StakeWise V2

StakeWise is a liquid staking protocol on Ethereum with an unusual two-token design in V2: deposits are split between sETH2 (representing the principal) and rETH2 (representing the yield). This separation lets stakers manage principal and yield exposure independently, including selling the yield component.

V3 transitioned the protocol toward a vault-based model where individual operators run isolated staking vaults. SWISE is the governance token across both versions.