Odaily’s liquidity staking protocol Swell has doubled its total locked value this month to 108,000 ETH, or approximately $245 million. Swell has taken in nearly $125 million in ETH deposits since early December, making it the fourth-largest liquidity staking protocol. According to Dune data compiled by Dragonfly analyst Hildobby, it currently ranks behind leading protocols such as Lido with 9 million ETH, Rocket Pool with 846,000 ETH, and Frax with 236,000 ETH. The surge in Swell inflows coincides with its team’s announcement of the “Pearl” rewards program, which rewards users in the form of points for minting their liquid staking token swETH and staking it again on the EigenLayer platform. It has seen significant activity since the start of its rewards program in mid-December, with users minting over 53,000 swETH worth over $120 million. Most of this is then stored in EigenLayer.