Header
Title: Adding Swell Ether to Across Bridge
Author(s): 0xCaesarSeverus, J Johns
Status: Proposal
Related Discussions: N/A
Submission Date: 01 June 2023
Body
Summary:
Swell Network has produced a new Liquid Staking Derivative (LSD) (0xf951e335afb289353dc249e82926178eac7ded78) that is gaining more demand throughout the Ethereum Ecosystem. By adding this LSD to the bridge, we can offer the use of this derivative in the Layer 2 Ecosystem which is growing each day & potentially become the primary bridge for this product, and maybe the community as a whole.
Motivation:
Across is the most capital-efficient bridge and is looking to gain traction in the future on these grounds. In line with these aims, Across must be aggressive in the growing market of Liquid Staking Derivatives as a growing community of people look to stake from Layer 2. Swell is launching onto the scene as a noncustodial liquid staking protocol to improve the staking experience. Across could be the first bridge to add support for this token and, this could provide a monopoly (for the time being) on the migration of this product to & fro the Layer 2 Ecosystem.
Specification & Implementation:
Across Engineers would implement Liquidity Pools for swETH on Ethereum Main net & permit the bridging of swETH to the broader layer 2 ecosystem. (I am non technical so this is as simple as I see it).
Rationale:
By opening this market, Across can encourage Layer 2 Liquid Staking Competition and gain popularity within the community of Swell Staking Community as the primary bridge of choice. Users follow Liquidity & by launching at this market first, we can come to dominate this market for years by attracting a plethora of swETH Liquidity and having the lowest bridging fees. The emphasis on Capital Efficiency will grasp the attention of the new users this new product will bring and likely award the bridge with traffic for years to come.
Downside (Cons):
Integration Work is added but there is little demand for the product and time & energy is wasted.
Voting:
A “yes” vote will result in the Across Engineers enabling swETH Liquidity Pools.
A “no” vote will result in Across Engineers not enabling swETH Liquidity Pools.
Once Snapshot vote is live, please add link here.
- Yes
- No
0 voters