Dune data shows that Swell's new LRT swBTC has surpassed $30 million in TVL within 10 days of its launch, with over 560 unique depositors. Roughly a month after launch, a significant portion of the swBTC supply has flowed into major DeFi protocols like Curve and Morpho, accounting for 8%. Additionally, Swell is developing L2, and users have already deposited 68% of the swBTC supply in anticipation of its launch.

Previously, on August 14th, Swell announced the launch of its liquidity re-staking token "swBTC" on the X platform. Users can deposit wBTC to earn swBTC and generate yield. wBTC is a 1:1 pegged token to BTC, usable on the Ethereum network. Re-staking rewards are expected to begin distribution from mid-September.