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Swell vs ether.fi

How Swell and ether.fi differ on token, backend, TVL and approach.

Swellether.fi
TypeDual-restake LRTEigenLayer LRT
LRT tokenrswETHeETH / weETH
How it worksSwell 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).Stake ETH (or an LST) for eETH, restaked via EigenLayer (and beyond) to earn staking + AVS rewards; weETH is the wrapped, DeFi-friendly version. Uniquely, users keep control of their withdrawal keys. Also runs the ether.fi Cash card.
Restakes onEigenLayer + SymbioticEigenLayer (+ Symbiotic)
TVL*~$200M~$6B+
Best forDual EigenLayer + Symbiotic exposureThe safe default — liquidity & integrations

Swell

  • Dual restaking (EigenLayer + Symbiotic)
  • Own LST (swETH) + LRT (rswETH)
  • Swellchain L2 ecosystem
  • Smaller than top LRTs
  • Dual-backend complexity

ether.fi

  • Largest LRT by far (~65% share)
  • Deepest DeFi liquidity & integrations
  • Non-custodial withdrawal keys
  • Yield not always the highest
  • Systemic weight / concentration

Bottom line

Pick Swell for dual eigenlayer + symbiotic exposure; pick ether.fi for the safe default — liquidity & integrations.

* TVL = dated snapshot (DefiLlama + provider reports, 2026).