Decentralized finance (DeFi) and Ethereum (ETH) layer-2 blockchain projects are experiencing a significant surge in value after receiving support from Coinbase, a leading US-based cryptocurrency exchange.
Coinbase recently announced the addition of DeFi platform Moonwell (WELL) and Ethereum scaling solution ZKsync (ZK) to its list of supported assets. This move allows customers to buy, sell, convert, send, receive, or store WELL and ZK directly on the platform. As a result of this announcement, both WELL and ZK saw impressive gains in value, with WELL experiencing a 31.22% increase and ZK rising by 4.21% on the day. Currently, WELL is trading at $0.0389, while ZK is valued at $0.142.
ZKsync, launched in 2020, utilizes zero-knowledge (ZK) cryptography to enhance Ethereum’s transaction speeds, reduce costs, and maintain its decentralized and secure nature. ZK proofs enable the validation of specific statements without revealing sensitive data. Moonwell, on the other hand, is a crypto borrowing and lending platform that operates on Base, the blockchain of Coinbase. It also leverages ETH layer-2 scaling solution Optimism (OP), smart contract platform Moonbeam (BEAM), and sandbox test network Moonriver (MOVR).
Earlier this month, Moonwell made headlines by becoming the first application on BASE to support cbBTC, a tokenized version of Bitcoin (BTC) that is available on both BASE and Ethereum.
As the market continues to evolve and expand, the support from established platforms like Coinbase plays a crucial role in boosting the visibility and adoption of emerging projects. The addition of Moonwell and ZKsync to Coinbase’s suite of products highlights the growing interest in DeFi and Ethereum scaling solutions within the crypto community.
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