Swell LSD Protocol Entrusts $500 Million Worth of Re-pledged ETH to NEAR

Bittime - Good news for Ethereum Layer 2 (L2) users! Liquid Staking Derivatives (LSD)-based Swell Protocolannounced it will entrust$500 million worth of re-pledged ETH to NEAR Protocol. The move aims to support NEAR Protocol's ultra-fast finalization layer for Ethereum L2, which is expected to significantly reduce transaction times and costs.

Swell: Scalability Solution for Ethereum

Swell is an LSD protocol that offers a scalability solution for the Ethereum network. LSD allows users to stake crypto assets such as ETH while maintaining the liquidity of those assets. This way, users can earn profits from staking without having to lock up their assets for a certain period of time.

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Re-pledged ETH and Support for NEAR

Re-pledged ETH is ETH that has been staked on another platform and then staked again on another platform. In this case, Swell will delegate $500 million worth of re-pledged ETH to NEAR Protocol. This delegation aims to secure the NEAR Protocol's ultra-fast finalization layer for Ethereum L2.

Benefits of NEAR Ultra-Fast Finalization Coating

NEAR Protocol's ultra-fast finalization layer is designed to address the scalability issues faced by the Ethereum network. By using this finalization layer, transactions on Ethereum L2 can be completed more quickly and at lower fees. This is expected to improve user experience and encourage wider adoption of Ethereum L2.

Also Read: Layer 2 Ethereum Predicted to Reach Market Capitalization of US$1 Trillion in 6 Years

Positive Impact for Ethereum L2 Users

The collaboration between Swell and NEAR Protocol will provide several positive benefits for Ethereum L2 users, including:

• Faster Transactions: NEAR Protocol's ultra-fast finalization layer allows transactions on Ethereum L2 to be completed faster.
• Lower Transaction Fees: With the reduced load on the Ethereum network, transaction fees on Ethereum L2 are expected to be lower.
• Improved User Experience: The combination of liquid staking from Swell and fast finalization from NEAR will improve the overall user experience.

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The Future of Ethereum Scalability

The collaboration between Swell and NEAR Protocol is one example of the innovation being undertaken to overcome the scalability problems faced by the Ethereum network. With the LSD solution and rapid finalization layer, Ethereum's scalability is expected to be improved so that it can support wider adoption in the future.

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How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime . 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read: 

Near Protocol (NEAR) Predictions According to Crypto Academy

What is Swell Network (SWELL)? Staking and Yield Farming Platform

Ethereum: Towards a New Future with Layer-2 and Ethereum 2.0

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.