The Swell liquid staking protocol on Ethereum demonstrates robust growth, with total deposits reaching $7.56M across 6 different token vaults and attracting 394 unique depositors. The ecosystem shows concentrated liquidity, with the top depositor committing over $911k and the top 10 addresses contributing more than $6M. The USDE/ETH vault stands out with $5,034,006 in total deposited value, while daily depositor activity fluctuates between 1-19 unique users, indicating an emerging but sophisticated investor base primarily focused on high-value transactions over $1,000.