Coinbase Officially Announces Listing Of SWELL On Its Platform

The post Coinbase Officially Announces Listing Of SWELL On Its Platform appeared first on Coinpedia Fintech News

In a latest development, Coinbase has officially announced the listing of Swell (SWELL) on its platform. Earlier, Coinbase had announced its plan to add support for Swell (SWELL) on the Ethereum network (ERC-20 Token).

After the listing announcement, the exchange noted that Swell (SWELL) is now live on coinbase.com & in the Coinbase iOS & Android apps with the Experimental label. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.

SWELL Making Strides

Swell Network is making significant progress in the Ethereum ecosystem with its advanced platform for liquid staking. It emerges as a decentralized, noncustodial liquid staking protocol that enables users to stake their Ethereum and earn passive income through blockchain rewards. I It is designed for stakers, node operators, and the broader Ethereum community, which allows users to stake ETH and receive swETH tokens.

Apart from representing the staked ETH, these tokens also generate yield rewards across the DeFi space.  In exchange for staking their ETH, participants receive a yield-bearing liquid staking token (LST), which represents their staked assets plus earned rewards. The network’s innovative L2 Proof of Restake mechanism strengthens security, enhances liquidity, and improves asset utilization, placing Swell as a strong contender for ETH stakers.

SWELL Records Massive Surge in Price, Volume After Listing

The listing of SWELL on Coinbase is a major milestone for the token. Following the news, SWELL’s price and trade volumes surged. At the time of writing, SWELL is trading at $0.05061, up over 60% in the last 24 hours.  Swell’s 24-hour trading volume has also surged over 140% to $322.33. 

With a total value locked (TVL) of $1.28 billion, Swell’s growing market presence reflects its increasing appeal and potential in the crypto space.