Coinbase revives its Stablecoin bootstrap fund introduced for the first time in 2019 to stimulate the liquidity of the Stablecoin USDC in a range of popular and emerging decentralized funding protocols.
Coinbase said on Tuesday that its first courses would provide USDC (USDC) liquidity in lenders based in Ethereum Aave and Morpho, and trading platforms based in Solana, Kamino and Jupiter.
“While we evolve the fund over time and distribute liquidity on more protocols and stablescoins, we are particularly impatient to collaborate with the pre-launch teams or those who seek to generate stabbed growth from the first day,” he added.
The deployments will be managed by Coinbase Asset Management and will be designed to ensure that users can “access reliable prices between mature and emerging protocols”, said Coinbase.
Coinbase did not disclose the size of the fund. Cointelegraph contacted Coinbase to comment.
Coinbase has helped create USDC alongside its transmitter, Circle Internet Group, but is still the key to its ecosystem. TETHER (USDT) dominates the volume of stablecoin through the cryptography ecosystem, with an advance of more than $ 100 billion on the USDC market capitalization, and the attempted Coinbase to increase the liquidity of the USDC in DEFI could attract more merchants and cryptographic borrowers to the throw.
The total value locked in the DEFI protocols is currently $ 165.4 billion, led by the Aave and Ether (ETH) liquid implementation protocol at $ 41 billion and $ 40.8 billion, according to Defilma data.
Blue Chip Defi protocols benefit from the first Coinbase Fund
The revival of the Bootstrap Fund in Stablecoin Coinbase occurs six years after its first introduction in September 2019 to help the DEFI protocols based on Ethereum such as Uniswap, Composed and Dydx with USDC liquidity.
The first of these funds deployed $ 1 million each to aggravate and Dydx, which helped open the way to the USDC to become a popular stable in Defi after launching only a year earlier.
The USDC now holds a market capitalization of $ 65.6 billion, which drags USDT at $ 164.6 billion, according to Coigecko data.
Like most stablescoins, the USDC is supported on several blockchains, notably Ethereum, Base, Solana, Polygon, Aptos, Avalanche et Suis.
Total revenues from Coinbase decreases, but Stablecoin revenues increase
It occurs when Coinbase declared $ 1.5 billion in revenues for the second quarter, going down the industry expectations from $ 1.56 billion to $ 1.59 billion.
In relation: Coinbase is associated with Perplexity AI for real -time cryptography prices
However, while revenues dropped by 26% compared to the previous quarter, its revenue related to the stable reserve – mainly through the USDC – increased from 12% to $ 332 million.
Coinbase aims to be an “all application”
Coinbase aims to launch a “super application” after renamed his Coinbase portfolio to “the basic application” on July 16, which, according to the exchange, had to evolve it “from a portfolio in an application that brings social applications, applications, cats, payments and trading”.
The application will aim to “expand economic freedom, creativity and innovation”, product manager of the basic application, John Granata, adding that this could be a starting point for a new type of social network.
The application is still on a beta.
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