DeFi
Morpho Protocol Lands on Layer 2 of Coinbase Base
Morpho, the lending and mortgage protocol for decentralized finance (DeFi), is now also available on Coinbase layer 2, Base.
Morpho and the launch on Coinbase Base layer-2 to develop the DeFi ecosystem
Morphothe loans and mortgages protocol for decentralized finance (DeFi), announced the launch of its layer 2 on Base, the blockchain introduced by Coinbase.
“The wait is officially over. Morpho is now LIVE on @base. Earn, borrow and grow on Morpho.
Originally born on EthereumMorpho will now be available on basisa scalable network for Ethereum introduced by Coinbase in 2023.
This is a measure that aims to take advantage of growth Challenge ecosystem to improve its service offerings. Not only that, Morpho also aims to position itself as the leading protocol on Base.
Supporting this strategy is Paul FrambotCEO of Morpho, who saw the use of Base as fundamental to the growth of Morpho in DeFi.
Morpho on Coinbase Base could outperform its Ethereum version
According to reports, Morpho on Base could potentially outperform its Ethereum versionfrom next year.
This forecast is essentially based on potential increase in Base blockchain adoption across the marketwhich means it can facilitate the entry of more users.
For the moment, the data from DeFiLlama shows that Morpho has a total value locked (TVL) of $1.833 billion. This is a substantial increase from approximately $597.76 million at the start of the year.
Anyway, the Morpho on Base version also brings new features compared to its Ethereum version.
Among others, there is MetaMorpho Chests which offers optimized returns thanks to passive loans. Users can earn returns by depositing assets into these vaults, thereby providing a robust yield generation mechanism.
Not only that, there will also be Morpho Markets which allows users to borrow their deposits, on markets like cbETH/USDC, in order to be able to borrow the USDC stablecoin using cbETH as collateral.
The explosive growth of Base with TVL at $8 billion
In the meantime, even Base, layer 2 of Ethereum by Coinbase, was constantly growing since the beginning of 2024, with its TVL that has reached 8 billion dollars.
With this important step, in the ranking of the richest Ethereum L2, Base has overtaken Optimism and is now in second place behind Arbitrum.
According to the data, The base has been multiplied by more than 10 since January 1, 2024. Staggering numbers considering that Arbitrum itself took almost 2 years to reach the current level of TVL.