Moonwell, a decentralized lending and borrowing protocol, enabled cross-chain lending of Circle’s USDC stablecoin to Moonwell from Ethereum networks with a device referred to as USDC Anyplace.
Moonwell can detect USDC in consumer wallets on Arbitrum, Avalanche, Base, Ethereum, Optimism and Polygon, using Circle’s cross-chain protocol to switch the stablecoin onto the platform. The transfer forgoes the necessity to manually bridge the property and permits customers to ship USDC all through the Ethereum ecosystem by leveraging their digital property on Moonwell, in keeping with an organization launch.
Coinbase’s Etheruem Layer 2 Base is the spine of USDC Anyplace.
“Base serves because the liquidity hub for this characteristic, marrying the sturdy safety of Ethereum mainnet with the affordability and agility of recent Layer 2 options,” Moonwell wrote within the assertion. “Coinbase has additionally made it simple to accumulate USDC on their central change, providing free transfers to and from Base and free conversions to USD.”
Moonwell’s USDC Anyplace additionally makes use of the interoperability protocol Socket to deal with a consumer’s fuel earlier than their funds make it to the brand new community.
