A decentralized finance (DeFi) initiative and an Ethereum (ETH) layer-2 blockchain are experiencing a significant rise following unexpected endorsement from Coinbase.
In a recent series of updates, the prominent US-based cryptocurrency exchange Coinbase announced it is integrating the DeFi platform Moonwell (WELL) and ZKsync (ZK), an Ethereum scaling solution, into its offerings.
According to Coinbase, users can now purchase, trade, convert, send, receive, or store WELL and ZK starting today.
The announcement of these listings caused both WELL and ZK to experience substantial increases, with reported gains of 31.22% and 4.21% respectively. As of now, WELL is trading at $0.0389 while ZK holds a value of $0.142.
ZKsync, launched in 2020, employs zero-knowledge (ZK) cryptography to enhance ETH’s transaction speeds, reduce costs, and preserve its decentralized and secure characteristics. ZK proofs allow for the validation of the accuracy of a specific statement without disclosing any information about the statement itself.
Moonwell serves as a crypto lending and borrowing platform built on Base, Coinbase’s blockchain, as well as the Ethereum layer-2 scaling solution Optimism (OP), the smart contract platform Moonbeam (BEAM), and the sandbox testing network Moonriver (MOVR).
Earlier this month, Moonwell reported that it became the first application on BASE to support cbBTC, a newly launched tokenized version of Bitcoin (BTC) available on both BASE and Ethereum.
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