlama classifies Swell as a non-custodial liquid staking protocol, so staked ETH is handled through smart contracts rather than by a custodian.

Liquid restaking focus

The homepage describes Swell as liquid restaking for DeFi, suggesting the staked position can be put to further use in DeFi. Specific mechanics are not given publicly.

Ethereum deployment

The protocol runs on Ethereum, according to DefiLlama.

SWELL token

DefiLlama lists a SWELL token connected to the protocol. Its exact role is not described publicly.

Listed audits

Two audits are listed on DefiLlama, though the auditors are not named publicly reviewed.

Pros and cons

What we like

Described as non-custodial, so users are not handing funds to a company
Two audits are listed on DefiLlama
Has been tracked since April 2023, which gives it some history
Runs on Ethereum, the main network for staking
Gives staked ETH a liquid token that can be used in DeFi
Has a native token, SWELL

Watch out for

Fee levels, including any share of staking rewards the protocol takes, are not stated
Only the audit count (two) is listed; auditor names and findings are not given here
Smart-contract risk applies, as with any liquid staking or restaking protocol
TVL fell 5.7% over seven days, and the data gives no wider trend
Liquid staking tokens can trade away from the value of the ETH behind them
Restaking, if used, adds extra layers of risk that the project does not detail

Swell Liquid Staking fees

Fees are not published publicly reviewed. That includes any share of staking rewards the protocol keeps, and any deposit or withdrawal charges.

Users would see the terms in the Swell app before staking or unstaking. Ethereum gas fees apply to on-chain transactions, and they vary with network congestion.

Is Swell Liquid Staking safe?

DefiLlama lists two audits for Swell, but public sources reviewed do not name the auditors or summarise their findings. An audit lowers risk but does not remove it. Smart-contract bugs, validator or operator problems and liquid token depegs remain possible.

The protocol is described as non-custodial, so funds sit in contracts rather than with a company. No incidents are mentioned publicly, though that is not a guarantee of safety. Restaking, where offered, adds further layers of risk. Only stake what you can afford to lose.

6 steps

How to get started with Swell Liquid Staking

1
Confirm you are on the official Swell app address from the project's verified channels.
2
Connect an Ethereum-compatible wallet.
3
Read the app's current terms on fees, rewards and withdrawals.
4
Start with a small ETH amount to learn how staking and withdrawals work.
5
Receive the liquid token and check how it appears in your wallet.
6
Read about any restaking or DeFi use before committing more funds.

Open Swell Liquid Staking

Who Swell Liquid Staking is for

Swell is aimed at ETH holders who want staking rewards without running a validator and who are interested in using a liquid token in DeFi. It suits users comfortable with wallets, smart-contract risk and checking protocol documentation themselves.

Swell Liquid Staking FAQs

What is Swell Liquid Staking?

Swell is a non-custodial liquid staking protocol on Ethereum, according to DefiLlama. Its homepage describes it as liquid restaking for DeFi. Users stake ETH and receive a liquid token in return.

Is Swell non-custodial?

DefiLlama describes Swell as non-custodial, meaning the protocol is designed so users keep control through smart contracts rather than handing funds to a company. It still carries smart-contract risk, and public sources list two audits without naming the auditors.

Does Swell have a token?

Yes. DefiLlama lists a token with the ticker SWELL. Public sources reviewed do not describe its supply, distribution or utility, so check the project's own documentation.

Which chain does Swell use?

Public sources say it runs on Ethereum. No other chains are listed.

How much value is locked in Swell?

DefiLlama shows roughly $26.8 million in total value locked, down 5.7% over seven days. This figure changes constantly, so check a live tracker for the current number.

What fees does Swell charge?

Fees are not stated publicly reviewed. Liquid staking protocols often take a share of staking rewards, and network gas applies to transactions. Check the app before staking.

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