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Swell Network Launches swBTC for Bitcoin Yield via EigenLayer, Symbiotic, Karak

Aug 14, 2024, 02:12 PM

Swell Network has launched swBTC, a new liquid restaking token (LRT) designed to provide Bitcoin holders with yield opportunities through various Ethereum-based protocols. This introduction marks the first Bitcoin LRT offering restaking rewards, including 3x Black Pearls and Symbiotic Points. SwBTC enables users to earn yields from EigenLayer and other restaking protocols such as Symbiotic and Karak. The initiative is supported by Aera Finance's non-custodial architecture, which will manage the deployment of swBTC across these platforms. Additionally, Symbiotic has partnered with Polyhedra to facilitate a trustless cross-chain Bitcoin token swap, enhancing interoperability between Bitcoin, Ethereum, and other ecosystems.