Swell paused deposits and withdrawals for its liquid staking token swETH and its liquid restaking token rswETH on Friday, October 23, after both contracts began quoting exchange rates that no longer matched the ETH they actually hold. The swETH contract was reporting roughly 1.203 ETH per token, about 6% above the last clean reading of 1.133, while rswETH printed near 1.138, about 5% above its 1.082 baseline. The team said on X that returning net asset value “to the correct value” is the next step before it reopens the two tokens.
As we continue to work with our security partners and Seal911 to fully secure our infrastructure, we have paused deposits and withdrawals for swETH and rswETH. The next step to resume normal operations is to return NAV to the correct value, after which we will resume deposits and withdrawals. All funds are safe, and we are working carefully with our security partners to resume operations securely. We advise you to exercise increased vigilance at this time and to follow only communications from official channels. Events like this can lead to an increase in phishing attempts.
— Swell (@swellnetworkio) October 23, 2026
The pause landed two days after the first red flag. On Wednesday, October 21, on-chain analyst Spreek wrote that the admin keys controlling the two tokens appeared to be compromised and that the net asset value was being raised by up to 1% an hour without backing. Swell acknowledged the reports the next day, telling holders “no ETH has left the swETH or rswETH withdrawal or deposit contracts” and that no action was required while it investigated with security partners.
We are aware of reports of suspicious activity on the swETH and rswETH contracts. Our team is investigating now with our security partners and taking all necessary precautions. No ETH has left the swETH or rswETH withdrawal or deposit contracts. No action is required.
— Swell (@swellnetworkio) October 22, 2026
What a Broken Exchange Rate Does to a Staking Token swETH and rswETH are both receipts for ETH deposited with the Swell protocol. The exchange rate is the mechanism that decides how many tokens a depositor receives on the way in and how much ETH they get back on the way out. When that rate is inflated, a holder can redeem more ETH than was actually deposited behind their tokens. That is precisely the failure the team moved to shut down: by freezing deposits and withdrawals, Swell blocks anyone from cashing out an inflated rate before the accounting is corrected.
The size of the distortion matters because it sets the upper bound on what an exploit could extract if the inflated rate were honored. At the contract-reported rates of 1.203 and 1.138, the two tokens sat roughly 6.2% and 5.2% above the last clean net asset values Spreek identified. In dollar terms, Spreek estimated the malicious upgrade contracts he flagged could steal approximately 2,500 ETH, or about $5.9 million at Ethereum’s recent price near $2,360 per CoinGecko.
The Discount the Market Is Already Pricing Traders did not wait for the protocol to explain itself. On secondary markets, swETH changed hands at about 1.089 WETH in a Uniswap pool with roughly $143,000 of liquidity, while rswETH fetched near 1.029 WETH on Curve. Against the contract rates, that is a discount of about 9.5% for swETH and 9.6% for rswETH.
That gap is the market pricing uncertainty that arbitrage normally would erase in minutes. In a healthy state, a token trading below its net asset value invites traders to buy the discounted token and redeem it at par, pulling the price back in line. With withdrawals frozen, that redemption path is closed, so the discount persists as a pure read on how much confidence holders have that the rate will be corrected. The number to watch is not the contract rate but the spread between the two: a narrowing spread would signal that the market believes a reopening is close.
What Spreek Says Was Compromised The mechanics of the suspected attack, as described by Spreek on X, were straightforward and have not yet been confirmed by Swell. He wrote in a post on X that admin keys for the Swell DAO’s two tokens “appear to be compromised,” that four malicious upgrade contracts had been deployed, and that those contracts could drain roughly 2,500 ETH if queued through the multisig. He added the key qualifier: the four contracts were “not queued yet through multisig,” meaning the final step that would have armed them had not been taken.
Swell has not confirmed a cause, a compromised key, or a loss figure. What it has said is that the infrastructure is being secured with Seal911, a security response collective, and that no ETH has moved out of the affected contracts. That leaves the incident in the category of a prevented exploit rather than a completed drain, a distinction that will be settled only when the team publishes its account of what happened.
What the Pause Does Not Mean The suspension is not evidence that funds were stolen, and it is not a permanent halt. Swell’s own words were explicit on both points. “All funds are safe,” the team wrote in the Friday announcement, and the earlier statement said plainly that no ETH had left the withdrawal or deposit contracts. The pause is the protocol’s protective response to an accounting fault, which is a different category from the completed bridge drains that have hit other staking projects this year.
The contrast is useful. When the rsETH restaking protocol Kelp DAO lost funds in a bridge exploit earlier this year, it ended up suing bridge operator LayerZero over a $292 million loss. Swell, by pausing before any withdrawal could be honored at an inflated rate, appears to have stopped the event before it reached that stage. The protection is the pause itself.
What Has to Happen Before Withdrawals Reopen The reopening sequence is set: correct the net asset value of both tokens, then resume deposits and withdrawals. Swell has not published a date for either step, and it has told holders to expect phishing attempts to rise while the situation is unresolved. The only confirmed path back to normal is a corrected rate and a reopened withdrawal queue.
For holders of swETH and rswETH, the practical question is whether they can afford to wait on a protocol whose accounting is under repair. Liquid staking and restaking tokens exist to keep capital usable while it earns yield; a frozen withdrawal button removes that property. The concept of restaking and how these liquid receipts are supposed to work is explained in BlockchainReporter’s restaking explainer, but the immediate lesson from the Swell pause is simpler: a liquid token is only as liquid as its redemption path, and when that path closes, the discount is the price of the uncertainty.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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Blockchain analyst specializing in the regulatory impact of government policies on the crypto industry. Known for his thorough research and clear, engaging writing, Emmanuel provides insightful analysis on the latest trends, market shifts, and emerging crypto innovations. His work aims to educate and inform both novice and experienced readers, offering expert perspectives on the fast-evolving world of digital assets. With a passion for staying ahead of the curve, Ogwu is a trusted voice in the cryptocurrency and blockchain space.
Swell paused swETH and rswETH deposits and withdrawals at 2:39 a.m. ET on Friday, October 23.
The swETH contract reported about 1.203 ETH, roughly 6% above the last clean rate of 1.133 ETH.
On-chain analyst Spreek suspected compromised admin keys and found malicious upgrade contracts.
Swell stated that no ETH has left the affected contracts, but it gave no cause or reopening date.
Swell pauses swETH and rswETH deposits and withdrawals after the contracts reported abnormally high exchange rates. The Ethereum staking protocol announced the halt early Friday, October 23.
The swETH contract showed a rate near 1.203 ETH, while rswETH stood near 1.138 ETH. Both figures sit roughly 6% and 5% above normal levels.
Swell said no ETH has left the affected contracts. However, the team has not confirmed a cause or given a reopening date.
Exchange Rates Rise Above Normal Levels
Swell announced the pause at 2:39 a.m. ET on Friday. The team said its next step is returning the net asset value (NAV) of both tokens to the correct level. Deposits and withdrawals stay closed until then.
At 4:48 p.m. ET, Unchained’s read of the contracts showed swETH at about 1.203 ETH. The rswETH rate stood near 1.138 ETH. On-chain analyst Spreek had identified the last clean rates as 1.133 ETH and 1.082 ETH.
On decentralized exchanges, swETH traded near 1.089 WETH in a Uniswap pool with about $143,000 in liquidity. Meanwhile, rswETH traded near 1.029 WETH on Curve. Both market prices sit below the rates the contracts report.
According to DefiLlama, swETH holds about $29 million. The rswETH token holds roughly the same amount. So far, Swell has not offered guidance on trading or providing liquidity.
Admin Key Compromise Suspected, Cause Unconfirmed
Spreek posted on Wednesday, October 21, that admin keys for both tokens appeared compromised. He wrote that NAV was rising by “max 1% (unbacked) each hour” at the time.
He also identified four malicious upgrade contracts able to take about 2,500 ETH. None had been queued through Swell’s multisig.
Odysseus, founder of Phylax Systems, described the incident as “BOT-key abuse.” He added that the 2,513 ETH held “is NOT confirmed loss.” His comments came shortly after Spreek’s initial warning.
Swell responded at 11:03 p.m. ET that it was working with security partners. The team stated that “no ETH has left” the swETH or rswETH withdrawal or deposit contracts. It later wrote, “All funds are safe.” In addition, the team warned that such events can bring more phishing attempts.
Both researchers raised a possible link to Railway, a cloud deployment platform. Railway said in an October 21 disclosure that an “unauthorized third party” may have read some encrypted environment variables.
Its disclosure does not mention Swell, and Swell has not confirmed a connection. Spreek’s report, which he said was AI-written and not fully checked, found that Aave, Spark, and Fluid accepted neither token. A Morpho market had about 34 ETH available to borrow.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Holders can't redeem through Swell for now, and on DEXs the tokens fetch well below the inflated rate their contracts report.
Swell freezes swETH and rswETH withdrawals until it corrects their exchange rates
Posted October 23, 2026 at 9:05 pm ET.
Holders of Swell‘s swETH and rswETH cannot deposit or withdraw through the protocol after the team said at 2:39 a.m. ET Friday it had paused both tokens’ deposits and withdrawals. Swell wrote that returning their net asset value (NAV) “to the correct value” is the next step before it reopens them.
At 4:48 p.m. ET Friday, the swETH contract put its rate at about 1.203 ETH and rswETH at about 1.138 ETH, according to Unchained’s read of the contracts. Those figures sit roughly 6% and 5% above the last rates that on-chain analyst Spreek identified as clean, 1.133 ETH and 1.082 ETH.
On decentralized exchanges, swETH fetched about 1.089 WETH in a Uniswap pool with roughly $143,000 of liquidity, and rswETH went for about 1.029 WETH on Curve. According to DefiLlama, swETH holds about $29 million and rswETH holds roughly the same.
Swell has not given a reopening timeline or guidance on trading or providing liquidity. “All funds are safe,” the team wrote, and it warned that events like this can bring more phishing attempts.
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How the rates rose
At 9:28 p.m. ET on Wednesday, Oct. 21, Spreek wrote that admin keys for both tokens appeared to be compromised and that NAV was being raised by “max 1% (unbacked) each hour” at the time. He said four malicious upgrade contracts able to take about 2,500 ETH had been deployed, but none had been queued through Swell’s multisig.
Odysseus, founder of Phylax Systems, said the incident looked like “BOT-key abuse” and stressed that the 2,513 ETH held “is NOT confirmed loss.”
Swell said at 11:03 p.m. ET that it was investigating with security partners and that “no ETH has left the swETH or rswETH withdrawal or deposit contracts.”
Cause still unconfirmed
Both researchers raised a possible tie to Railway, a cloud deployment platform. Railway said in an Oct. 21 security disclosure that an “unauthorized third party” may have gotten into customers’ encrypted environment variables and read some of them in decrypted form. Railway’s disclosures do not mention Swell, and Swell has not confirmed a link or described the cause.
Spreek’s incident report, which he said was AI-written and not fully checked, found that as of late Oct. 21 none of Aave, Spark or Fluid accepted either token and that a Morpho market priced off the contract rate had about 34 ETH available to borrow.
In April, LayerZero linked a $292 million exploit of the bridge for Kelp DAO’s rsETH restaking token to North Korea’s Lazarus Group, and Kelp DAO later sued LayerZero over it.
Related Listen: How Spark Escaped the KelpDAO Hack Before It Even Happened
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
Restaking protocol Swell announced in a statement that, to further secure its infrastructure, the team is collaborating with security partners and Seal911, and has suspended deposit and withdrawal functions for swETH and rswETH. Swell added that the next step to resume normal operations is adjusting its net asset value (NAV) to the correct level, after which access to deposits and withdrawals will be reactivated. The team emphasized that all funds are currently secure, and it is proceeding with caution to ensure a safe restoration of services. Additionally, Swell reminded users to stay vigilant and only follow information released through official channels, noting that phishing attacks may increase during such incidents.
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Swell’s liquid staking tokens are reportedly worth more on paper than they should be. Someone may have nudged the numbers on purpose.
Security researcher Spreek reported on October 22, 2026 that an unidentified actor had reportedly taken control of Swell DAO’s operational hot keys, including the oracle bot that sets exchange rates for swETH and rswETH. The reported 2,513 ETH sitting in Swell contracts is exposed, but it is not a confirmed loss.
What researchers say happened
According to Spreek’s report, the actor had control of the keys as of 14:25 UTC on October 21. From there, the actor allegedly began raising the exchange rates of both tokens.
The increases ran at the maximum the system allows: 1% per hour. Crucially, no new ETH came in to back those higher rates.
By October 22, swETH’s rate had reportedly climbed about 3.0% above 1.133254 ETH. The rswETH rate sat roughly 2.0% above 1.082464 ETH.
Spreek’s report also says four malicious upgrade contracts were deployed. If those upgrades were executed through Swell’s timelock, they could sweep approximately 2,513 ETH from various contracts. The upgrades are loaded, but they have not fired.
Swell’s response and the open questions
The Swell team confirmed it is investigating the suspicious activity. It said no ETH had been withdrawn from or deposited into the affected contracts, and that the protocol remains fully operational.
There is a reported but unconfirmed potential link to the Railway cloud platform, which researchers flagged following a disclosure from that platform. AI tools also partially assisted in documenting the breach, according to the research findings, meaning certain details in the public account have not been independently confirmed.
Why an oracle bot matters
An oracle bot is the piece of automation that reports the token exchange rate on-chain. Whoever controls it effectively controls what the protocol says one token is worth. Hot keys are the private keys kept online so bots can sign routine transactions.
The 1% hourly cap limited how fast the damage could compound, but did not stop the rate from rising.
Markets are not buying the new rates
Decentralized exchange prices have reflected only a fraction of the reported inflation, suggesting possible market dislocations between the on-chain rate and where the tokens actually trade.
Swell’s total value locked stood at approximately $29.41 million on the day of the report. The market cap for rswETH ranged between $27 million and $58 million, depending on the data source. Third-party venues remain unaffected, and no draining of outside platforms has occurred.
What this means for holders and DeFi
For swETH and rswETH holders, the immediate question is the timelock. If Swell’s governance can block or cancel the four queued upgrades before they execute, the approximately 2,513 ETH may never be touched.
Any venue that values these tokens using the on-chain exchange rate, rather than market prices, could theoretically be exposed to collateral that looks healthier than it is. The research notes that outside platforms have not been drained.
If the Railway connection is confirmed, it would point to infrastructure outside the smart contracts themselves as the weak link — a reminder that a protocol’s security extends to every service its bots run on.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
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Ripple has revealed the agenda for Swell 2026, highlighting “the first year of a spot XRP ETF” as a key topic for its Institutional track. Other main themes include bank-grade digital asset infrastructure and the integration of artificial intelligence in payments. The annual conference, set for New York, will gather about 1,500 participants and for the first time merge Swell with two other major events, Apex and UBRI Connect, which focus on the XRP Ledger and academic blockchain research, respectively.
XRP ETFs build institutional momentumSpot XRP exchange-traded funds only recently received regulatory approval in the US, marking a significant shift in the asset’s accessibility for institutional investors. Earlier this year, Ripple stated that the availability of spot ETFs has helped move XRP from over-the-counter desks and private placements into broader institutional portfolios.
Coinpaper reported that cumulative inflows to XRP ETFs reached approximately $1.7 billion by mid-September, despite XRP trading well below its record high. This influx of institutional capital has made ETF demand a central theme for the asset, driving dialogue about its evolving role in professional markets.
MetricValueXRP ETF inflows (mid-September 2026)$1.7 billionStrongest weekly inflows (late August 2026)$110.49 millionParticipants at Swell 20261,500SEC oversight and evolving ETF productsThe US Securities and Exchange Commission (SEC) recently disclosed that a post-effective amendment for the Bitwise XRP ETF became effective on September 28, indicating continued development in the regulated ETF product landscape. This regulatory attention points to an industry still refining its offerings instead of plateauing after the first launches.
Mini dictionary: Apex is an annual summit dedicated to the XRP Ledger ecosystem, bringing together developers, enterprises, and the broader community to discuss protocol advancements and use cases.
Speakers announced by Ripple include executives from Intercontinental Exchange, major banks, asset managers, fintech firms, and digital asset infrastructure providers. These participants will discuss XRP ETFs alongside topics like tokenized collateral and advanced market plumbing, positioning XRP ETFs as a key component within institutional investment frameworks rather than as isolated crypto products.
Institutional demand and price actionInstitutional interest in XRP ETFs has become increasingly important, as noted by the divergence between regulated ETF flow and XRP’s spot price performance. In late August, XRP ETFs saw record weekly inflows of $110.49 million even while XRP’s market price was declining.
Despite a strong wave of inflows into XRP ETFs during their top week of 2026, the asset’s price continued to fall, highlighting that institutional investment does not always result in short-term price gains.
This separation between ETF inflows and price action suggests that regulated capital, while significant, does not unilaterally dictate price trends in the short term. The theme is expected to feature heavily as institutional audiences review the asset’s first year in the spot ETF format at Swell 2026.
Ripple has announced that the Swell 2026 event in New York will bring together senior leaders from major financial institutions, including BNY, Intercontinental Exchange (ICE), TD Securities, and Robinhood. The conference, set to attract approximately 1,500 participants, will for the first time integrate Swell, the Apex summit focused on XRP Ledger technology, and UBRI Connect, an academic blockchain initiative, into a single event.
Prominent Financial Leaders to Discuss Industry TransformationThe event’s guest list reflects Ripple’s ambition to strengthen connections across various areas of traditional and digital finance. Each institution is positioned to address distinct elements such as custody, trading, liquidity, stablecoins, tokenized securities, and broad consumer access.
Representing Bank of New York Mellon (BNY), Laide Majiyagbe is scheduled to lead a discussion on how tokenized money-market funds, stablecoins, liquidity, and settlement innovations are influencing institutional markets. This collaboration between Ripple and BNY has moved beyond discussion; BNY was chosen as the primary custodian for RLUSD reserves, with this arrangement beginning in 2025.
Ripple’s RLUSD reserves have recently grown to about $2.53 billion, with a circulating supply now over $2.4 billion, enhancing the importance of BNY’s custodial role.
Ripple aims to connect diverse sectors of finance, from custody and stablecoins to trading, onchain securities, and consumer access, by assembling industry leaders from global banks, exchanges, and fintech platforms.
ICE, a global operator of financial exchanges and clearing houses and parent company of the New York Stock Exchange, adds perspective on market infrastructure. Michael Blaugrund, ICE’s Vice President of Strategic Initiatives and a former NYSE Chief Operating Officer, will speak on institutional adoption of tokenized equities, digital funds, and collateral management.
Mini dictionary: RLUSD, acronym for Ripple Liquidity USD, is Ripple’s institutional-grade stablecoin designed for settlement and liquidity purposes in digital asset markets.
TD Securities and Robinhood Extend the ConversationTD Securities, a Canadian investment bank and capital markets firm, will also participate through Elizabeth St-Onge, who is set to join a panel exploring the future of digital currency models. The discussion will consider whether market dominance will rest with single-issuer stablecoins or consortium-driven approaches.
Ripple’s RLUSD has become increasingly embedded in institutional liquidity solutions, including payments, tokenized assets, and prospective lending structures on the XRP Ledger (XRPL).
Robinhood, a US-based trading platform known for providing retail access to stocks and cryptocurrencies, will be represented by its Head of Crypto, Johann Kerbrat. He and Ripple President Monica Long will examine the growing convergence between retail and institutional participation in the digital asset ecosystem.
Industry experts from major banks, trading houses, and platforms will address how stablecoins and tokenized assets are reshaping liquidity, access, and market structure.
XRP ended the third quarter of 2026 up 48%, reaching its highest performance in four years. Cumulative inflows into spot XRP exchange-traded funds (ETFs) in the US have surpassed $1.79 billion, contributing to a renewed focus on the cryptocurrency. The Ripple Swell conference, an annual event seen as a key driver for the network, is set to take place in the final week of October.
AI-generated price scenarios for XRP’s futureIn response to heightened market interest, the natural language AI tool ChatGPT was asked to forecast XRP’s price on October 31, 2026. Taking into account technical analysis, market sentiment, supply movements, and known upcoming events, ChatGPT delivered several price scenarios weighted toward a bullish outcome.
The AI presented a base-case target of $1.85 for XRP, describing it as the most probable scenario if current conditions continue. Entering October, XRP traded around $1.49 and posted strong quarterly gains. Nevertheless, the $1.54 to $1.60 range remained a challenging resistance zone, impeding further upward movement.
ChatGPT’s analysis cited sustained buying pressure through US-listed spot XRP ETFs and highlighted that approximately 1.6 billion XRP tokens left crypto exchanges within two weeks. The AI suggested this withdrawal could tighten circulating supply, potentially supporting price strength if demand continues.
ScenarioPrice RangeKey ConditionBear case$1.15 to $1.35XRP loses support at $1.45, weak global marketBase case$1.75 to $1.95ETF demand, stable market, positive Swell outcomeBull case$2.20 to $2.60Strong breakout above $1.70, accelerating ETF inflowsSwell conference and its potential impactA significant portion of the AI’s projection focused on Ripple Swell, Ripple’s flagship conference and networking event aimed at fostering payment innovations and driving institutional adoption of XRP. This year’s event is scheduled for October 27 to 29 in the days leading up to the forecasted date, and it will host approximately 1,500 leaders from financial, crypto, and academic sectors.
ChatGPT described the Swell conference as a potential catalyst for major news relating to payment networks, tokenization initiatives, new institutional partnerships, and broader utility for XRP.
The conference’s timing, shortly before the October 31 target, was identified as strategically important. The AI anticipates that a high-profile announcement or developments around the XRP Ledger could influence investor sentiment and price movement during this period.
Mini dictionary: Ripple Swell, an annual conference hosted by Ripple, brings together financial institutions, partners, and technology experts to discuss innovations, strategic partnerships, and the advancement of blockchain-based payments.
Key technical thresholds and outlookThe AI’s scenarios included a bear case where XRP could dip to between $1.15 and $1.35 if it loses key support at $1.45, especially if the broader crypto market faces downward pressure, such as from the Federal Reserve’s upcoming October 27–28 meeting. Conversely, a decisive rally above $1.60 to $1.70, combined with stronger market momentum and faster ETF inflows, was viewed as paving the way for a bullish outcome, with prices potentially landing between $2.20 and $2.60.
ChatGPT cited the $1.60 to $1.70 band as a pivotal resistance zone, with any sustained move above it expected to materially alter the asset’s price structure. In the base case, the AI model forecasted $1.75 to $1.95, relying on continued ETF demand and a constructive Swell outcome.
ChatGPT expects the Ripple Swell conference, scheduled for October 27 to 29, to serve as a catalyst for industry news and institutional interest. The AI forecasts a base-case XRP price of $1.85 by October 31, 2026, provided market support remains steady and there is a positive reaction to the event.
Overall, analysts remain attentive to upcoming developments, with many considering institutional flows and major industry events as critical factors that will shape XRP’s trajectory through the remainder of 2026.
XRP price achieved a historic milestone this year: July, August, and September all closed positive for the first time, not just the quarter as a whole.
That distinction matters, since past years saw positive quarters even when one month within them still closed red.
XRP Monthly Price Performance. Source: CryptoRankA Historic Financial Quarter for XRPIn prior years, XRP’s third quarter sometimes finished positive overall, but at least one of its three months still closed red. This year broke that pattern completely, according to CryptoRank data.
July gained 2%, August added 30%, and September rose 7.95%, producing a combined quarterly gain above 43%.
Institutional demand through U.S. spot XRP ETFs fueled the move, alongside a short squeeze in September and sustained exchange outflows. Exchange balances dropped from roughly 12.9 billion to 11 billion XRP since April.
XRP price now trades near $1.50, with a market cap around $95 billion. The weekly chart recently broke a descending trendline that had capped price since July 2025.
XRP Price Performance – 3 Months. Source: BeInCryptoCan XRP Price Repeat This Feat in Q4?History sends mixed signals here. October has been XRP’s weakest month on average. Its mean return sits near -4.71%, with red closes in both 2024 and 2025. The broader fourth quarter looks far more favorable, averaging a 13.3% gain thanks to historically strong November and December performances.
Analysts expect some turbulence before any larger move higher, including volatility and sideways trading ranges. Ripple’s Swell conference in late October, institutional developments, ongoing ETF inflows, and Federal Reserve policy decisions all remain key catalysts to watch.
A sustained weekly close above $1.70 would strengthen the case for gains into November and December.
XRP: THE LEVEL TO WATCH$XRP appears to be developing a symmetrical triangle on the hourly chart.
Now, everything comes down to $1.54.
I’m waiting for an hourly close above $1.54 to confirm the breakout.
If that happens, the pattern could trigger roughly a 10% rally toward… pic.twitter.com/3RqQoCsYfk
— Ali Charts (@alicharts) September 30, 2026 Failure to hold current levels could invite a deeper pullback toward the $1.30 to $1.40 support zone. Repeating three straight green months would require XRP price to avoid October’s seasonal weakness first. The monthly streak already proved the asset can sustain momentum across an entire quarter.
Ten years ago, shut out of Sibos, Ripple gathered a group of financial leaders to talk about what blockchain could mean for global finance. What started as a conversation outside the establishment has grown into one of the industry’s most influential gatherings – and this October, we're bringing 1,500 of the world's top decision-makers across traditional finance, crypto, academia and the XRP ecosystem to New York City for our biggest and best Swell yet.
For the first time in the event’s history, Ripple is combining Swell with Apex – its summit for the developers, institutions, and investors building on the XRP Ledger – and UBRI Connect, the academic conference for Ripple’s University Blockchain Research Initiative, which brings together researchers and students from its global university network. Together, that’s three days, multiple tracks, and the entire XRP ecosystem under one roof. Whether you’re building onchain, tokenizing collateral, shaping policy, or pushing the boundaries of research, the programming is designed to meet you where you are.
Over the past decade, the wall between traditional and digital finance has come down piece by piece, through regulatory clarity, institutional adoption, and rails built to move real money at scale. The XRP Ledger has run for 13+ years, processing well over $1T in volume, and last year, Ripple enabled trillions of dollars of transactions through our solutions. The infrastructure is built, battle-tested, and live, and Swell is where the people building on it come together to decide what comes next.
Read on to meet the speakers taking the stage.
Keynote SpeakersMatt Damon and Gary White, Co-founders of Water.org, join Ripple to show how innovative financial solutions are helping solve the world’s water crisis. Matt Damon, actor, producer, and co-founder of Water.org has spent nearly two decades bringing global attention to the fight for safe water and sanitation. Gary White, CEO and co-founder of Water.org and WaterEquity, built the model that made it work: WaterCredit, which has mobilized $8.2B and reached 92 million people, with a goal of 200 million by 2030. Together, they’ll show how Ripple Payments and RLUSD are already enabling faster money transfers across Asia, Africa, and Latin America, helping bring safe water and sanitation to millions.
Tom Farley, Chairman and CEO of Bullish (NYSE: BLSH) and former President of the New York Stock Exchange, takes the stage to share what sitting at the center of both industries tells him about where markets are going, and why the institutional adoption wave in crypto is well underway.
Brad Garlinghouse, CEO of Ripple, sits down for a fireside chat on the evolution of digital assets, the changing financial landscape, and where the industry is headed. He also moderates two conversations: one with Tom Farley on digital asset markets and the future of global finance, and one with Matt Damon and Gary White on how technology and partnerships expand access to financial opportunity. Few people have had a closer view of how this industry got here, or a clearer read of what it will take to build what’s next.
Johann Kerbrat, SVP and GM of Crypto and International, Robinhood leads Robinhood's crypto and international expansion with a mission to democratize finance for all. Having held engineering roles at Airbnb and privacy-focused crypto startup Iron Fish, he brings a builder's lens to the question of how retail and institutional access to digital assets converge at scale. He'll join Ripple President Monica Long for a conversation on the evolution of crypto markets, expanding access to digital assets, and the future of global financial services.
Laide Majiyagbe, Global Head of Markets, BNY leads the strategic direction of BNY's Execution Services, Liquidity Financing, and Global Collateral businesses, oversees the world's largest securities lending program, and serves on the Board of Directors of the Depository Trust & Clearing Corporation. She'll join Billy Hult of Tradeweb to discuss how new infrastructure across trading, liquidity, and settlement, from tokenized money market funds to stablecoins, is reshaping how institutions adapt to the next generation of markets.
The TracksProgramming is organized around three tracks: Institutional, Ecosystem, and Innovation. Each is built for a distinct audience but joined by a shared theme: the forces reshaping global finance.
Institutional: Built for Financial Services LeadersThe Institutional track is where the decision makers driving adoption inside banks, asset managers, fintechs, and policy institutions gather to make sense of how digital assets are transforming their businesses. This year’s sessions go beyond the usual talking points: what happens when AI starts moving money, the first year of a spot XRP ETF, and what it takes to bring digital assets into bank-grade production – the questions that keep boards, risk committees, and CFOs up at night.
Speakers to watch:
Michael Blaugrund, VP of Strategic Initiatives, Intercontinental Exchange (ICE) – Michael leads next-generation infrastructure and platform development across ICE's business units, having previously served as Chief Operating Officer of the New York Stock Exchange and CEO of DriveWealth. He'll join asset management and market infrastructure leaders to unpack what's driving the next wave of institutional adoption, from tokenized equities to onchain funds and collateral.Elizabeth St-Onge, Head of Digital Assets Product & Strategy, TD Securities – Elizabeth leads TD Securities’ digital assets agenda across client management, strategy, and enterprise product development, bringing over 20 years of experience in corporate banking, transaction banking, and payments. She’ll join leaders from Visa and Cari Network to debate one of the defining questions in stablecoins today: will the future be built by individual issuers or collaborative consortiums, and what those models mean for the next generation of global payments.Ecosystem: The Builders Shaping the XRP LedgerThe Ecosystem track is built for the developers, founders, and community members shaping the future of the XRP Ledger. This is where the latest features, capabilities, and projects are spotlighted, straight from the people making them happen. Developers can also sign up for the XRPL Hackathon the weekend before Swell and build alongside the people shaping the protocol.
Speakers to watch:
David Schwartz and Ayo Akinyele – Two of the sharpest technical minds in the XRP ecosystem share the stage for a fireside chat on the future of the XRP Ledger. David Schwartz, CTO Emeritus at Ripple and one of the original architects of the XRPL, has guided the protocol's evolution for over a decade, from its 2011 design through every technical and regulatory chapter since. Known across the community as "JoelKatz," he remains one of its most trusted and recognizable voices. Ayo Akinyele, Senior Director of Engineering at RippleX, brings a complementary lens: a cryptographer with a Ph.D. from Johns Hopkins and over a decade advancing privacy-preserving technologies, he is focused on bringing privacy, scale, and institutional-grade infrastructure to the ledger. Together, they will explore where the XRPL goes next, and what it will take to get there.Brett Mollin, Executive Director, XRPL Foundation – Brett leads the XRP Ledger Foundation with over a decade of experience leveraging blockchain for financial institutions. He'll make the case for why enterprises should run XRPL validators – not for profit, but for a voice in the network's governance and future.David Bchiri, President, XRPL Commons – A software engineer turned entrepreneur, David has spent 15 years building tech communities across Paris and San Francisco. As a blockchain enthusiast and lifelong learner, he prioritizes people over technology and focuses on impact. He'll bring that perspective to a panel on how RippleX, XRPL Commons, XRPL Foundation, and XRP Asia work together to back builders across every region.Innovation: Research at the FrontierThe Innovation track brings cutting-edge discoveries from Ripple’s University Blockchain Research Initiative – better known as the UBRI community – and the brightest minds on the front lines of blockchain research. This is where the foundational questions about trust, security, cryptography, and the architecture of the systems being built get asked, often years before they become core financial infrastructure.
Speakers to watch:
Ari Juels, Professor, Cornell Tech – Ari is the Weill Family Foundation Professor at the Jacobs Technion-Cornell Institute, co-founder and co-director of the Initiative for Cryptocurrencies and Contracts (IC3), and Chief Scientist at Chainlink Labs. His work sits at the intersection of cryptography, blockchain, and real-world systems. He’ll explore how AI is reshaping crypto, and just as importantly, how crypto-aligned technologies can benefit the AI ecosystem.Kevin Werbach, Professor, Wharton School, University of Pennsylvania – Kevin is Chair of the Department of Legal Studies and Business Ethics at Wharton, directs the Wharton Blockchain and Digital Asset Project, and is the author of The Blockchain and the New Architecture of Trust. He helped shape U.S. internet policy in the Clinton Administration and now brings that same regulatory and institutional lens to digital assets. He'll break down how agentic AI is becoming the connection point between DeFi, traditional finance, and tech, as traders begin experimenting with autonomous systems in the wild.Don’t Miss Swell 2026Swell has historically been where Ripple makes its most significant product and partnership announcements. This year's 10th anniversary will be no different. With 1,500 attendees, including policymakers and C-suite leaders from banks, fintechs, corporates and asset managers, the room itself is the network.
If your business depends on where payments, tokenization, and digital assets are heading, this is where the conversations shaping what comes next are happening.
Ripple has unveiled the full agenda for Swell 2026, revealing a speaker roster.
The impressive list of speakers goes beyond the cryptocurrency industry and includes senior figures from Wall Street, global banking, academia and so on. Superstar actor and Water.org co-founder Matt Damon will also take part in the event.
Damon will appear alongside Water.org co-founder and CEO Gary White in one of the conference’s keynote conversations, with Ripple CEO Brad Garlinghouse set to moderate the discussion.
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More than 1,500 people
Swell will take place from Oct. 27-29 at The Shed in New York City. Ripple says more than 1,500 people will attend,
For the first time, the company is merging its flagship Swell conference with XRP Ledger-focused Apex and UBRI Connect, its academic gathering for members of Ripple's University Blockchain Research Initiative.
Matt Damon's unusual roleDamon will make an appearance in his capacity as co-founder of Water.org, the nonprofit he created with Gary White in 2009.
Ripple says Damon and White will explain how financial infrastructure can address the hot-button issue of moving money quickly and cheaply.
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The discussion will be built around Water.org's financing model and the organization's existing relationship with Ripple.
Ripple says its Payments platform and dollar-backed RLUSD stablecoin will make Water.org's work across Asia, Africa and Latin America more efficient. Notably, Garlinghouse will moderate the Damon-White conversation.
Wall Street heavyweights join SwellTom Farley, chairman and CEO of crypto exchange operator Bullish and a former president of the New York Stock Exchange, will discuss the convergence of crypto and traditional finance.
Garlinghouse will separately moderate a conversation with Farley.
Robinhood's Johann Kerbrat, senior vice president and general manager of Crypto and International, will join Ripple President Monica Long.
BNY Global Head of Markets Laide Majiyagbe is another major traditional-finance name. She will appear with Tradeweb CEO Billy Hult for a discussion about changes in trading, liquidity and other aspects.
David Schwartz returns to XRP Ledger spotlight
Meanwhile, David Schwartz, Ripple's CTO Emeritus and one of the original architects of the XRP Ledger, will share the stage with RippleX Senior Director of Engineering Ayo Akinyele. Their fireside chat will focus on the future technical development of XRPL (privacy, scalability and so on).
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
XRP is preparing for a pivotal October, featuring significant ecosystem events and protocol upgrades that are expected to draw major attention from the cryptocurrency and finance industries.
XRP Seoul event highlights collaboration with Korean finance leadersOn October 3, 2026, the Grand Hyatt Seoul will host the XRP Seoul event during Korea Blockchain Week. This gathering will bring together Ripple executives, notable Korean banks, and leading financial institutions to discuss advances in digital finance and the expanding influence of blockchain technology in Asia.
Ripple President Monica Long and RippleX SVP Markus Infanger, alongside several major figures from Korea’s financial sector, will participate in this high-profile event. Institutions such as Kyobo Securities, Woori Bank, and Kakao Bank are set to join the discussion, focusing on topics including tokenization, payments using crypto infrastructure, and decentralized finance (DeFi) innovation.
Hussein Zangana (Vet), director of community at the XRP Ledger Foundation, outlined the event’s agenda, emphasizing the collaborative participation of top Korean banks and brokers. In addition to Ripple’s senior leadership, a broad lineup from the global blockchain and digital asset community is confirmed, strengthening the event’s influence across the sector.
Looking forward to XRP Seoul next week and the sessions with Korean securities broker Kyobo Securities, Woori Bank (top 4 bank in Korea), Kakao Bank (largest internet bank of the famous app Kakao here) and many others. All forward leaning in tokenization, payments on crypto rails and DeFi.
Other participants include RippleX Head of Engineering J.A. Akinyele, Christina Chan (Senior Director of Ecosystem Growth at Ripple), Tatsuya Kohrogi (Ripple, Senior Ecosystem Growth Manager), Wenny Cai (CEO, Anchored Finance), Nicholas Motz (Co-founder of Soil), and Nathaniel T. Bradley (CEO, Datavault AI). Notably, Aniket Jindal (Founder of Biconomy), Jinnie Lee (APAC Sales Director at Ripple), and industry leaders from Jeonbuk Bank, Tria, Wellbianlabs, Evernorth, Ondo Finance, and FlareNetworks will also contribute to the event’s program.
Major protocol upgrades on the XRP LedgerTechnical development on the XRP Ledger is set to accelerate in October. The highly anticipated Batch, fixBatchV1_2, and permissions delegation amendments are scheduled for implementation. If these amendments maintain above 80% support during their respective two-week activation windows, mainnet activation for Batch and its fix will proceed on October 9, while permissions delegation is expected to go live on October 8, 2026.
These changes aim to enhance operational efficiency and expand options for institutional and retail users. Industry participants are closely monitoring the readiness of infrastructure upgrades ahead of these key dates.
Given the technical momentum and the complexity of emerging investor strategies, market participants are watching not only price trends but also investor timing and token deployment. In the meme token sector, an internet trend can quickly generate millions in trading activity. Data shared by Fomo App highlighted a recent trade in “Niu Lai,” where an initial investment of $99 grew to approximately $370,000, illustrating the rapid shifts possible in this segment. Fomo App presents a streamlined approach to meme token trading, combining social feeds, investor rankings, trade alerts, and discovery features into a single platform for more effective tracking of investor behavior.
Ripple’s Swell event to close out OctoberToward the end of the month, Ripple’s Swell event is set for October 27–29, 2026. Recognized as a flagship event for the XRP ecosystem, Swell will draw stakeholders from global financial and blockchain sectors to discuss the future direction of digital assets and real-world blockchain solutions.
The back-to-back schedule of the XRP Seoul event, major ledger amendments, and the Swell conference are expected to set the tone for XRP throughout October, offering new opportunities for collaboration and growth within the rapidly evolving digital asset landscape.
Ripple has added former Reserve Bank of India Governor Raghuram Rajan to the opening program for Swell 2026, its annual conference focused on payments, digital assets and financial infrastructure.
Summary
Raghuram Rajan will open Ripple Swell week during an invitation-only institutional summit on October 27. Swell 2026 runs from October 27 through 29 at The Shed in Manhattan, New York. Ripple will combine Swell and XRPL Apex for the first time across three conference stages. Organizers expect more than 1,500 attendees, 75 speakers and 50 sessions across the three-day program. Rajan co-leads a Federal Reserve task force reviewing costs and benefits of balance sheet policy. The company announced on Sept. 4 that Rajan will participate in the Institutional Summit on Oct. 27. The invitation-only gathering will open Swell week before the wider conference program runs through Oct. 29.
Swell 2026 will take place at The Shed in New York City. Ripple is combining Swell with its developer-focused XRPL Apex conference for the first time, bringing institutional finance and XRP Ledger development into one event.
Ripple has not disclosed Rajan’s discussion topic, session time or appearance format. The event website lists him as a speaker but does not indicate whether he will deliver a keynote, join a panel or participate in a moderated discussion.
Swell week starts October 27 with the Institutional Summit.
Joining us: Raghuram Rajan, former governor of the Reserve Bank of India, professor of finance at Chicago Booth, and co-leader of the Federal Reserve’s Balance Sheet Policy task force.
Request an invitation:… pic.twitter.com/lRxIJiCMAr
— Swell (@RippleSwell) September 4, 2026 Ripple Swell begins with an institutional summit The Institutional Summit is scheduled for Oct. 27 and requires prospective attendees to request an invitation. Ripple is positioning the program toward representatives of banks, asset managers, payment companies and other financial institutions.
Rajan brings experience spanning central banking, international finance and academic research. He led the Reserve Bank of India from September 2013 until September 2016 and previously served as chief economist of the International Monetary Fund.
He is currently the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business. Ripple’s official lineup identifies Rajan by his academic position.
His addition gives the summit a direct central banking perspective as financial institutions examine stablecoins, tokenized assets and blockchain-based settlement. However, Ripple has not said whether Rajan will address any of those specific subjects.
The speaker announcement also does not indicate that Rajan is advising Ripple, endorsing XRP or supporting any company product. His confirmed involvement is limited to participating in the conference program.
Rajan also co-leads a Federal Reserve policy review Rajan’s appearance comes as he serves as one of three external leaders of the Federal Reserve’s Balance Sheet Policy task force. Harvard professors Karen Dynan and Jeremy Stein are the other leaders.
The Federal Reserve established the group to examine the costs, benefits and institutional consequences of its current balance sheet regime. The central bank said the task force would operate independently with support from Federal Reserve staff.
Its findings are intended for the Federal Open Market Committee. The group is one of five task forces examining areas including monetary policy communication, inflation frameworks, economic data, productivity and employment.
Rajan’s position on the task force does not make him a Federal Reserve official or policymaker. He serves as an external adviser alongside other economists, former central bankers and business leaders.
The task force role nevertheless adds a current U.S. monetary policy connection to his Swell appearance. The Federal Reserve’s balance sheet affects bank reserves and financial-market liquidity, subjects that overlap with institutional discussions about new settlement infrastructure.
No official source has connected Rajan’s Federal Reserve work with his participation at Swell. Any suggestion that his appearance represents Federal Reserve involvement in Ripple’s conference would therefore be unsupported.
Swell 2026 combines institutional and developer programs Ripple expects more than 1,500 people to attend Swell 2026. The organizer is advertising more than 75 speakers and over 50 sessions across three stages.
Those figures are conference projections and may change before October. Ripple continues to add speakers, while the complete session-by-session schedule has not yet been published.
The 2026 program will combine Swell and XRPL Apex. Swell has traditionally focused on institutional payments, regulation and capital markets. XRPL Apex has centered on developers, researchers and companies building on the XRP Ledger.
Bringing the events together gives institutional participants access to technical sessions while allowing developers to hear directly from banks, exchanges and market-infrastructure providers.
The announced subjects include stablecoins, tokenization, payments, exchange-traded funds, decentralized finance, privacy, artificial intelligence, quantum computing and XRP Ledger development.
The combined Swell and XRPL Apex program will also feature actor and Water.org co-founder Matt Damon. Ripple previously named Damon as a keynote speaker but has not disclosed the subject or timing of his address.
Ripple’s lineup spans banking, markets and technology Ripple CEO Brad Garlinghouse, President Monica Long and CTO Emeritus David Schwartz are included in the speaker lineup. Their session topics have not all been published.
Other listed speakers include Bullish Chairman and CEO Tom Farley, Tradeweb CEO Billy Hult and Susquehanna Crypto CEO Chase Lax. BNY Global Head of Markets Laide Majiyagbe and Intercontinental Exchange executive Michael Blaugrund are also scheduled to participate.
Robinhood’s crypto business will be represented by Johann Kerbrat. The roster also includes Jenny Just, co-founder of financial technology company PEAK6, and Gary White, CEO and co-founder of Water.org.
The official speaker page lists Nasdaq Chair and CEO Adena Friedman, New York State Department of Financial Services official John Melican and U.S. Representative Ritchie Torres. Patrick Witt, executive director of the White House President’s Council of Advisors for Digital Assets, is also listed.
Participants from the XRP Ledger ecosystem include representatives of the XRPL Foundation, XRPL Commons and related development organizations. Academics from Chicago Booth, Columbia, Cornell, Carnegie Mellon, Wharton and several European universities appear on the roster.
Their inclusion does not indicate endorsement of Ripple or its products. It reflects the range of speakers that Ripple has scheduled for discussions across finance, policy and blockchain development.
The complete Swell agenda remains pending The next confirmed step is publication of the detailed conference agenda. Ripple still needs to disclose Rajan’s session title, timing and format.
The same uncertainty applies to several other announced speakers. Conference listings confirm their planned participation but do not reveal what they will discuss.
Swell 2026 begins with the Institutional Summit on Oct. 27. The main conference and XRPL Apex sessions will continue through Oct. 29 at The Shed, located in Manhattan’s Hudson Yards district.
Standard registration is listed through Oct. 5, followed by a final registration period ending Oct. 20. Access to the Institutional Summit is handled separately through an invitation request.
Rajan’s participation adds a former central bank governor and current Federal Reserve task force adviser to Ripple’s expanding lineup. The substance of his appearance will become clearer once Ripple publishes the full agenda.
Raghuram Rajan, the former governor of the Reserve Bank of India, will headline the opening of Ripple’s Swell 2026 conference next month, bringing a former central banker and prominent economist into a gathering increasingly focused on the convergence of traditional finance and blockchain technology.
Swell said Friday that its weeklong program will begin Oct. 27 with an Institutional Summit featuring Rajan. The event will run through Oct. 29 at The Shed in New York City.
Rajan is currently a finance professor at the University of Chicago Booth School of Business and is a co-leader of the Federal Reserve’s Balance Sheet Policy task force.
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Ripple's biggest conference yet Ripple is presenting as its biggest conference yet. The 2026 edition will combine Swell with XRPL Apex, Ripple’s developer-focused event, for the first time. The company expects more than 1,500 attendees, at least 75 speakers, and more than 50 sessions across three stages.
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The speaker roster stretches across banking, digital assets, payments, capital markets, academia and the XRP Ledger ecosystem. The most prominent names include Ripple CEO Brad Garlinghouse, President Monica Long and CTO Emeritus David Schwartz. Matt Damon, co-founder of Water.org, and Tom Farley, chairman and CEO of crypto exchange Bullish, are also listed as featured speakers.
The lineup also includes Johann Kerbrat, Robinhood’s senior vice president and general manager of crypto. Jenny Just, co-founder of PEAK6; Chase Lax, CEO of Susquehanna Crypto; Billy Hult, CEO of Tradeweb; Laide Majiyagbe, global head of markets at BNY; and Michael Blaugrund, vice president of strategic initiatives at Intercontinental Exchange.
Other featured participants include Gary White, CEO and co-founder of Water.org; Brett Mollin, executive director of the XRP Ledger Foundation; Thomas Chippas, CEO of Rothera; and David Bchiri, president of XRPL Commons.
The event will also draw academics from universities including Columbia, Cornell, Carnegie Mellon, the University of Pennsylvania’s Wharton School, the University of Luxembourg, the University of San Francisco, the University of Trento, and the University of Birmingham.
Swell 2026 is scheduled for Oct. 27-29 at The Shed in Manhattan.
Mastercard has announced its sponsorship of the upcoming XRPL Hackathon, signaling a significant collaboration between the global payment technology company and the XRP Ledger developer community. The event, organized by XRPL Commons in New York, will run for 36 hours from October 24 to 25, 2026, just before Ripple’s annual Swell conference.
Major tracks focus on protocol, AI, and lendingThe hackathon will gather blockchain developers together with industry investors, institutions, and financial leaders. Participants will compete in four distinct tracks aimed at advancing technological innovation within the XRP Ledger ecosystem.
The Protocol Innovation track will challenge developers to expand the XRP Ledger’s core technology through work on amendments, client implementations, and new developer tools. Prior to the main event, a Core Dev Bootcamp from October 20 to 22 will equip participants with a deeper understanding of XRPL development.
Agentic Finance will examine the use of autonomous artificial intelligence (AI) agents for conducting secure, on-chain transactions. As AI becomes capable of acting independently, the potential for machine-to-machine payments and automated settlements continues to grow.
The Lending & Borrowing category will direct attention to the XRP Ledger’s developing credit infrastructure. This includes the XRP Ledger Lending Protocol, the XLS-66 proposal, and Single Asset Vaults under XLS-65, which are currently subject to validator voting as part of the network’s ongoing upgrade process.
A fourth track, called Why Not, will offer developers room to pursue ambitious ideas that do not fit into the other categories.
Mini dictionary: XLS-66 and XLS-65: These are technical proposals for adding new lending and vault features to the XRP Ledger. XLS-66 proposes an on-chain credit and lending protocol, while XLS-65 introduces single asset vaults to improve custody and lending functionality.
Mastercard’s strategic move in blockchainMastercard’s support for the hackathon highlights its increasing engagement with blockchain solutions and digital asset infrastructure. The company, recognized globally for payment processing, has recently shown a particular interest in stablecoin settlement technology and programmable payments.
XRPL Commons highlighted Mastercard’s involvement in the RLUSD settlement project in partnership with Gemini, further underscoring the card giant’s growing focus on blockchain-powered financial applications.
Mastercard’s presence at the event reflects the rising intersection between AI, programmable payments, stablecoins, and on-chain credit—fields where blockchain is becoming more relevant to traditional finance.
With new forms of financial applications on the horizon, XRPL developers will have the opportunity to present their solutions before local and global financial leaders in a city recognized for its influence in both traditional and digital finance.
Potential for real-world impact and industry adoptionAs the XRP Ledger ecosystem continues to expand, the hackathon’s timing offers participants the chance to demonstrate how blockchain can enable programmable payments, secure AI-agent transactions, and new models for lending and tokenization—key areas drawing increasing attention across the sector.
Successful projects emerging from the event may attract interest from Mastercard, offering direct pathways for blockchain-driven innovation to enter the mainstream payments industry.
The 36-hour XRPL Hackathon in October could mark an essential milestone for the future of the network as it integrates AI, stablecoins, tokenized assets, and decentralized finance on a single platform.
Mastercard has announced it will sponsor the upcoming XRP Ledger Hackathon, drawing fresh attention to the XRP Ledger ecosystem in the lead-up to Ripple Swell 2026. At the same time, 21Shares has updated the pricing benchmark for its XRP ETF known as TOXR, reflecting notable shifts across the regulated XRP investment landscape.
Mastercard’s growing involvement with XRP LedgerThe XRP Ledger Foundation revealed that Mastercard will be the official sponsor of the XRP Ledger Hackathon, scheduled for October 24 and 25 immediately before Ripple Swell 2026. This event, lasting 36 hours, will invite developers to create new payment-focused applications and engage with businesses building on the XRP Ledger network.
The XRP Ledger Foundation is a non-profit organization focused on advancing the development and adoption of the XRP Ledger, an open-source blockchain created for fast, secure, and low-cost payments.
According to the foundation, the XRP Ledger provides a proven foundation for cross-border payments and payment-related innovation. Mastercard, a major global payments technology company, has partnered with several leading crypto firms in 2026. In March, Mastercard expanded its payment network initiatives to include Ripple, Circle, Binance, Gemini, PayPal, and Paxos, integrating digital assets and blockchain services more deeply into traditional financial infrastructure.
Mastercard’s collaboration widened in June, incorporating additional tokens in its network, including Ripple’s RLUSD stablecoin and Circle’s USDC, signaling increased activity in blockchain-enabled payment systems.
Mini dictionary: Ripple Swell, the flagship annual conference organized by Ripple, focuses on topics including payments, digital assets, and the future of financial technology, drawing banking and fintech professionals from around the world.
Meanwhile, 21Shares submitted a filing with the Securities and Exchange Commission to update its spot XRP ETF (TOXR). The ETF’s pricing source will shift from CME Group pricing to the FTSE XRP Index, starting August 27. This change will adjust how TOXR tracks XRP’s value, reflecting a move toward different industry benchmarks.
Spot XRP ETFs have seen robust inflows throughout the week, with daily capital moving into these funds surpassing $13.8 million on Monday, reaching $24 million on Tuesday, and exceeding $28 million on Wednesday.
Additionally, 21Shares has revised the sponsor fee payment schedule. Instead of weekly payments, the sponsor will now receive fees every three months, settled directly in XRP rather than cash. This switch streamlines fund operations and further integrates native digital currency into the ETF’s processes.
TOXR is currently the only XRP ETF showing negative cumulative net flows, recording $20.06 million in total outflows. In contrast, the Bitwise XRP ETF leads the market with approximately $575 million in cumulative net inflows. Data indicates investor demand remains concentrated in the largest funds.
FundCumulative Net FlowsLatest Daily InflowBitwise XRP ETF$575 millionOver $28 million21Shares TOXR-$20.06 millionOver $28 million21Shares is an asset management firm specializing in exchange-traded products tracking digital assets, including single-asset crypto ETFs and broader crypto index funds.
Spot XRP ETF activity intensifiesSpot XRP ETFs across the United States have attracted significant inflows throughout the week. On Monday, daily inflow volumes reached $13.82 million, increasing to about $24 million on Tuesday, and climbing above $28 million on Wednesday.
TOXR has switched to quarterly sponsor payments in XRP, moving away from weekly schedules previously settled in cash.
These developments coincide with Mastercard’s increased support for the XRP Ledger, indicating payment industry interest in blockchain payment solutions and growing demand for regulated XRP investment products.
Ripple has named Academy Award winner and Water.org co-founder Matt Damon as a keynote speaker for Swell 2026, scheduled for Oct. 27–29 at The Shed in New York City.
Summary
Matt Damon will deliver a keynote at Ripple Swell 2026, scheduled October 27–29 in Manhattan. Ripple will combine Swell and XRPL Apex for the first time across three stages together. Organizers expect more than 1,500 attendees, 75-plus speakers and over 50 sessions in total overall. New speakers include executives from Aviva, Susquehanna Crypto, Water.org and PEAK6 across finance sectors globally. Ripple supports Water.org’s Get Blue campaign, using RLUSD to transfer funding toward microfinance partners worldwide. The official Swell website lists Damon among the keynote speakers alongside Bullish Chairman and CEO Tom Farley. Ripple has not yet published the topic, timing or format of Damon’s appearance.
Swell’s latest announcement also added four speakers: Aviva Senior Investment Director Alastair Sewell, Susquehanna Crypto CEO Chase Lax, Water.org CEO and co-founder Gary White, and PEAK6 co-founder Jenny Just.
Ripple Swell 2026 adds finance and nonprofit leaders The expanded lineup places executives from investment management, crypto trading, financial technology and nonprofit finance within the same program. Ripple describes Swell as a conference examining connections between traditional finance and the onchain economy.
Other listed speakers include Ripple CEO Brad Garlinghouse, President Monica Long and CTO Emeritus David Schwartz. External participants include Robinhood crypto executive Johann Kerbrat, BNY Global Head of Markets Laide Majiyagbe and Intercontinental Exchange Vice President Michael Blaugrund.
Former Reserve Bank of India Governor Raghuram Rajan is also listed. The lineup extends beyond crypto-native companies to include banks, asset managers, exchange operators, academics and development organizations.
Ripple has not released the complete session schedule. More speakers are expected to be announced, but the event website does not provide a deadline for completing the lineup.
Matt Damon’s appearance connects to Water.org Damon co-founded Water.org with Gary White. The nonprofit works with local financial institutions to provide affordable financing for household water and sanitation systems.
Ripple joined Water.org’s Get Blue campaign in June as its exclusive digital asset and payments partner. As crypto.news reported, RLUSD is being used to move funding to microfinance partners serving communities across emerging markets.
That existing relationship gives Damon’s participation a direct connection to Ripple’s humanitarian payments work. However, neither Ripple nor Water.org has confirmed that his keynote will focus on RLUSD, charitable payments or the Get Blue initiative.
Ripple previously said Water.org and other nonprofits were testing its payments infrastructure and stablecoin. The company described the technology as a way to improve the speed and transparency of cross-border aid transfers. Those performance claims come from Ripple and participating organizations rather than an independent assessment of every transfer.
Swell and XRPL Apex become one conference Ripple will combine Swell and XRPL Apex into one event for the first time in 2026. Swell has traditionally focused on institutional finance, payments and policy, while Apex has served developers and researchers working on the XRP Ledger.
The combined conference is planned around more than 50 sessions across three stages. Ripple expects over 75 speakers and more than 1,500 attendees, according to the event website. These are organizer projections and may change before October.
Program topics include payments, stablecoins, tokenization, crypto markets, exchange-traded funds, decentralized finance, artificial intelligence, privacy, quantum computing and XRP utility.
In related coverage, the combined Swell and XRPL Apex conference was identified as a major October event for the wider Ripple and XRP Ledger ecosystem. Conference announcements alone do not establish future demand for XRP or other Ripple-related products.
Registration closes before the October event Swell 2026 will take place at The Shed, a cultural center at 545 West 30th Street in Manhattan’s Hudson Yards. Standard registration is listed at $1,200 through Oct. 5.
The final registration period runs from Oct. 6 through Oct. 20, with tickets priced at $1,500. Ripple has separate application routes for journalists, speakers, partners and hackathon participants.
The organizers are also planning an institutional summit and a hackathon within the wider conference program. Detailed schedules for those components remain pending.
The next confirmed steps are additional speaker announcements and publication of the complete agenda. Damon’s precise keynote subject and the sessions assigned to the four newly announced speakers have not yet been disclosed.
The XRP Ledger is preparing for a significant upgrade with the FixCleanup3_2_0 amendment set for mainnet activation in less than two weeks. A consensus of 85.71% was reached for this amendment, with 30 validators voting in favor, triggering the start of a two-week activation period.
Details of the FixCleanup3_2_0 UpgradeThe FixCleanup3_2_0 amendment introduces a range of technical improvements to the XRP Ledger protocol. These adjustments address issues related to Single Asset Vaults, the Lending Protocol, the permissioned decentralized exchange (DEX), Multi-Purpose Tokens, and permissioned domains. Precision and rounding fixes have been integrated for Single Asset Vaults and the Lending Protocol to enhance reliability in these services.
A correction was added to resolve an issue with the ‘ValidPermissionedDEX’ invariant, which previously activated during the deletion of a valid offer. The upgrade also introduces validation checks for non-canonical Multi-Purpose Token amounts and implements a zero DomainID check to strengthen permissioned domain security.
One major feature of this upgrade is the addition of the invariant AccountRootsDeletedClean, ensuring no directly accessible artifacts remain when an account is deleted. This amendment is part of Version 3.2.0 of xrpld, the reference implementation server for the XRP Ledger protocol. This version was released in mid-June, targeting improved network stability and reducing operational risks for institutions and users.
Mini dictionary: xrpld, the core reference implementation software for running XRP Ledger servers, is maintained by Ripple and supports validating, participating, and relaying transactions on the network.
Mainnet Upgrade TimelineBased on data from XRPScan, the FixCleanup3_2_0 upgrade is scheduled for activation on July 29, 2026, at 09:57:00 AM UTC. The timeline reflects the amendment’s standard two-week consensus period after majority approval.
XRP Ledger Ecosystem GrowthAlongside the upcoming software upgrade, the XRP Ledger reached a notable milestone this week, with the number of accounts surpassing 8 million. Popular XRP explorer XRPL Services reported an account count of 8,005,586, highlighting sustained growth in network adoption.
XRP Ledger accounts exceeded 8 million for the first time, signaling ongoing interest and activity in the ecosystem, as reported by XRPL Services.
Swell 2026 Event and Industry ParticipationMomentum around XRP continues to grow this year, with major developments planned for the fall. The annual Swell conference, organized by Ripple, will convene in New York City in 2026. The event brings together builders, financial leaders, and the broader XRP community for discussions on trends and future developments in blockchain technology.
Expected speakers at Swell 2026 include Tom Farley, Chairman and CEO of Bullish, a digital asset exchange; Brad Garlinghouse, CEO of Ripple, the technology company behind the XRP Ledger; Billy Hult, CEO of Tradeweb; Monica Long, President at Ripple; and David Schwartz, CTO Emeritus at Ripple.
Ripple’s x402 Foundation InitiativeRipple announced its new role as a Premier Member of the x402 Foundation. This non-profit foundation focuses on developing technology standards and infrastructure for enabling agentic payments. Ripple’s participation will support further development of tools for developers who implement the x402 protocol, facilitating transactions in both XRP and RLUSD.
Mini dictionary: The x402 Foundation is dedicated to fostering open standards for agentic payments, allowing digital agents to autonomously transact using digital assets like XRP and RLUSD without human intervention.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
In brief Meme coins Pepe, Bonk, and Shiba Inu led a speculative charge, with double-digit gains, as Bitcoin pushed above $90,000. Macro factors like rate cuts could fuel a "risk-on" 2026, but some have warned meme coin rallies are poor signals due to low liquidity. Market sentiment remains split, with prediction market optimism at a 2026 high while the broader Crypto Fear & Greed Index stays in "Fear." Meme coins are surging amid renewed interest in the sector, as Bitcoin continues to grind higher for the start of the year.
Leading the charge are Bonk, Pepe, and Shiba Inu, posting 24-hour gains of over 20%, 14%, and 10%, respectively, according to CoinGecko data. On a weekly basis, however, Pepe leads with a 70% rally, followed by Bonk at 48% and Dogecoin at 22%.
The resurgence in crypto's riskier assets coincides with a stabilizing Bitcoin.
The top crypto has closed higher for four consecutive days, pushing past the pivotal $90,000 mark after several failed attempts in late 2025.
Bitcoin’s drive this time, however, is backed by a substantial uptick in the aggregated open interest, which has surged to $31.44 billion, a six-week high, according to CryptoQuant.
Sustained rate-cutting cycle, disinflation, and new U.S. access to strategic resources like Venezuelan oil as factors that could be coalescing to support risk assets, according to Derek Lim, head of research at crypto market-making firm Caladan.
“All the above when viewed in tandem may prelude to a shift towards a more risk-on sentiment in 2026,” Lim told Decrypt. “Perhaps the current price movements are attempting to price all these in.”
He urged caution, however, in interpreting the meme coin rally as a definitive signal.
“I will hesitate to read this as the market shifting into a more risk-on mode,” Lim said. “Meme coin pumps can be relatively easily manufactured by a multitude of factors, such as low liquidity, extremely low float, so it may not necessarily represent any larger shifts in momentum/attitudes with regard to the broader market.”
Retail sentiment mirrors that cautiously optimistic stance.
Users on prediction market Myriad—owned by Decrypt’s parent company, Dastan—now assign an 82% chance that Bitcoin hits $100,000 before $69,000, up from 62% at the start of the year.
The recovery is not limited to meme coins; other top altcoins, including Hyperliquid, Hedera, Aster, and XRP, have also surged by roughly 5% over 24 hours.
Still, the Crypto Fear & Greed Index suggests that, despite the hot streak in meme coins, the broader psychological recovery from the 2025 downturn is not yet complete.
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According to on-chain data, companies have piled into Bitcoin at a pace that now outstrips new supply. Corporate treasuries held by public and private firms rose from about 854,000 BTC to roughly 1.11 million BTC over the past six months, an increase of around 260,000 BTC — roughly 43,000 BTC per month.
This adds close to $25 billion in value to corporate balance sheets and points to a growing appetite among firms for holding the coin, on-chain analytics provider Glassnode disclosed, Tuesday.
Corporate Treasuries Swell A single firm dominates that pile. Strategy now controls the largest share of corporate Bitcoin, holding 687,410 BTC after a fresh buy earlier this month. The company disclosed it acquired 13,627 BTC between January 5 and January 11, its biggest purchase since last July. Reports have highlighted how this concentration means a few big buyers still shape the corporate treasury picture.
Over the past 6 months, Bitcoin treasuries held by public and private companies have grown from ~854K BTC to ~1.11M BTC.
That’s an increase of ~260K BTC, or roughly ~43K BTC per month, highlighting the steady expansion of corporate balance-sheet exposure to Bitcoin.… https://t.co/hHXjcSDDj4 pic.twitter.com/oluVGO2bGD
— glassnode (@glassnode) January 13, 2026
Smaller, but still significant corporate holders are visible on the list. MARA Holdings, for example, holds about 53,250 BTC. That makes it one of the largest corporate holders after Strategy, and shows that miners and mining firms are also choosing to keep a chunk of the coin they create.
ETF Demand Could Tighten Supply Exchange-traded funds are part of the story. Spot Bitcoin ETFs in the US pulled in more than $20 billion in flows during 2025, with some funds taking the largest share of those inflows. Analysts say ETF buying can soak up fresh supply and, if consistent, might remove available coins from the market for long periods. That dynamic has been flagged as one reason corporate accumulation could matter more now than in past cycles.
BTCUSD now trading at $94,942. Chart: TradingView Miners Are Producing Less Than Corporates Are Buying Over the same six months, miners are estimated to have created about 82,000 BTC. That means corporate buying has outpaced mining issuance by roughly three to one. In plain terms: more Bitcoin is being added to company balance sheets than is coming out of the ground, which tightens available supply if buyers continue to hold rather than sell.
Price Action And Macro Watch Bitcoin has been trading in a narrow range near $92,000 ahead of key US inflation figures, with the $90,000 level seen as a psychological marker for traders. Safe-haven interest has stayed firm amid geopolitical noise and questions about central bank policy, leaving prices supported but range-bound. Short-term moves will likely reflect both ETF flows and whether existing holders keep selling into demand.
Featured image from Unsplash, chart from TradingView
The probability that the U.S. takes control of Greenland this year has spiked on prediction markets as President Donald Trump intensifies push to annex the world's largest island.
Will Trump's Greenland Plans Succeed?Odds in favor of the contract titled "Will Trump acquire Greenland before 2027?" surged to 22% on Polymarket, up from 8% since the year began.
Over $14 million has been wagered on the bet, among the highest on the Polygon (CRYPTO: POL)-based platform currently.
Meanwhile, odds on Kalshi, a federally authorized betting platform, have been broadly unchanged from last week, currently at 46%.
Punters are also betting on Trump’s threats of tariffs against countries resisting his Greenland plans, with odds exceeding 30% for new duties on Denmark, Finland, and France starting next month.
Tensions Escalate Between the US and EUGreenland's leadership has consistently rejected Trump's attempts to gain control, with Prime Minister Jens-Frederik Nielsen stating that they would “choose” Denmark over the U.S.
EU ambassadors reached a broad agreement Sunday to dissuade Trump from imposing tariffs, while also drafting countermeasures in case the duties are imposed.
Member states are also considering the never-before-used Anti-Coercion Instrument, which could curb access to public tenders, investments, banking activity or trade in services where the U.S. holds a surplus, including digital services.
Industry and geopolitical analysts believe the plan to acquire Greenland, a semiautonomous territory within the Kingdom of Denmark, could cost the U.S. nearly $1 trillion over the next 20 years with no significant economic return.
Photo Courtesy: Andrey Muravin on Shutterstock.com
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The market for tokenized commodities has blown past $6B, mostly thanks to demand for gold-backed tokens in an uncertain economy. This trend shows a split market: money is flowing to both safe havens and high-risk, high-reward speculative plays. Maxi Doge ($MAXI) is tapping into a unique, high-energy trading culture to build its community with gamified competitions. Whale wallets are accumulating and the presale has pulled in over $4.5M, signaling strong early interest in the project. With Bitcoin trading sideways, a different kind of digital asset is quietly booming.
The market for tokenized commodities has surged past $6B in total value, according to recent industry data. This growth is predominantly fueled by gold-backed tokens like Tether Gold (XAUT) and Pax Gold (PAXG), which together command the lion’s share of this growing sector.
As gold itself tests new highs, investors are increasingly turning to its on-chain counterparts for exposure, seeking the stability of a millennia-old store of value combined with the efficiency of blockchain technology.
Why does this matter? It signals a profound shift in market psychology. In a climate of macroeconomic uncertainty and ranging crypto prices, capital is flowing toward assets with perceived safety and tangible value. Tokenized gold offers just that, the ability to hold a claim on physical gold without the custody headaches, settled on-chain with near-instant finality.
But that’s only half the story. While one cohort of investors hedges with digital gold, another is hunting for alpha at the opposite end of the risk spectrum. Those same market conditions also fuel an appetite for high-octane, speculative plays capable of delivering outsized returns. What most coverage misses is that these trends aren’t contradictory. In a market desperate for direction, they’re two sides of the same coin.
This environment has become the perfect breeding ground for a new class of meme tokens built not just on humor, but on a culture of aggressive market participation.
Enter Maxi Doge ($MAXI), an Ethereum-based meme token that embodies the high-leverage, ‘1000x’ trading mentality.
Read more about $MAXI here.
From Safe Havens to High-Leverage Culture Where tokenized gold offers stability, a new project channels the market’s raw, unfiltered energy. It’s a direct response to a market where retail traders often feel outgunned by whales.
Frankly, Maxi Doge ($MAXI) isn’t just another canine-themed coin. It’s a cultural statement built around strength, discipline, and the relentless grind of the bull market.
The project’s ecosystem is designed to foster a community of active traders. Its core features include holder-only trading competitions with leaderboards and rewards, creating a gamified environment for profit-and-loss hunters (a clever move, really). This transforms passive holding into active engagement.
Plus, the ‘Maxi Fund’ treasury is designated for securing liquidity, funding partnerships with futures platforms, and amplifying its viral, gym-bro marketing narrative.
The second-order effect is the creation of a self-reinforcing community. By building its identity around the ‘Lift, trade, repeat’ mantra, Maxi Doge taps into a powerful subculture that equates financial ambition with physical strength. Is it unconventional? Absolutely.
But in the attention economy of crypto, a unique and resonant narrative is often the difference between obscurity and viral adoption.
$MAXI is available here.
On-Chain Data Signals Early Strength And that narrative is translating into tangible results.
According to its official site, the Maxi Doge presale has already attracted significant capital, pulling in an impressive $4.59M with tokens priced at $0.0002803. That level of funding suggests the project’s high-energy message is resonating with a market segment hungry for the next big meme-driven rally. But can it last?
As with any meme coin, the real risk is sustaining momentum after the launch, a challenge that hinges entirely on community execution.
Digging deeper, on-chain data reveals that smart money is taking notice. Etherscan records show two whale wallets have scooped up a combined $628,000 in $MAXI tokens. The biggest buy was a single quarter-million-dollar ($314K) transaction on October 11, a clear signal of high conviction from at least one major player. For market observers, such movements are often a leading indicator of a project’s potential.
To further incentivize its community, the project incorporates a dynamic staking APY. Rewards are distributed automatically via smart contract from a dedicated 5% allocation pool, providing a yield-bearing component for holders. Looking ahead, the critical test for Maxi Doge will be its ability to integrate with trading platforms and deliver on its promise of gamified tournaments. That’s what will truly bring its high-leverage culture to life.
It’s a project to watch closely. Join the Maxi Doge presale and experience the next wave of community-driven crypto innovation.
Buy your $MAXI here.
This article is for informational purposes only and should not be considered financial advice. Cryptocurrency investments are inherently volatile and risky.
Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Ripple has announced the Q4 date for Swell 2026, an event it calls its "biggest" yet. This is because, for the first time ever, Ripple is combining the Swell and XRPL Apex events into a single comprehensive experience for everyone, including institutional leaders, fintech innovators, developers and researchers building on the XRP Ledger.
Apex 2025 was a successful one that brought together over 800 attendees – developers, builders, investors and users from across the XRPL community globally.
Swell 2026: Call for Speakers is now open, and this is our biggest event yet!
For the first time, Swell + Apex unite in NYC, October 27-28, 2026: https://t.co/f5U4cdQpcE
— Ripple (@Ripple) April 14, 2026 A specific lineup for the event is yet to be made known, but one can gain a few insights as Ripple reveals its expectations for speaker submissions.
Ripple is currently accepting speaker submissions across three tracks: Institution, which covers institutional, product and policy; Ecosystem, covering developers, builders and community, which will delve into the latest features, capabilities and projects built on XRP Ledger; and Innovation, covering academia, research and technical, which will delve into research and technical discoveries at the forefront of blockchain innovation.
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Topics will range from capital markets and settlement, crypto infrastructure, crypto markets and ETFs, DeFi, interoperability, financial inclusion, funding and VC, payments, policy and regulation, privacy, security and compliance, stablecoin, tokenization, treasury and cash management, and quantum and XRP utility.
The Swell and Apex events hosted by Ripple will bring the global financial community together in New York City from Oct. 27 to 29, 2026.
Ripple secures partnership in KoreaRipple announced today a landmark strategic partnership with Kyobo Life Insurance, one of Korea’s largest and most established life insurers.
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This marks Ripple’s first collaboration with a leading insurance institution in Korea and represents a significant step in the development of institutional-grade digital asset infrastructure in the country to enable tokenized government bond transactions through Ripple Custody within a regulated institutional environment.
Kyobo Life and Ripple will assess the technical and regulatory feasibility of tokenized Treasury settlement in Korea’s financial ecosystem. Ripple will power Kyobo to explore stablecoin-based payment rails, enabling 24/7 transaction capability within a compliant, regulated framework.
Hollywood A-lister Matt Damon is slated to appear at the upcoming Ripple Swell conference. The much-anticipated event, which will take place in New York for the second year in a row, has been scheduled for Oct. 27–29.
The acclaimed actor and philanthropist will take the stage to discuss cross-border stablecoin payments and the global need for clean water, which has become one of the most pressing issues.
On top of being a Hollywood superstar, Damon is also the co-founder of the nonprofit Water.org alongside engineer Gary White.
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Damon Ripple Payments and the U.S. dollar-backed stablecoin RLUSD show real-life impact across emerging markets in Asia, Africa, and Latin America.
The "Get Blue" campaign Currently, more than two billion people worldwide have no access to safe water at home.
Water.org has launched the "Get Blue" campaign to address this issue. Apart from Ripple, the impressive list of its corporate foundational partners includes the likes of Amazon and Gap.
According to the U.S. Environmental Protection Agency, direct water consumption by U.S. data centers is projected to hit 73 billion gallons by 2028.
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The initiative will focus on using a portion of corporate sales and direct donations to Water.org, providing affordable financing for essential water utilities and scaling transactions (where RLUSD comes in handy).
"Fortune favors the brave" Damon is widely celebrated for a decades-long Hollywood career. He has starred in such acclaimed movies as "Good Will Hunting", "Saving Private Ryan,", and the blockbuster "Jason Bourne" franchise.
Among crypto enthusiasts, however, Damon is also known for his infamous October 2021 appearance in a Crypto.com commercial.
The polarizing ad featured Damon comparing crypto investors to historical pioneers with the "Fortune favors the brave" tagline, which has since become a meme.
The commercial premiered at the worst possible time (right on the cusp of a major crypto crash). Unsurprisingly, Damon had to deal with a lot of internet lampooning after this.
Damon’s appearance, which will certainly excite XRP fans, adds to a list of prominent global figures gracing the Ripple Swell stage. In October 2018, for instance, former U.S. President Bill Clinton delivered a high-profile keynote address at the Swell conference in San Francisco.
Ripple CTO Emeritus David Schwartz (@JoelKatz) used a June 17 post on X to put $XRP utility front and center ahead of Swell 2026, pointing to the growing number of ways developers and businesses are deploying the asset across finance and blockchain applications.
Payments, Tokenization, DeFi, and AI in Focus Schwartz highlighted $XRP use cases spanning payments, tokenization, decentralized finance, interoperability, and artificial intelligence ahead of Ripple Swell 2026. His remarks were framed as an invitation to the broader $XRP community, with Schwartz writing that "the best part of these events is always seeing the new ways people are using XRP and building on the XRP Ledger," and that he was looking forward to "diving into core use cases around payments, tokenization, interoperability, DeFi, AI, and whatever comes next."
Recent Ripple initiatives and broader ecosystem activity have expanded $XRP's presence in payments, treasury management, liquidity, and cross-chain applications. On the enterprise side, Ripple said its treasury platform now lets organizations hold, manage, and transact with $XRP and RLUSD inside existing workflows, with real-time valuation, transaction recording, and auditability for treasury teams. Ripple CEO Brad Garlinghouse has also described using AI in cash forecasting and real-time liquidity management for finance teams.
Independent voices in the ecosystem have reinforced the utility narrative. Panos Mekras, co-founder and CEO of Anodos Finance, said his company bought, held, and paid employees with $XRP since 2023, operating across the XRP Ledger, Solana, and Flare. Alexis Sirkia, chairman of Yellow Network, pointed to increased $XRP activity in payments, tokenization, liquidity provision, and settlement by institutions and developers.
Swell 2026: Ripple's Biggest Event Yet Schwartz's comments come as Ripple prepares to host what it describes as its most ambitious gathering to date. Ripple has described Swell 2026 as its largest Swell event yet, with more than 1,500 attendees, over 75 speakers, more than 50 sessions, and three stages in New York City. For the first time, it combines the Swell and Apex conferences into one unified experience across multiple programming tracks.
The speaker list includes Matt Damon, co-founder of Water.org; Tom Farley, chairman and CEO of Bullish; Brad Garlinghouse, CEO of Ripple; Billy Hult, CEO of Tradeweb; Monica Long, president of Ripple; and Schwartz himself. The event brings together financial leaders, fintech founders, developers, and researchers to explore the intersection of traditional finance and the onchain economy.
Sources:
Bitcoin.com News: Ripple's Schwartz Highlights XRP Use Cases Ahead of Largest-Ever Swell Event
Ripple: Swell 2026 Official Event Page
Bitcoin.com News: Ripple Prepares for Largest Swell Event Yet With Combined Apex Format
In major XRP news today, Hollywood actor and philanthropist Matt Damon will speak at Ripple Swell 2026 alongside Ripple CEO Brad Garlinghouse and CTO Emeritus David Schwartz.
This is expected to be the largest Ripple Swell to date, with a focus on topics including agentic finance, tradFi adoption, tokenization, cross-border payments, DeFi, and XRP Ledger utility.
Ripple Swell Confirms Matt Damon Among Brad Garlinghouse, David Schwartz as Speakers Matt Damon, co-founder of the nonprofit Water.org, is confirmed as a speaker at Ripple Swell 2026. He will share how the organization is using Ripple Payments and the RLUSD stablecoin to speed up cross-border payments for clean water projects.
Water.org has mobilized $7.7 billion and positively impacted 88 million lives across Asia, Africa, and Latin America. Ripple joined the “Get Blue” campaign to fight the global water crisis earlier this month. Matt Damon’s participation highlights major news for the XRP community.
Ripple CTO Emeritus David Schwartz also confirmed, saying, “I wouldn’t miss it” as this will be the largest Swell event yet. Amid the XRP Ledger upgrade news, he asked the community to bring the best ideas.
“The best part of these events is always seeing the new ways people are using XRP and building on the XRP Ledger. Looking forward to diving into core use cases around payments, tokenization, interoperability, DeFi, AI, and whatever comes next,” he added.
Ripple CEO Brad Garlinghouse is expected to speak on crypto regulation news, the company’s growth and new partnerships, along with XRP and RLUSD stablecoin adoption.
“10 years of Swell converging with real scale, institutional adoption, and Swell + Apex together for the first time this fall. We’ve been building toward this moment — see you in New York!”
Additional confirmed speakers include Ripple president Monica Long, Bullish CEO Tom Farley, and TradeWeb CEO Billy Hult amid traditional finance-crypto convergence.
And we’re back for year 10 (!)…@RippleSwell 2026 will be our biggest event ever, with main stage keynotes, multiple tracks (Institutional, Ecosystem, and Innovation), and much more.
An experience that’s both audacious and illuminating, taking place in the financial capital of… pic.twitter.com/bXoca93VfM
— Monica Long (@MonicaLongSF) June 18, 2026
Will XRP Price Rebound amid Positive News? XRP fell 4% further over the past 24 hours, with the price currently trading at $1.13. XRP dropped from a 24-hour high of $1.18 to $1.12 as it continued to trade below key moving averages and crypto options expiry.
Furthermore, trading volume has increased by 12% over the last 24 hours. This indicated investors moved to liquidated holdings after the hawkish Fed tone.
In the past 24 hours, XRP derivatives traders on Binance moved into a clear risk-off mode, while spot traders accumulated aggressively. Almost $41 million positions flushed to mark the largest short-term reset since April.
XRP Futures Open Interest Falls on Binance. Source: CryptoQuant However, CoinGlass data showed buying in the derivatives market in the last 4 hours. Amid recent XRP news of Matt Damon as speaker at Ripple Swell, total XRP futures open interest jumped 0.45% to $2.59 billion. XRP futures OI on CME fell 0.19%, but increased 0.23% and 1.13% on Binance and OKX, respectively.
Ripple CEO Brad Garlinghouse has stated that "a moment is real" for the crypto industry while announcing his participation in the much-hyped Swell conference.
"I've been in crypto long enough to know when a moment is real," Garlinghouse said in a public statement.
"This is one of them. 10 years of Swell converging with real scale, institutional adoption, and Swell + Apex together for the first time this fall. We've been building toward this moment — see you in New York!" he added.
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The "biggest Swell ever"Other top Ripple executives are also excited about the upcoming event, which will take place on Oct. 27-29 in New York.
Ripple President Monica Long has noted that the Swell conference will be Ripple's biggest event ever.
"And we’re back for year 10 (!)… Ripple Swell 2026 will be our biggest event ever, with main stage keynotes, multiple tracks (Institutional, Ecosystem, and Innovation), and much more," Long noted.
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David Schwartz, Ripple’s Chief Technology Officer Emeritus, also took note of the significance of the event, focusing heavily on the tangible utility and developer activity flourishing around Ripple's core technology.
"I hear this will be the largest Ripple Swell yet. I wouldn't miss it," Schwartz stated. "The best part of these events is always seeing the new ways people are using XRP and building on the XRP Ledger. Looking forward to diving into core use cases around payments, tokenization, interoperability, DeFi, AI, and whatever comes next. Bring your best ideas and meet me there, XRP community," he said.
From Hollywood to Wall StreetRipple Swell 2026 already boasts a star-studded speaker lineup. As reported by U.Today, it will include none other than Hollywood superstar and philanthropist Matt Damon, the co-founder of Water.org.
Damon will showcase how the non-profit is using Ripple Payments and Ripple's U.S. dollar-backed RLUSD stablecoin.
Tom Farley, the Chairman and CEO of crypto exchange Bullish and the former President of the New York Stock Exchange (NYSE), will also take part in the event.
Hollywood actor and Water(.)org co-founder Matt Damon is set to take the stage at Ripple Swell in New York this October, bringing together celebrity philanthropy and blockchain payments infrastructure at one of crypto's leading annual events.
The event runs from October 27 to 29. Ripple CTO Emeritus David Schwartz confirmed his attendance, describing it as the largest Swell event yet. Ripple CEO Brad Garlinghouse is also on the speaker roster, alongside Ripple President Monica Long.
How Water(.)org Uses Ripple Payments and RLUSDThe nonprofit was co-founded by actor Matt Damon and engineer Gary White, and uses small loans to help families pay for water and sanitation systems. At Swell, Damon will share how the organisation is using Ripple Payments and the RLUSD stablecoin to speed up cross-border payments for clean water projects.
Traditional cross-border transfers to microfinance partners in emerging markets pass through multiple correspondent banks, take days to settle, and incur a fee on each payment. Ripple routes RLUSD across blockchain rails in minutes, delivering a dollar-equivalent asset to recipient institutions without that overhead. That speed advantage matters most for smaller aid transactions, where transfer fees can eat a disproportionate share of each payment.
Ripple launched RLUSD as a stablecoin backed by US dollar deposits, short-term Treasuries, and cash equivalents. It operates on the XRP Ledger and Ethereum and supports payments, settlement, and other blockchain transactions.
The Get Blue Campaign and Water(.)org's ReachRipple has joined Water(.)org as the exclusive digital asset and payments partner for its Get Blue campaign, deploying its RLUSD stablecoin to accelerate funding for clean water access. Water(.)org launched the campaign at the World Economic Forum in Davos in January 2026, with a goal of reaching 200 million people with safe water by 2030.
Water(.)org has mobilised $7.7 billion and positively impacted 88 million lives across Asia, Africa, and Latin America. Founding partners for Get Blue include Gap, Amazon, Starbucks, and Ecolab.
Ripple previously used RLUSD in a drought insurance pilot for pastoral communities in Kenya and committed $25 million to education groups in the US, supporting DonorsChoose and Teach For America. The Water(.)org partnership extends that humanitarian track record further into global development finance.
Sources:
BeInCrypto: A Hollywood Star Is Joining Ripple's Stage
Crypto.news: Ripple Joins Matt Damon's Water.org Campaign With RLUSD
Yahoo Finance: Ripple Joins Matt Damon to Fight Global Water Crisis With RLUSD
Ripple has officially announced the list of its keynote speakers for its Ripple Swell 2026 event, which will take place from October 27 to October 29 at The Shed in Hudson Yards, New York City
This year’s event comes at a crucial time for XRP holders, with XRP down nearly 64% from recent highs.
What to Expect From Ripple Swell 2026For the first time, Ripple is merging its flagship Swell conference with the XRPL Apex developer summit, creating a single event expected to feature more than 75 speakers, three stages, and over 50 sessions.
This year’s Ripple Swell 2026 will focus on key topics shaping digital finance, including tokenization, stablecoins, payments, and regulation. The event is also expected to feature updates on RLUSD, Ripple’s stablecoin, and the growing real-world asset (RWA) tokenization market.
The event will also explore cross-border payments, XRP Ledger development, and institutional blockchain adoption.
Other sessions will focus on DeFi and interoperability, showing how different blockchain networks can work together.
Ripple is also dedicating time to AI and agentic finance, a growing trend in automated financial services. Finally, regulators and industry leaders will discuss global crypto policies, compliance, and the future regulatory.
Ripple has so far announced six keynote speakers for Swell 2026, with more expected to be added closer to the event.
Leading the lineup are Ripple CEO Brad Garlinghouse, President Monica Long, and CTO David Schwartz.
Garlinghouse recently described this year’s event as a major milestone for Ripple, saying:
“10 years of Swell converging with real scale, institutional adoption, and Swell + Apex together for the first time this fall.”
Meanwhile, Schwartz hinted at the scale of this year’s gathering, stating, “I hear this will be the largest Ripple Swell yet. I wouldn’t miss it.”
He added that one of the most exciting parts of Swell is seeing how developers and businesses are using XRP and building on the XRP Ledger.
Other notable speakers include,
Bullish CEO Tom FarleyTradeweb CEO Billy HultWater.org co-founder Matt DamonCan Ripple Swell 2026 Boost XRP Price?Many are wondering whether Ripple Swell 2026 could push XRP’s struggling price. Looking at the last year, Swell 2025, XRP initially rallied on expectations of major announcements.
But once the event ended, the token fell about 9%, dropping from nearly $2.40 to around $2.19 despite Ripple announcing a $500 million funding round, a $40 billion valuation, and new RLUSD integrations.
That means Swell alone may not be enough to drive a lasting rally.
However, if Ripple reveals major banking partnerships or XRP Ledger adoption updates, the event could help rebuild market confidence.
As of now, XRP is trading near $1.14.
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Ahmed Balaha is a journalist and copywriter based in Georgia with a growing focus on blockchain technology, DeFi, AI, privacy, digital assets, and fintech innovation.
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June 19, 2026
The XRP community’s reaction to the Ripple Swell 2026 announcement was immediate and hostile. Retail holders flooded the @RippleSwell reply thread within hours of the announcement. The consistent theme was not excitement about 1,500 attendees or a merged XRPL Apex agenda; it was anger that Ripple’s flagship institutional event appears to be building a case for RLUSD while XRP falls.
FUUUUUCK YOU. replaced XRP with your fucking stable coin your entire funding fan base will have a target on your heads.
— Beer and Bonfires (@xmasbrent) June 19, 2026 The frustration has a specific target as Ripple’s USD-pegged stablecoin is taking up conference oxygen that long-term holders believe should belong to XRP. Community members used language that ranged from sharp to outright furious. The community is even calling Ripple’s leadership out by name, including CEO Brad Garlinghouse.
The underlying accusation is not subtle. Ripple is constructing a regulated institutional business around RLUSD while XRP’s price stagnates and holders are disappointed.
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Swell 2026 Scope: What’s Ripple Actually DoingSwell 2026 is scheduled for October 27–29 at The Shed in Hudson Yards, New York City, and represents the first time Ripple is folding its developer-focused XRPL Apex summit into the main Swell conference. The combined event is targeting 1,500-plus attendees, 75-plus speakers, and 50-plus sessions across three programmatic stages covering finance, blockchain infrastructure, and digital assets.
Ripple’s stated agenda themes include payments, tokenization, decentralized finance, AI applications, interoperability, and stablecoins. RLUSD’s role in enterprise treasury management and cross-border settlement is a prominent feature of the institutional track.
I've been in crypto long enough to know when a moment is real. This is one of them.
10 years of Swell converging with real scale, institutional adoption, and Swell + Apex together for the first time this fall. We've been building toward this moment — see you in New York!… pic.twitter.com/EQnLPMmLrA
— Brad Garlinghouse (@bgarlinghouse) June 18, 2026 The XRP Ledger’s milestone of surpassing 4 billion completed transactions is being cited by Garlinghouse as evidence that the network has matured enough for the institutional audience Ripple is targeting.
Garlinghouse framed the moment with deliberate confidence:
“I’ve been in crypto long enough to know when a moment is real”
The statement positions Swell 2026 as a threshold event for institutional crypto adoption, which is accurate as a description of Ripple’s ambition, but says nothing specific about what that adoption means for XRP price or holder value.
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XRP Holders Are Not Hiding Their FrustrationThe community sentiment is not a fringe reaction. Retail XRP holders expressed a clear and recurring grievance. Ripple is allocating conference prominence to RLUSD and institutional partnerships while XRP’s price continues to underperform relative to the company’s corporate milestones.
People are saying Brad is a grifter, using XRP holders as a ponsy scheme to buy other companies. I pray he pays the ultimate price. Lawsuits from XRP holders will bankrupt Ripple and have a negative impact on the Crypto market as a whole. Time will tell..,.
— Aramis (@Aramis910961) June 19, 2026 The tone in several replies was openly hostile toward Garlinghouse and the Ripple leadership team, with holders describing themselves as investors who have been systematically sidelined.
The token burn argument has re-emerged as a focal point. A portion of the XRP community is pushing for supply reduction as a mechanism to create direct price pressure, a demand that Ripple has consistently declined to act on.
That refusal, combined with a conference agenda that leads with stablecoins and tokenization rather than XRP utility, is being read by holders as a signal about where Ripple’s actual priorities sit.
Community sentiment of this intensity is a legitimate market signal. When the XRP community, historically one of the most vocal and coordinated retail bases in crypto, publicly turns on a Ripple event, it registers in social volume metrics that can suppress short-term buying pressure and amplify sell-side momentum.
Ripple is bringing its flagship conference back to New York City this October, and the company is making sure everyone knows this isn’t just another industry gathering. The 2026 edition marks the first time Ripple will combine its Swell conference with its developer-focused Apex event, creating what the company is calling its largest gathering to date.
CEO Brad Garlinghouse described the return to New York as a significant moment for Ripple, and the speaker lineup suggests he’s not just being polite about his own event. Nasdaq CEO Adena Friedman, actor and philanthropist Matt Damon, Ripple President Monica Long, and CTO Emeritus David Schwartz are all confirmed to take the stage.
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What’s actually happening at Swell 2026 The conference runs October 27 through 29 at The Shed in Hudson Yards, Manhattan. Multiple programming tracks will cater to different audiences, from traditional finance executives exploring tokenization to developers deep in the technical weeds. Early registration is already open, with early-bird pricing available until July 11, 2026.
The event builds on momentum from prior years. Ripple’s previous Swell conference drew more than 1,500 attendees and featured 75 speakers across 50 sessions. The 2026 edition is expected to surpass those numbers, given the expanded format and the caliber of speakers already announced.
A decade of Swell and a very different regulatory landscape The Swell series has been running for roughly a decade, with previous editions held in cities like Las Vegas and Singapore. The 2025 conference was held in New York City, and the 2026 edition follows that return, reinforcing Ripple’s commitment to engaging the U.S. institutional market. Swell has historically focused on payments innovation, blockchain infrastructure, and regulatory developments, while Apex has catered to developers building on the XRP Ledger. The combined format signals that Ripple wants institutional decision-makers and the people actually writing the code in the same room at the same time.
Having Nasdaq’s CEO on stage isn’t something that happens at conferences the traditional finance world considers fringe. Adena Friedman runs one of the largest stock exchanges on the planet, and her presence signals that the conversation between crypto infrastructure companies and legacy financial institutions has moved past the introductory phase.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
PANews, June 23 – According to the official Lido blog, Lido DAO has voted via Snapshot to revoke the “canonical” bridging endpoint designation for wstETH on nine networks: zkSync Era, Mode, Scroll, Mantle, Swell, Zircuit, Soneium, Polygon PoS, and Lisk. This move represents a resource reallocation at the governance level and does not affect the technical operation of the relevant bridges and contracts. Users can still hold, transfer, or bridge wstETH back to Ethereum on the above networks as normal. Lido will discontinue security monitoring and ecosystem and market support for these networks but will not set a migration deadline.
TLDR: A forged cross-chain message released $292M in unbacked rsETH due to a single-DVN bridge misconfiguration. Ether.fi pinned message libraries and raised DVN verification to a unanimous 4/4 threshold on all chains. weETH bridging will be deprecated on Scroll, Swell, Bera, zkSync, Mode, Blast, Morph, and Sonic by June. Ether.fi joins DeFi United and contributes 5,000 ETH to support coordinated cross-chain security response. Ether.fi has disclosed its full response to the April 18 rsETH exploit that affected Kelp DAO. A forged cross-chain message released approximately $292 million in unbacked rsETH during the incident.
No systems on the platform were directly compromised. The EtherFi Liquid vaults also had no direct exposure to rsETH.
The event exposed a critical vulnerability in DeFi cross-chain messaging infrastructure. This led the protocol to execute a protocol-wide security hardening across all 20 chains where weETH is deployed.
Three-Layer Security Hardening Deployed Across weETH Pathways The root cause of the exploit was a single-DVN configuration lacking redundancy. Ether.fi’s bridge had previously enforced two or more DVNs on all pathways. Still, the incident triggered a full review and three concrete hardening measures.
The first fix involved message library pinning on every weETH pathway. Ether.fi pinned the SendUln302 and ReceiveUln302 addresses into weETH’s OApp-specific configuration slot.
This blocked LayerZero’s multisig from swapping in a library that bypasses DVN verification. The fallback path has been fully closed across all chains.
The protocol then pinned its four-DVN set and raised the verification threshold to 4/4. Every inbound weETH message now requires attestation from all four DVNs.
A single malicious or unavailable DVN halts the message rather than being bypassed. LayerZero independently reviewed and confirmed the updated configuration.
Furthermore, the platform tightened per-route rate limits across all bridge contracts it controls. Each source and destination pathway now enforces a conservative inbound and outbound weETH cap.
These limits sit on contracts fully controlled by the protocol. They remain effective regardless of upstream bridge provider behavior.
Chain Deprecations and the Formation of DeFi United Beyond the immediate fixes, the protocol is evaluating a second independent bridge provider to reduce systemic risk. Chainlink CCIP and Wormhole are currently under consideration alongside LayerZero.
Cross-chain weETH messages would then require attestation from a quorum of providers. This move eliminates single-provider dependency entirely.
Following a systematic L2 risk assessment, ether.fi is deprecating weETH bridging on eight networks. Scroll, Swell, Bera, zkSync, Mode, Blast, Morph, and Sonic will be deprecated effective end of June.
To close the coordination gap in DeFi, ether.fi is joining the DeFi United collective. The coalition brings together Aave, Kelp DAO, LayerZero, and ether.fi.
Shared security standards and coordinated incident responses are its core focus. This approach ensures no protocol faces a cross-chain failure alone.
The EtherFi Foundation is contributing 5,000 ETH to a dedicated DeFi United relief vehicle. Other partners in the collective are also contributing alongside ether.fi. When future failures occur, the coalition aims for the ecosystem to respond as one.
