Coinbase has launched trading support for the new native token of the Ethereum (ETH) layer 2 restaking protocol.
Customers of America’s leading cryptocurrency exchange can now buy and sell SWELL, which launched on Thursday.
SWELL is the governance token of the Swell Decentralized Autonomous Organization (DAO), which manages the development and growth of the restaking protocol. SWELL also protects the project’s layer 2 infrastructure.
Explain the project white paper,
“Swell’s mission is to create a more secure, decentralized, and transparent financial future for the world that does not discriminate or censor economic freedom.
The beginning of Swell’s journey begins with the continued advancement of liquid staking as one of the fundamental building blocks of modern decentralized finance (DeFi) that is composable and fully integrated with the Ethereum ecosystem.”
Coinbase added an “experimental label” to SWELL, which the platform assigns to tokens that pose certain risks, such as price fluctuations and order cancellations, due to low trading volume and availability.
SWELL is trading at $0.0372 at the time of this writing. The 706th-ranked cryptocurrency asset rose more than 9% in its first day of trading.
Kraken, Bybit, KuCoin, Bitrue, MEXC, Bitget and several other digital asset exchanges also listed SWELL on Thursday.
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