Swell Ethereum wallet

What is Swell Ethereum (SWETH)?

swETH is a receipt, not a coin. Deposit ETH into Swell's liquid staking contract and you get swETH back; the underlying ETH is staked by node operators while the receipt stays liquid in your wallet. That makes it a claim on a growing pool of ETH rather than a token with a life of its own.

The part that confuses people

swETH does not rebase. The number in your wallet stays exactly the same day after day - what changes is the exchange rate between swETH and ETH, which rises as staking rewards accrue to the pool. So one swETH is worth more ETH than one swETH was earlier, even though the balance never moved. A wallet that shows an unchanged figure is showing the correct figure; there is nothing to claim, compound or collect.

Two more practical notes. Unstaking back to ETH goes through Swell's own withdrawal path and the Ethereum staking exit queue, which takes time - it is not instant the way a swap is. And the swETH on Arbitrum One is a bridged representation of the Ethereum token, sharing the same value but not the same contract, so redemption happens on Ethereum.

Supported networks in Tangem (2): Arbitrum One, Ethereum.

Nothing about swETH requires you to be present. The exchange rate does its work on the network's side, the Tangem app just reads the current state, and a card that spends a year in a drawer between openings misses nothing at all. That is a sensible arrangement for a position you took precisely so you could stop thinking about it.