How Puffer and Swell differ on token, backend, TVL and approach.
| Puffer | Swell | |
|---|---|---|
| Type | Anti-slashing LRT | Dual-restake LRT |
| LRT token | pufETH | rswETH |
| How it works | Native liquid restaking: pufETH is yield-bearing (mirrors wstETH) with Puffer’s anti-slashing tech to cut validator penalties; it accrues Puffer + EigenLayer points. Puffer also builds a based rollup. | Swell issues swETH (LST) and rswETH (LRT). "Proof of Restake" uses restaked assets to secure both EigenLayer AVSs and Symbiotic networks, and Swell runs its own L2 (Swellchain). |
| Restakes on | EigenLayer | EigenLayer + Symbiotic |
| TVL* | ~$106M | ~$200M |
| Best for | Slashing-conscious restakers | Dual EigenLayer + Symbiotic exposure |
Pick Puffer for slashing-conscious restakers; pick Swell for dual eigenlayer + symbiotic exposure.
* TVL = dated snapshot (DefiLlama + provider reports, 2026).