Ethereum-Based Swell Imports Wrapped Bitcoin to Serve as Liquid Restaking Token

Ethereum staking project Swell has introduced "swBTC," a liquid restaking token (LRT), to earn bitcoin holders yield from EigenLayer and rival restaking protocols Symbiotic and Karak. SwBTC generates yield using wBTC, the token pegged 1:1 to BTC that can be put to work in the Ethereum network while retaining the value of the world's largest cryptocurrency. Users can deposit their wBTC to get swBTC in return, with yield expected to start flowing from mid-September, according to an announcement shared with CoinDesk on Wednesday. Restaking is where ether (ETH) tokens that...