According to a report by Kairos Research, Swell, a non-custodial collateral agreement, has a total TVL of $2.1 billion (713,000 ETH) as of the time of writing. Of this $2.1 billion, 29.57% is held in its swETH liquidity collateral token, 17.78% is held in its rswETH liquidity re-collateralization token, and the remaining 52.65% is held in its L2 deposit contract. Most of Swell's L2 deposits are composed of Swell ecosystem tokens, such as rswETH, swETH, and affiliated Pendle main tokens.

In addition, Swell L2 also holds other LRTs and their affiliated PT tokens worth millions of dollars through Pendle custody. If their total deposit of $1.1 billion is included, they would rank sixth in terms of TVL, higher than famous L2s such as StarkNet, ZkSync Era, Manta, Linea, and the newly launched Mode Network.

It is worth noting that most of Swell L2's deposits are reportedly made by one person, Justin Sun. This wallet is reportedly his own and he deposited 120,000 EtherFi's eETH into Swell L2, valued at $376 million at the time of the transaction. Today, Justin Sun's deposit accounts for about 30% of the entire Swell L2 TVL. After Justin Sun's deposit, some whales initiated seven and eight-figure deposits, especially Wintermute, who deposited about $9 million in Renzo's ezETH. Overall, since Justin Sun's so-called deposit, Swell L2 TVL has grown by an additional $360 million.