A decentralized finance (DeFi) project and layer 2 blockchain Ethereum (ETH) are both booming after abruptly gaining support from Coinbase.
In a new series of announcements, Coinbase, the leading US-based cryptocurrency exchange, announces the addition of DeFi platform Moonwell (WELL) and ZKsync (ZK), a solution of Ethereum scaling, to its suite of products.
According to Coinbase, customers can now buy, sell, stash, send, receive or store WELL and ZK starting today.
News of the listings sent WELL and ZK flying, with the asset duo posting respective gains of 31.22% and 4.21% on the day. WELL is trading at $0.0389 at the time of writing, while ZK is valued at $0.142.
ZKsync was launched in 2020 and uses zero-knowledge (ZK) cryptography to increase ETH’s transaction speeds, reduce its costs, and maintain its decentralized and secure nature. ZK proofs are a way to validate the truth of a specific statement without revealing data about the statement itself.
Moonwell is a crypto borrowing and lending platform built on Base, Coinbase’s blockchain, ETH Optimism (OP) layer 2 scaling solution, Moonbeam (BEAM) smart contract platform ) and the Moonriver sandbox test network (MOVR).
Earlier this month, Moonwell announced that it had become the first application on BASE to support cbBTC, a recently launched tokenized version of Bitcoin (BTC) that exists on both BASE and Ethereum.
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