Odaily Planet Daily News Kairos Research released a research report on the non-custodial pledge 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 pledge token swETH, 17.78% is in its liquidity re-pledge 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 Starknet, ZkSync Era, Manta, Linea, and the newly launched Mode Network and other L2s. It is worth noting that most of the deposits in Swell L2 were allegedly made 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, Justin Sun's deposit accounts for about 30% of the entire Swell L2 TVL. After Justin Sun'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 grown an additional $360 million since Justin Sun's deposit. Earlier on May 4, according to on-chain analyst @ai_9684xtpa, Justin Sun deposited 120,000 eETH worth $376 million into Swell Network. Currently, Justin Sun's pledged funds account for 46.6% of the total deposits in Swell L2.
