In a significant advancement within the cryptocurrency landscape, Coinbase has officially announced the inclusion of Swell (SWELL) on its trading platform. This follows a prior announcement where Coinbase expressed its intentions to support Swell (SWELL) on the Ethereum network, classifying it as an ERC-20 Token. Following this exciting development, the exchange has confirmed that Swell (SWELL) is now accessible on coinbase.com, as well as through the Coinbase iOS and Android apps, under the Experimental label. Users on Coinbase can now effortlessly log in to engage in a variety of activities with these assets, including buying, selling, converting, sending, receiving, and storing.
SWELL Making Strides
Swell Network is carving out a notable space in the Ethereum ecosystem with its cutting-edge platform dedicated to liquid staking. As a decentralized, noncustodial liquid staking protocol, it allows users to stake their Ethereum in exchange for passive income generated through blockchain rewards. This platform is especially beneficial for stakers, node operators, and the broader Ethereum community, offering the ability to stake ETH and obtain swETH tokens in return. These tokens not only represent the staked ETH but also accrue yield rewards across the decentralized finance (DeFi) landscape.
In return for staking their ETH, participants receive a yield-bearing liquid staking token (LST), which encapsulates their staked assets along with earned rewards. The introduction of Swell’s innovative Layer 2 Proof of Restake mechanism enhances security, boosts liquidity, and optimizes asset utilization. As a result, Swell positions itself as a formidable competitor for Ethereum stakers, offering robust solutions that cater to the growing needs of the crypto community.
SWELL Records Massive Surge in Price, Volume After Listing
The debut of SWELL on Coinbase marks a significant milestone for the token, propelling it into the spotlight. In the wake of this announcement, SWELL experienced a remarkable surge in both its price and trading volumes. At the time of this writing, SWELL is trading at $0.05061, reflecting an impressive increase of over 60% in the last 24 hours. Moreover, Swell’s 24-hour trading volume has skyrocketed, experiencing a surge of over 140% to reach $322.33.
With a total value locked (TVL) of $1.28 billion, Swell’s expanding market presence underscores its growing appeal and potential within the cryptocurrency space. This increasing traction highlights Swell’s capacity to attract attention and investment, signaling a promising future for its role in the ever-evolving crypto ecosystem.
As Swell continues to make waves in the crypto industry, its strategic listing on Coinbase serves as a testament to its potential and growing influence. This development not only enhances the accessibility of SWELL for a broader audience but also reinforces its position as a noteworthy player in the realm of Ethereum staking and decentralized finance.
