Came across this on The Defiant / ChainCatcher: liquid staking protocol Swell reset the exchange rates for swETH and rswETH, then lifted the withdrawal pauses on both. Direct deposits are still paused.
Key details: After the reset, the swETH exchange rate was reduced by about 5.8%, and rswETH by about 4.8% (relative to their previously inflated levels). The protocol says it will compensate users who deposited at the inflated rates within a week. Withdrawals are open first, while deposits remain paused; the compensation window is one week.
When an LST exchange rate drifts too high, correct it first and handle the aftermath in stages—that cadence is worth noting.
#ETH #LST $swETH
Key details: After the reset, the swETH exchange rate was reduced by about 5.8%, and rswETH by about 4.8% (relative to their previously inflated levels). The protocol says it will compensate users who deposited at the inflated rates within a week. Withdrawals are open first, while deposits remain paused; the compensation window is one week.
When an LST exchange rate drifts too high, correct it first and handle the aftermath in stages—that cadence is worth noting.
#ETH #LST $swETH
