swETHReal-World Asset

Swell Staked ETH

Value of backing: $33.7M
30D change: -7.7%
Yield · 30-day trailing APY: 3.60%
NAV: 3500.0000
Management fees: 0.10%
Minimum: $0
Redemption: Secondary market only
Launched: 01 Apr 2023

Field coverage 96%Primary-source or on-chain verified 0% of tracked metrics0/1 source documents analyst-verifiedLast reconciled 13 Nov 2026

Overview

What this product is

Liquid staking token representing ETH staked through Swell Network.

Underlying asset: Ethereum (ETH) — staked via Swell
Asset class: Commodity
Product structure: Commodity-Backed Token
Legal structure: BVI Professional Fund
Issuer jurisdiction: Cayman Islands
Fund domicile: Cayman Islands
Base currency: USD
Launched: 01 Apr 2023

Peer set

Comparable products

Products in the same asset class and currency. Yields are quoted on different bases, so check each one before comparing.


stETH	3.20%	10.00%	$0	$34.16B
ONDO	0.00%	0.00%	$0	$15B
wstETH	3.50%	0.10%	$0	$14.27B
WBTC	0.00%	0.00%	$0	$7.78B
weETH	3.80%	0.10%	$0	$7.17B
cbBTC	0.00%	0.00%	$0	$6.68B
XAUt	0.00%	0.25%	$0	$1.9B

Issuer

Who runs it

Swell Networkglobal

Liquid staking protocol.

Portfolio

Composition

Ethereum (staked via Swell)100.0%

Weighted average maturity

0 days

Backing

Attestation

Asset backing

What each token represents in physical terms.

Ethereum (staked via Swell)100.0%

Backing

Physical backing

Liquid staking token for Ethereum via Swell validators.

Unit backing: 1 swETH = variable ETH (accrues staking yield)
Valuation: Real-time on-chain
Location: Ethereum Beacon Chain validators

On-chain history begins 08 Oct 2026 and covers 35 days of readings.

AUM

$33.7M

Assets under management

-7.7% over 35 days held

Yield

3.60%

Yield history. 30-day trailing APY

+0.0% over 35 days held

NAV

3500.0000

NAV per token

+0.0% over 35 days held

Movement

Recent daily movement

Net movement -$2.8MOver 35 daysChange -7.7%


11 Nov 2026	$33.9M	-$41.7K	-0.1%
10 Nov 2026	$34M	-$93.7K	-0.3%
09 Nov 2026	$34.1M	-$61.1K	-0.2%
08 Nov 2026	$34.1M	-$9.7K	-0.0%
07 Nov 2026	$34.1M	-$44.4K	-0.1%
06 Nov 2026	$34.2M	-$1.2K	-0.0%
05 Nov 2026	$34.2M	-$105.6K	-0.3%
04 Nov 2026	$34.3M	-$20.7K	-0.1%
03 Nov 2026	$34.3M	-$489.3K	-1.4%
02 Nov 2026	$34.8M	-$388.4K	-1.1%

Redemption

Terms

Contractual terms

Redemption frequency: Secondary market only
Dealing cut-off: N/A
Settlement: Instant on-chain (DEX swap)
Redemption fee: None
Secondary venues: Uniswap, Maverick
Transfer restrictions: None — permissionless ERC-20.

These are contractual terms from the offering documents. Observed settlement performance and any discretionary accommodation by the manager are explicitly out of scope.

Assessment

Liquidity profile

Primary redemption

Secondary market only · Instant on-chain (DEX swap)

Off-hours exit

Constrained to N/A

Secondary market

Uniswap, Maverick

Transferability

Freely transferable after compliance period

Exit fee

No redemption fee

Relationship graph

Operational dependency network

Every firm and system this product relies on. Select any of them to open its profile.

Every counterparty and system this product depends on to function. Each card links to that entity's own profile: the question worth asking of each is what happens to your position if it stops working.

Open in Ecosystem Graph →

Issuance & legal

Who is legally on the hook for this product.

Issued bySwellglobalderived Administered bySwellglobalderived

Custody

Where the backing assets actually sit.

Custodied bySmart ContractsDecentralizedderived

Markets & settlement

Where it trades and how value moves between venues and chains.

Deployed onEthereumpublic l1 · 100% of supplyderived

Edges marked derived are inferred from a structured field on this product that carries its own source; they are not independent confirmation of it. Edges without that mark were sourced separately from a disclosure naming both parties.

Deployments

Registry

Networks and contracts

		Contract / asset id
EthereumPrimary	public l1	0xf951E335af…aC7DEd78	100.0%

Counterparties

Service providers

If any of these has a problem, this product is affected.

Custodian: Smart Contracts· Decentralized
Administrator: Swell· global
Transfer agent: Not disclosed
Tokenization platform: Swell· global
Oracle / attestation: chainlink

Access

Classification

Who may hold this

RetailEligible

AccreditedEligible

ProfessionalNot eligible

InstitutionalEligible

Minimum investment: $0
Allow-list required: No
Transfer restrictions: None — permissionless ERC-20.

Geography

Where it is available

United StatesAvailable

European UnionNot available

SingaporeAvailable

United KingdomAvailable

SwitzerlandAvailable

Hong Kong SARNot available

United Arab EmiratesNot available

Explicit prohibitions

Availability is limited to the jurisdictions in the coverage boundary. Absence here means not covered, not necessarily prohibited. This is a classification of the offering documents, not legal advice.

Structure

Legal and regulatory

Legal structure: BVI Professional Fund
Product structure: Commodity-Backed Token
Fund domicile: Cayman Islands
Issuer jurisdiction: Cayman Islands
Transfer agent: Not disclosed

The domicile of the fund and the jurisdiction of its manager are frequently different. Both are recorded separately because they drive different questions: tax and insolvency follow the domicile, supervision follows the manager.

Source documents

Offering documentation

The documents behind the figures on this page. Anything marked verified has been checked by an analyst.

Swell swETH Documentationservice description · 01 Jan 2024Queued↗

Related intelligence

2 events reference this product

02 Nov 2026Infrastructure

Swell Opens Ethereum Claims for Tokens Stranded by Swellchain Shutdown - The Defiant

Swell has initiated claims processes allowing users to recover Ethereum assets stranded following the shutdown of Swellchain.

The wind-down of proprietary application-specific chains in favor of direct L1 settlement underscores the operational risks of fragmented execution environments. Institutional capital allocators must factor bridge and chain-dependency vulnerabilities into their risk frameworks when evaluating alternative rollup deployments for tokenized assets.

01 Nov 2026Infrastructure

Swell Lifts swETH and rswETH Withdrawal Pauses After Rate Reset - The Defiant

Swell has lifted withdrawal pauses for its swETH and rswETH liquid staking tokens following a network rate reset.

The restoration of withdrawal functionality resolves liquidity lockup risks that temporarily compromised the redeemability of Swell's LSTs. For institutional allocators using liquid staking wrappers as yield-bearing collateral, unexpected withdrawal halts highlight the ongoing counterparty and smart contract risks inherent in secondary validation layers.