Unlocking USDC Lending on Ethereum with DeFi Lender Moonwell

By Theon Barrett Feb 14, 202435Views

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Decentralized Lending Protocol Moonwell Enables Cross-Chain Lending with USDC Anywhere

Moonwell, a decentralized lending and borrowing protocol, has introduced a tool called USDC Anywhere, which enables cross-chain lending of Circle’s USDC stablecoin to Moonwell from various Ethereum networks. With this tool, Moonwell can detect USDC in user wallets on Arbitrum, Avalanche, Base, Ethereum, Optimism, and Polygon, and transfer the stablecoin onto its platform using Circle’s cross-chain protocol. This eliminates the need for manual bridging of assets and allows users to easily send USDC throughout the Ethereum ecosystem by leveraging their digital assets on Moonwell. Coinbase’s Ethereum Layer 2 Base serves as the liquidity hub for this feature.

Moonwell also utilizes the interoperability protocol Socket to handle a user’s gas before their funds are transferred to the new network.

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#Lending Arbitrum Avalanche coinbase DEFI ethereum Optimism Polygon Stablecoin Stablecoins theblock.co Unlocking usdc wallet

Theon Barrett

Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats. Theon's work serves as a guiding light for both experienced enthusiasts and newcomers, providing well-researched perspectives that empower informed decision-making in the ever-evolving realm of cryptocurrencies.