Coinbase has rolled out trading support for the brand-new native token of an Ethereum (ETH) layer-2 restaking protocol.
Customers at the top US crypto exchange can now buy and sell SWELL, which launched on Thursday.
SWELL is the governance token for the Swell Decentralized Autonomous Organization (DAO), which manages the development and growth of the restaking protocol. SWELL also secures the project’s layer-2 infrastructure.
Explains the project’s whitepaper,
“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 that journey for Swell starts with continuing to advance liquid staking as one of the fundamental building blocks of modern-day decentralized finance (DeFi) that is composable and fully integrated with the Ethereum ecosystem.”
Coinbase added the “experimental label” to SWELL, which the platform assigns to tokens that pose certain risks such as price swings and canceled orders because of lower trading volume and availability.
SWELL is trading at $0.0372 at time of writing. The 706th-ranked crypto asset is up more than 9% on its first full day of trading.
Kraken, Bybit, KuCoin, Bitrue, MEXC, Bitget and a flurry of other digital asset exchanges also listed SWELL on Thursday.
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