The lending and borrowing platform Compound has launched its latest protocol on Coinbase’s newly introduced ‘Base’ Layer 2 Blockchain.
Through this integration, users can leverage their Ethereum holdings and a specific Ethereum currency known as Coinbase-wrapped staked Ethereum to secure stable digital coins (USDbC) on the Base platform, designed to maintain a consistent value.
Currently, assets pledged on Base are worth $3.64 million, with $2.25 million borrowed. Lenders can earn about 1.25% interest, while borrowers pay around 2.84% interest. The majority of pledged assets are in regular Ethereum, along with some cbETH.
Notably, Base is also welcoming other platforms like SushiSwap, and Uniswap recently joined as well, recording 10,000 transactions on its first day.
The integration of Compound with Ethereum’s “Base” system enhances digital lending and borrowing. This move reflects the growing interest in stablecoin-backed transactions within the Ethereum ecosystem.
Also Read: Coinbase Layer-2 Base Daily Active Users Hit 136,000
