In a significant update for the cryptocurrency community, Coinbase has announced the official listing of Swell (SWELL) on its platform. This follows the earlier news that Coinbase would support Swell on the Ethereum network as an ERC-20 token. With the listing now live, users can access Swell on coinbase.com as well as through the Coinbase apps on iOS and Android. Swell’s inclusion comes with an “Experimental” label, allowing Coinbase customers to engage in buying, selling, converting, sending, receiving, or storing SWELL assets seamlessly.
SWELL’s Impact on the Ethereum Ecosystem
Swell Network is making waves within the Ethereum ecosystem with its cutting-edge platform for liquid staking. As a decentralized, noncustodial protocol, Swell empowers users to stake their Ethereum and earn passive income through blockchain rewards. This innovative approach is tailored for stakers, node operators, and the broader Ethereum community, enabling them to stake ETH and receive swETH tokens in return.
These swETH tokens are not just representations of staked ETH; they also unlock yield rewards across the decentralized finance (DeFi) landscape. Participants who stake their ETH are rewarded with a yield-bearing liquid staking token (LST), which embodies both their staked assets and the rewards earned. Swell’s L2 Proof of Restake mechanism is a game-changer, bolstering security, enhancing liquidity, and optimizing asset utilization. This positions Swell as a formidable player for Ethereum stakers seeking to maximize their returns.
Swell’s Meteoric Rise Post-Listing
The listing of SWELL on Coinbase marks a pivotal moment for the token, sparking a significant surge in both price and trading volume. In the wake of this announcement, SWELL’s price experienced a remarkable increase, trading at $0.05061, which reflects a substantial gain of over 60% in just 24 hours. Furthermore, Swell’s 24-hour trading volume skyrocketed by more than 140%, reaching $322.33. With a total value locked (TVL) of $1.28 billion, Swell’s expanding market presence underscores its growing appeal and promising potential within the cryptocurrency arena.
As Swell continues to gain traction, it exemplifies the dynamic nature of the crypto market and its capacity to offer innovative solutions for investors. The collaboration with Coinbase is expected to further enhance Swell’s visibility and adoption. As more users engage with Swell’s platform, the cryptocurrency is poised for continued growth, solidifying its status as a key player in the digital asset space.
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