swETH vs rETH: Swell vs Rocket Pool Liquid Staking 2026
Swell's swETH and Rocket Pool's rETH both use value-accruing models but differ significantly in their core value propositions. RETH maximizes decentralization while swETH focuses on restaking integration. This comparison helps you choose based on your priorities.
Core Value Propositions
rETH represents the gold standard for decentralized liquid staking. With 2000+ permissionless node operators, it offers maximum censorship resistance and aligns with Ethereum's decentralization goals. swETH prioritizes restaking innovation and EigenLayer integration. Its native rswETH product provides streamlined access to restaking yields and points.Yield and Economics
rETH Returns
- Base APY: 3.3-3.9%
- Protocol Fee: ~14%
- Additional Yield: Limited
- Model: Straightforward value-accruing
swETH Returns
- Base APY: 3.4-4.0%
- Protocol Fee: 10%
- Additional: rswETH restaking + pearls
- Model: Value-accruing with restaking pathway
swETH offers higher potential returns through restaking, but rETH provides more consistent base yields.
Decentralization Analysis
rETH Decentralization
- 2000+ independent node operators
- Permissionless operator entry
- RPL collateral alignment
- Geographic distribution
- True censorship resistance
swETH Decentralization
- Curated operator set
- More centralized validation
- Focus on performance over distribution
- Growing operator diversity
Restaking Features
rETH Restaking Path
- Can be restaked via third-party LRTs
- Requires additional wrapping steps
- Multiple options (EtherFi, Kelp, Renzo)
swETH Restaking Path
- rswETH: Native liquid restaking
- Direct EigenLayer integration
- Simplified user experience
- Integrated points accumulation
Who Should Choose Which
Choose rETH If:
- Decentralization is paramount
- You want to support Ethereum's health
- Consistent, predictable returns preferred
- You value censorship resistance
- You're holding long-term
Choose swETH If:
- Restaking is your strategy
- You want native EigenLayer exposure
- Points and airdrops interest you
- You prefer integrated solutions
- You're building for restaking yields
Conclusion
rETH wins for users prioritizing decentralization and Ethereum alignment. swETH wins for restaking-focused strategies with its native integration.Both are solid choices with different strengths. Your priority. Decentralization or restaking. Should guide the decision.
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