- Coinbase’s Swell (SWELL) listing spurred a 29% price increase and a 285% trading volume surge.
- Swell Network’s protocol allows ETH staking with yield-bearing tokens for DeFi engagement.
- Coinbase also launches cbBTC in Germany, and Singapore, supporting DeFi on the Base and Ethereum networks.
Coinbase has officially launched Swell (SWELL) on its platform, available to its iOS and Android app users under the Experimental label. Following the platform’s announcement to support Swell as an ERC-20 token on the Ethereum network, Coinbase quickly moved to list the token, allowing users to buy, sell, convert, send, receive, and store SWELL. This expansion represents a significant step for Coinbase as it meets increasing user demand for new decentralized finance (DeFi) assets.
Swell Network’s Role in Decentralized Staking and DeFi
Swell Network is a decentralized, non-custodial liquid stacking protocol designed to offer Ethereum holders a chance to earn passive rewards through blockchain staking. Users who stake ETH on the platform receive a yield-bearing liquid staking token (LST), reflecting their staked assets and accumulated rewards. The LST can also be used in the broader DeFi ecosystem, giving holders additional ways to generate returns on their staked funds.
The Coinbase listing boosted Swell’s (SWELL) trading activity, with its price climbing 29% in the past 24 hours to $0.045. Swell’s 24-hour trading volume also surged, hitting $255 million nan increase of 285%. The listing and resulting market response underscore the growing interest in Swell and liquid staking solutions among cryptocurrency investors.
In other announcements, Coinbase has rolled out cbBTC for users in Germany and Singapore. This move enables BTC holders in these regions to access various DeFi applications on the Ethereum and Base networks. Additionally, Coinbase has launched cbBTC, an SPL token backed 1:1 by Bitcoin held in custody by Coinbase, on Solana. This expands the platform’s reach in global markets while supporting DeFi and tokenization initiatives.
Coinbase Prepares for Enhanced Futures Trading Options
Coinbase’s platform is set to broaden its offerings with the addition of Raydium perpetual futures on Coinbase International Exchange and Coinbase Advanced beginning November 14. The platform launched perpetual futures for Apecoin in late October, alongside the Ethereum-based Neiro token futures. These developments reflect Coinbase’s ongoing expansion of its crypto futures portfolio, catering to increased demand for diversified trading instruments.
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