Swell Decentralized Autonomous Organization (DAO) Launches SWELL Governance Token

Coinbase has rolled out trading support for the brand-new native token of an Ethereum (ETH) layer-2 restaking protocol.

Coinbase has unveiled trading support for a new token.

Customers of the leading US crypto exchange can now trade SWELL, a token that debuted on Thursday.

SWELL serves as the governance token for the Swell Decentralized Autonomous Organization (DAO), which spearheads the development and growth of the restaking protocol. Additionally, SWELL secures the project's layer-2 infrastructure.

According to 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 has assigned an “experimental label” to SWELL, which the exchange applies to tokens that may carry certain risks, such as price volatility and canceled orders, due to lower trading volume and liquidity.

SWELL is currently trading at $0.0372. The 706th-ranked crypto asset is up over 9% on its first full day of trading.

Kraken, Bybit, KuCoin, Bitrue, MEXC, Bitget and several other digital asset exchanges also listed SWELL on Thursday.

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