A decentralized finance (DeFi) project and an Ethereum (ETH) layer-2 blockchain are both on the rise after receiving abrupt support from Coinbase.
In a new series of announcements, top US exchange platform Coinbase reports say are add DeFi platform Moonwell (WELL) and ZKsync (ZK), an Ethereum scaling solution, to its product lineup.
According to Coinbase, starting today, customers can buy, sell, hide, send, receive or store WELL and ZK.
News of the listings sent both WELL and ZK flying, as the asset duo posted gains of 31.22% and 4.21% respectively on the day. WELL is trading at $0.0389 at the time of writing, while ZK is valued at $0.142.
Launched in 2020, ZKsync uses zero-knowledge (ZK) cryptography to increase ETH’s transaction speeds, reduce 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 cryptocurrency borrowing and lending platform built on Base, Coinbase’s blockchain, ETH layer-2 scaling solution Optimism (OP), smart contract platform Moonbeam (BEAM), and sandbox test network Moonriver (MOVR).
Earlier this month, Moonwell announced that it became the first app on BASE to support cbBTC, a recently launched tokenized version of Bitcoin (BTC) that exists on both BASE and Ethereum.
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Featured image: Shutterstock/JLStock/Sensvector