Coinbase lists new token SWELL of Ethereum Layer-2 protocol
SWELL is the governance token for the Swell Decentralized Autonomous Organization
In a significant move to strengthen its support for Ethereum’s Layer-2 ecosystem, Coinbase has announced the listing of a new token called SWELL. This token is part of a broader initiative to bolster Ethereum's scalability and enhance decentralized finance (DeFi) capabilities through a unique restaking protocol.
The exchange has already added trading support for the SWELL token, reflecting Coinbase’s ongoing efforts to support emerging projects within the Ethereum ecosystem., Dailyhodl informs.
SWELL: A Step Forward in Layer-2 Scalability
SWELL is the governance token for the Swell Decentralized Autonomous Organization (DAO), which manages the development and growth of the restaking protocol. SWELL is designed to operate on Ethereum's Layer-2 network, utilizing restaking mechanisms to optimize transaction efficiency and scalability. The token is tied to an Ethereum Layer-2 protocol aimed at reducing congestion on the main Ethereum network, thereby lowering transaction costs and increasing processing speeds for decentralized applications (dApps).
According to Coinbase’s announcement, SWELL will play a critical role in Ethereum’s continued evolution, particularly in addressing the growing demands of DeFi users. Traders can already buy and sell SWELL on the platform.
Given the low trading volume, Coinbase labeled SWELL as “experimental.” SWELL has a price range of $0.06
As Coinbase continues to expand its range of supported assets, the addition of SWELL underscores its commitment to driving innovation in the DeFi space. This token was also launched on the major crypto exchanges: Kraken, Bybit, KuCoin, Bitrue, MEXC, Bitget.
We also reported that Coinbase presses SEC for crypto policy.
