Biconomy, a global cryptocurrency exchange, today announced support for the Swell network (SWELL), a growing liquid staking platform that allows users to earn passive income by staking or restaking ETH. The exchange disclosed through its social media accounts that SWELL is now listed on its platform for spot trading. This listing provides Biconomy customers access to the SWELL token, which is designed for Ethereum staking and restaking.
Swell Token Listing and Staking Program on Biconomy
As a rapidly emerging liquid staking platform, Swell Network innovatively enables people to earn passive income through staking and restaking ETH. Through its non-custodial liquid staking and restaking protocol, Swell Network eliminates traditional barriers to DeFi entry by allowing people to stake or restake any amount of ETH without the need to invest the traditional 32 ETH minimum.
As per the announcement, the listing means SWELL spot trading is now available on the Biconomy exchange, giving users the ability to trade the asset through cross-chain interoperability capabilities. The introduction of the staking program also gives Biconomy customers the ability to use their assets within the exchange, unlock them on the Swell staking platform, and earn on their tokens without losing their liquidity.
The integration highlights Biconomy’s wider strategy to expand its digital asset trading platform’s effectiveness through integration with innovative DeFi projects to allow its customers to enjoy greater rewards and benefits.
Liquid Staking TVL And Rising User Adoption
According to the latest CoinMarketCap metrics, Swell Network’s TVL experienced a remarkable rise, currently standing $180 million; a bullish indicator signaling a recent rise in market activity. Despite SWELL facing market difficulties with relatively low prices currently, the increase in TVL suggests heightened usage on the staking platform. Increase in SWELL token bridges signals tightening of circulating supply dynamics, boosted by surging utilities for its liquid staking solutions.
As per the latest DeFiLlama metrics, liquid staking protocols hold a total TVL worth $64.622 billion currently, indicating rising user confidence in staking networks and renewed appetite for yield-generating crypto offerings.
Lido maintains its market-leading position as the top Liquid staking protocol, with $29.79 billion TVL. Binance Staked ETH comes second with $12.06 billion TVL. Jito Liquid Staking and Rocket Pool occupied third and fourth positions, with their TVL worth $2.34 billion and $2.15 billion, respectively.