financetom
Cryptocurrency
financetom
/
Cryptocurrency
/
Liquid Restaking Protocol Swell Drops Polygon CDK for OP Stack
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Liquid Restaking Protocol Swell Drops Polygon CDK for OP Stack
Nov 3, 2024 3:03 PM

Liquid restaking protocol Swell has announced that its Layer 2 is migrating to the Optimism Superchain.

Swell said it would move away from the Polygon Chain Development Kit (CDK) as part of this strategic transition.

Swell Layer 2 Transitions

According to the official blog post, Swell is set to provide restaking yield and security functions for the Superchain, utilizing its Proof of Restake model to improve the capital efficiency of staked assets and establish a growth-supporting mechanism.

To comply with Superchain requirements, Swell Layer 2 will introduce modifications, including using ETH as the rollup gas token and directing part of sequencer earnings to the Optimism Collective.

In a statement, Swell Founder Daniel Dizon said,

The Superchain is home to the biggest success stories in DeFi, with 4 of the top 5 chains utilizing Optimism’s OP Stack. Swell is excited to collaborate with OP Labs and the wider Optimism Collective to build out our shared vision for scaling Ethereum and make Swell L2 the home of all restaking activity in the Superchain.

With the latest development, Swell will join a growing list of prominent players in the crypto industry, including major exchanges like Coinbase, by integrating with the Optimism Superchain through the OP Stack framework.

Recently, Kraken announced its own Layer 2 network, Ink, built on the OP Stack to become part of the Superchain. Other notable names already utilizing the OP Stack include Uniswap, a leading decentralized exchange, and Sony, a global electronics leader.

Swell previously announced plans to use Polygons CDK, supported by AltLayer, to create a zkEVM for its Layer 2 network. However, the decision behind leveraging Optimisms OP Stack instead of Polygons CDK has not been revealed yet. Despite this, Swell said that it continues to believe in the aggregated ecosystem that Polygon is building.

Meanwhile, data from DefiLlama shows that Swells products collectively hold a total value locked more than $1.35 billion.

Polygon Chain Development Kit (CDK)

Polygon Labs introduced the Polygon Chain Development Kit (CDK), an open-source framework, in the third quarter of 2023. It was designed to enable the launch of ZK Layer 2s and support the transition of EVM Layer 1s to Layer 2s. Polygon CDK is focused on customization and zero-knowledge (ZK) technology and eventually aims to streamline connections between CDK-based chains and the AggLayer.

Several popular projects, including OKX, Ronin, Immutable, Moonveil, Fox, Witness Chain, Silicon, Manta, Hypr Network, Flipkart, Libre, Arianee, Gnosis Pay, Ton Applications Chain (TAC), and WireX, have announced CDK-based chains.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Zircuit’s TVL Surpasses $2 Billion Ahead of Summer Mainnet Launch
Zircuit’s TVL Surpasses $2 Billion Ahead of Summer Mainnet Launch
Apr 23, 2024
Zircuit, an EVM-compatible ZK Rollup, has reached a milestone as its staking Total Value Locked (TVL) has surpassed $2 billion. This comes after users deposited more than $80 million into the project in the last 24 hours. Although still in the testnet phase, the mainnet launch is anticipated later this summer. Zircuit Staking Deposits Surpass 500,000 ETH Zircuit announced its...
Meme Coin Bull Market: BONK, WIF, PEPE, and Others Spike by Double Digits
Meme Coin Bull Market: BONK, WIF, PEPE, and Others Spike by Double Digits
Apr 24, 2024
TL;DR Meme coins like Bonk Inu, dogwifhфat, and others are seeing significant price increases, while the leaders Dogecoin and Shiba Inu show more modest gains. Analysts predict a possible further rally for the asset class following the recent Bitcoin halving, which has historically led to market surges. Meme Coins in the Spotlight Meme coins have been cryptos rock stars during...
These US Asset Managers Just Bought Bitcoin Through Fidelity’s ETF
These US Asset Managers Just Bought Bitcoin Through Fidelity’s ETF
Apr 23, 2024
More traditional finance firms in the United States are jumping on the crypto bandwagon and giving their clients access to the burgeoning sector. This is seen in the increasing portfolio allocation given to crypto investment products. A tweet by Bloomberg exchange-traded fund (ETF) analyst Eric Balchunas has revealed that two U.S. investment advisors, Legacy Wealth Asset Management and United Capital...
Risk Sentiment Remains Positive: Gold, VIX, Tesla Latest Outlooks
Risk Sentiment Remains Positive: Gold, VIX, Tesla Latest Outlooks
Apr 24, 2024
Gold, VIX, and Tesla Latest Outlooks and Analysis The VIX falls 27% from Friday’s highTesla rallies 14% after hours despite missing expectations.Gold pops higher on a weaker US dollar.For expert Q2 US dollar analysis, download our complimentary guide below: Recommended by Nick Cawley Get Your Free USD Forecast For all economic data releases and events see the DailyFX Economic Calendar...
Copyright 2023-2026 - www.financetom.com All Rights Reserved