The Ethereum liquid staking protocol Swell has recorded a surge of over 150% in its TVL this month, with an inflow of nearly $160 million.
Swell has seen deposits of over 58,080 ETH since the start of December, while nearly 50% of its total deposits came in the past 7 days. Swell is also the top LSD protocol with the most ETH deposits during the past week, according to the data shown in a Dune dashboard.
The spike in Swell’s liquid staking protocol coincided with its recently launched reward program, in which users acquire swETH by depositing ETH and re-stake it on EigenLayer to earn exclusive points.
Data from DeFiLlama shows that Swell has a TVL (total value locked) of $264 million, which was $102 million at the start of December, witnessing a spike of over 150% during the month.
Swell has gained significant attention, becoming the seventh-largest ETH staking protocol in the short term.