Moonwell, a decentralized lending and borrowing protocol, enabled cross-chain lending of Circle’s USDC stablecoin to Moonwell from Ethereum networks with a tool called USDC Anywhere.
Moonwell can detect USDC in user wallets on Arbitrum, Avalanche, Base, Ethereum, Optimism and Polygon, employing Circle’s cross-chain protocol to transfer the stablecoin onto the platform. The move forgoes the need to manually bridge the assets and allows users to send USDC throughout the Ethereum ecosystem by leveraging their digital assets on Moonwell, according to a company release.
Coinbase’s Etheruem Layer 2 Base is the backbone of USDC Anywhere.
“Base serves as the liquidity hub for this feature, marrying the robust security of Ethereum mainnet with the affordability and agility of modern Layer 2 solutions,” Moonwell wrote in the statement. “Coinbase has also made it easy to acquire USDC on their central exchange, offering free transfers to and from Base and free conversions to USD.”
Moonwell’s USDC Anywhere also uses the interoperability protocol Socket to handle a user’s gas before their funds make it to the new network.
Sourced from cryptonews.net.
