Report: Swell’s total TVL reaches $2.1 billion, of which Justin Sun deposited 120,000 eETH into Swell L2

Odaily News Kairos Research releases a research report on the non-custodial staking protocol Swell. As of press time on May 9, Swell's total TVL has reached $2.1 billion (713,000 ETH). Of the $2.1 billion TVL, 29.57% is in its liquidity staking token swETH, 17.78% is in its liquidity re-staking token rswETH, and 52.65% is in its L2 deposit contract. Most Swell L2 deposits are made up of Swell ecosystem tokens, such as rswETH, swETH, and the affiliated Pendle main token. In addition, Swell L2 also hosts millions of dollars worth of other LRT and its affiliated PT tokens through Pendle. If their total deposits of $1.1 billion are counted, they will rank sixth in terms of TVL, higher than L2s such as Starknet, ZkSync Era, Manta, Linea, and the newly launched Mode Network. It is worth noting that most of Swell L2's deposits are allegedly deposited by Justin Sun. It is alleged that his own wallet deposited 120,000 eETH into Swell L2, which was worth $376 million at the time. Today, Sun Yuchen's deposit accounts for about 30% of the entire Swell L2 TVL. After Sun Yuchen's deposit, some other whales initiated seven- and eight-digit deposits, especially Wintermute's deposit of about $9 million in ezETH. Overall, Swell L2 TVL has increased by an additional $360 million since Sun Yuchen's deposit. Earlier on May 4, according to the monitoring of on-chain analyst @ai_9684xtpa, Sun Yuchen deposited 120,000 eETH into Swell Network, worth $376 million. At present, Sun Yuchen's pledged funds account for 46.6% of the total deposits of Swell L2.