rswETH is a liquid restaking token (LRT) issued by the Swell Network, representing staked ETH that has been additionally restaked to capture protocol-specific yield. Deployed on Base at 0xfae103dc9cf190ed75350761e95403b7b8afa6c0, it functions as a yield-bearing derivative of stETH, enabling holders to access Swell’s restaking rewards while maintaining liquidity across DeFi ecosystems.
On-chain data shows rswETH is actively utilized in Pendle markets, primarily on Ethereum, with multiple maturity dates spanning from mid-2024 to mid-2026. These markets have accumulated significant total value locked (peaking near $35M) and are frequently leveraged by yield programs like Swell itself, reflecting its role as a foundational asset for yield tokenization and structured yield strategies.
As a restaking derivative, rswETH tracks the performance of underlying staked ETH while accumulating additional restaking incentives. Its integration into Pendle’s yield markets allows LPs to tokenize, trade, or hedge its future reward streams, making it a key instrument for yield optimization in the Ethereum restaking ecosystem.