Compound has gone live on Ethereum’s Layer 2 Base network, an initiative incubated by Coinbase. This integration now empowers users to employ ether (ETH) and Coinbase-wrapped staked ether (cbETH) as collateral to access the USDbC stablecoin recently bridged on Base.
As of current data, the total collateral on Base stands at a robust $3.64 million. Out of this, ether accounts for $2.47 million and cbETH for $1.17 million. On the borrowing front, $2.25 million has been borrowed. Offering an enticing value proposition, lenders can expect an Annual Percentage Rate (APR) of 1.25%, while borrowers face a rate of 2.84%.
But Compound isn’t the sole DeFi protocol marking its presence on Base. Jared Grey, the Head Chef of the decentralized exchange SushiSwap, confirmed its Version 2 (V2) will also debut on Base, responding to substantial project demand. It’s noteworthy that SushiSwap’s Version 3 (V3) had previously been integrated with the network. A detailed announcement regarding this new integration is anticipated in the upcoming days.
Additionally, Uniswap, recognized as the largest decentralized exchange, made headlines last week by integrating its V3 with the Ethereum Layer 2, which recorded a staggering 10,000 transactions on its inaugural day.
The Base mainnet, which officially became accessible to the public on August 9, is witnessing an upsurge in activity. With daily active users surpassing the 100,000 mark, partly credited to the social network friend.tech, Base’s daily transactions are nearly on par with leading Optimistic Rollup scaling solutions like Optimism and Arbitrum.
The recent spate of integrations, including Compound’s with the “Base” platform, underscores the escalating interest in Ethereum-based, stablecoin-centric transactions. The evolving synergy between these platforms is setting new benchmarks for the future of DeFi within the Ethereum landscape.
