Swell Freezes swETH and rswETH Withdrawals Until It Corrects Their Exchange Rates

Holders of Swell ‘s swETH and rswETH cannot deposit or withdraw through the protocol after the team said at 2:39 a.m. ET Friday it had paused both tokens’ deposits and withdrawals. Swell wrote that returning their net asset value (NAV) “to the correct value” is the next step before it reopens them. At 4:48 p.m. ET Friday, the swETH contract put its rate at about 1.203 ETH and rswETH at about 1.138 ETH , according to Unchained’s read of the contracts. Those figures sit roughly 6% and 5% above the last rates that on-chain analyst Spreek identified as clean, 1.133 ETH and 1.082 ETH. On decentralized exchanges, swETH fetched about 1.089 WETH in a Uniswap pool with roughly $143,000 of liquidity, and rswETH went for about 1.029 WETH on Curve.

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