Swell
SWELL
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Swell Network (SWELL) presents a struggling profile across multiple pillars. Active development remains evident via open-source repositories (5.5/10), and its security posture is supported by formal audits from CertiK and ChainSecurity with zero reported smart contract exploits or depegs (4.5/10). However, the project is constrained by significant challenges: community engagement has grown stale with no verifiable recent DAO participation (3.5/10), tokenomics are pressured by heavy insider allocations alongside utility disruption following the shutdown of the Swellchain L2 in June 2026 (3.5/10), and market presence is severely depleted with a micro-cap valuation under $4M and a >98% drawdown from all-time highs (3.0/10). Note that the Team and Governance section lacked sufficient data (-1.0) due to identity mismatches in retrieved records and was excluded from the weighted score calculation. No qualifying red-flag event triggers an external cap, but the unadjusted weighted average reflects substantial project degradation.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Swell (SWELL)
Swell Network (SWELL) is a liquid staking and restaking protocol operating on the Ethereum blockchain. The platform was created to allow users to stake assets and access liquid staking derivatives such as swETH and swBTC. The SWELL utility and governance token has a fixed total supply of 10 billion tokens, of which 50% was allocated to insiders (25% for fundraising and 25% for the team). The protocol subsequently carried out a deflationary token burn of 859.9 million SWELL.
From a security perspective, Swell Network's smart contracts have undergone audits by third-party firms, including CertiK and ChainSecurity, the latter reviewing the swBTC liquid restaking vault contracts based on the Yearn V3 codebase. ChainSecurity noted that test coverage was minimal and required improvement. Across available evaluation records, the protocol has experienced no smart contract exploits, hacks, or depeg events affecting its liquid staking tokens.
The project faces significant operational and market challenges. SWELL has experienced severe market drawdown, falling over 98% from its all-time high of $0.07 recorded in November 2024 to a micro-cap valuation below $4 million. In addition, the utility of the token was disrupted following the shutdown of the Swellchain Layer 2 network in June 2026, prompting a strategic pivot toward an AI platform on Hyperliquid, alongside a decline in verifiable community and governance participation.