Base Platform Adds Compound to its Growing List of Live DeFi Protocols

Crypto News– DeFi lending platform Compound has emerged as the latest protocol to make its debut on Base, the Ethereum Layer 2 network incubated by Coinbase.

Base Platform Adds Compound to its Growing List of Live DeFi Protocols

This seamless integration empowers users to leverage both ether and Coinbase-wrapped staked ether as collateral, facilitating borrowing of the newly interconnected USDC stablecoin, denoted as USDbC, on the Base platform. Compound Labs, the developer behind Compound, unveiled this significant development on Monday.

Current data from the market dashboard reveals total collateralization of $3.64 million, with the aggregate borrowed amount standing at $2.25 million. Lenders can reap an attractive Annual Percentage Rate (APR) of 1.25%, while borrowers have access to a competitive APR of 2.84%. Among the collateral deployed, ether constitutes $2.47 million, while cbETH contributes $1.17 million to the lending pool.

Jared Grey, the Head Chef at the decentralized exchange SushiSwap, added to the momentum by confirming SushiSwap V2’s forthcoming presence on Base. This strategic move responds to mounting project demand and follows SushiSwap V3’s prior deployment on the network. Further insights and updates regarding this expansion are anticipated later this week.

In a parallel development, Uniswap, the premier decentralized exchange, recently integrated its V3 onto the Ethereum Layer 2 ecosystem. Impressively, the launch of Uniswap’s V3 on this Layer 2 network garnered over 10,000 transactions on its inaugural day.

Having officially opened its doors to the public on August 9, the Base mainnet has already attracted an active user base surpassing 100,000 individuals. This achievement owes in part to the influence of the social network friend.tech. Additionally, daily transactions on Ethereum‘s Layer 2 are steadily approaching the transaction volumes witnessed on the prominent Optimistic Rollup scaling solutions, Optimism, and Arbitrum, as reported by The Block’s data dashboard.