The decentralized finance (DeFi) lending protocol Compound (COMP) has been launched on Base, the new Ethereum Layer 2 network introduced by Coinbase. Jared Grey, the Head Chef of SushiSwap, also hinted at the integration of SushiSwap V2 into Base, signaling the continued growth of Base integrations in the DeFi market.
Compound: The Latest DeFi Protocol Integrated into Coinbase’s Base Network
Compound has become the latest DeFi protocol to be introduced on Base, the new Ethereum Layer 2 network released by Coinbase. According to Compound Labs, the company behind Compound, the integration allows users to borrow the newly bridged USDC stablecoin known as USDbC on Base, using Ethereum (ETH) and wrapped stake ETH provided as collateral through Coinbase.
The total collateral on Base integrated with Compound is currently $3.64 million, with a total borrowed amount of $2.25 million. Lenders earn an APR of 1.25%, while users can borrow at an APR of 2.84%. ETH accounts for $2.47 million of the distributed collateral, while cbETH represents $1.17 million.
SushiSwap V2 Coming to Base Following SushiSwap V3
Jared Grey, the Head Chef of SushiSwap, confirmed that SushiSwap V2 will also be introduced on Base upon demand, following the deployment of V3 on the network. Further details about the integration are expected to be announced by the end of this weekend.
Last week, the largest decentralized exchange, Uniswap, integrated its V3 onto the Ethereum Layer 2 network Base, with over 10,000 transactions conducted on the first day of its launch.
Coinbase’s Base mainnet was officially launched on August 9th, with the daily active user count surpassing 100,000 on August 10th. This increase in active users is partly attributed to the social network friend.tech, and Base is rapidly approaching Optimistic Rollup scaling solutions like Optimism and Arbitrum in terms of daily transaction volume.