The DeFi lending platform Compound integrated an L2 solution Base, supported by cryptocurrency exchange Coinbase.
Users will now be able to use ETH and cbETH as collateral for borrowing the stablecoin USDC on the new network — Bridged USD Coin (USDbC).
According to data Compound Labs, the current total supply of the coin stands at $3.75 million, and the total loan size reaches $2.25 million. $2.59 million of the total collateral is held in ETH, another $1.17 million in Coinbase Wrapped Staked ETH (CBETH).
Lenders can earn up to 1.24% per year, and borrowers can take loans at 2.83%.
Plans to roll out SushiSwap V2’s second version on the Base network were said by Jared Grey, head of the decentralised exchange.
According to The Block, the number of daily transactions on the Base network is approaching the metrics of Optimistic Rollups.
The full launch of Base mainnet took place on August 9. That day, the number of daily active users surpassed 100,000.
Last week, the largest decentralised exchange Uniswap also integrated its V3 version into the Base network, generating more than 10,000 transactions on launch day.