Swell Halts swETH and rswETH Deposits and Withdrawals to Correct NAV

Liquid staking protocol Swell halted deposits and redemptions across its staking tokens, citing an operational need to adjust its net asset value ¹.

According to protocol statements, the team must correct the net asset value (NAV) before reopening the affected contracts ¹. In the interim, Swell deployed onchain controls that actively block incoming withdrawal requests, new deposits, and outgoing $ETH claims for both its liquid staking token, swETH, and its liquid restaking token, rswETH ¹.

Halts Implemented Across Staking Contracts

The restrictions target both primary mechanisms of the protocol: swETH, which gives users exposure to Ethereum staking rewards, and rswETH, which incorporates liquid restaking yields ¹. Under the enacted onchain controls, token holders cannot submit redemption queues or extract their underlying staked capital until the protocol completes its NAV balance adjustments ¹.

At the time of writing, $ETH traded near $2,402, while broader crypto markets registered neutral sentiment. The halt prevents market participants from unwinding positions via native redemption avenues, confining immediate liquidity for both swETH and rswETH to decentralized secondary automated market maker pools ¹. Protocol controls will keep deposit processing, withdrawal queuing, and contract settlement functions restricted until the NAV correction process is formally resolved ¹.