Investing.com | Editor Pollock Mondal
Published Nov 16, 2023 09:29AM ET
NEW YORK - Enzyme has teamed up with Swell to enhance the Ethereum staking landscape by integrating its novel Lido unstaking feature into Swell's Super swETH Vault. This collaboration aims to incentivize staking participants, bolster Ethereum's security, and promote fairness across the network. Swell, a significant DeFi entity since April 2023, is known for its non-custodial liquid staking method that incorporates rigorous security protocols, including Sigma Prime audits and Chainlink Proof of Reserves.
The partnership between Enzyme and Swell targets concerns about the concentration of power within the liquid staking market, reinforcing the principles of decentralization and anti-censorship that are foundational to Ethereum. Swell's token, swETH, is widely adopted, with more than 40 integrations.
The Super swETH Vault powered by Enzyme technology has attracted over 360 depositors and boasts a total value locked (TVL) exceeding $9 million. This vault offers multiple incentives for stakeholders:
Enzyme's contribution to this initiative comes in the form of its non-custodial smart contracts that allow for real-time tracking of the total amount locked in the system. This feature is crucial for maintaining transparency and trust among participants in the decentralized finance ecosystem. The partnership is an essential step toward decentralizing the Ethereum staking ecosystem further and providing stETH holders with enhanced income opportunities while maintaining robust security features.
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Written By: Investing.com
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