Sunday, September 25, 2022
HomeETHSwell, Ethereum staking protocol raises USD 3.75 million

Swell, Ethereum staking protocol raises USD 3.75 million

Ethereum passed a significant milestone in its long-awaited move to proof-of-stake, with a total of 10 million ETH (about USD 26 billion) already secured in the Ethereum 2.0 staking contract. On Monday, Swell, a new staking protocol, announced a USD 3.75 million seed round headed by Framework, IOSG Ventures, and Apollo Capital.

Swell announced a USD 3.75 million seed round

Ethereum passed a significant milestone in its long-awaited move to proof-of-stake, with a total of 10 million ETH (about USD 26 billion) already secured in the Ethereum 2.0 staking contract. On Monday, Swell, a new staking protocol, announced a USD 3.75 million seed round headed by Framework, IOSG Ventures, and Apollo Capital. Swell, a new staking protocol, has joined the list of companies assisting investors in receiving staking incentives for storing their ether. Framework, IOSG Ventures, and Apollo Capital sponsored the USD 3.75 million seed round.

Ethereum is secured by a dispersed network of volunteers. The network initially followed Bitcoin by using a resource-intensive proof-of-work (PoW) model for transaction validation; it is currently migrating to a more efficient proof-of-stake (PoS) model.

Currently, being a validator costs 32 ETH. Swell’s minimum contribution is 1 ETH. Significantly, the protocol will give liquidity to stakeholders by issuing them an interest-bearing token reflecting their position. Rocket Pool and Lido are two popular liquid staking options that are similar to Swell. Rocket Pool has a .01 ETH minimum deposit requirement, whereas Lido does not.

Swell claims that its key benefit is that it makes it easy for customers to earn extra income through in-app “vaults.” In April, Swell plans to start its beta on the Eth mainnet. Later, the business intends to extend to more blockchains, beginning with Avalanche and Polygon.

Read more:

Israeli Central Bank published draft paper for public comments on crypto deposits

 

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

sixteen + 17 =

- Advertisment -

Most Popular