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Moonwell, a decentralized borrowing and lending protocol, enables the interchain lending of Circle’s USDC stablecoin from Ethereum networks to Moonwell with a tool called USDC Anywhere.
Moonwell can detect USDC in many users’ wallets on Arbitrum, Avalanche, Base, Ethereum, Optimism, and Polygon by using Circle’s inter-chain protocol to transfer the stablecoin to the platform.
According to the company’s announcement, this move eliminates the need for manually bridging between assets and allows users to send USDC across the Ethereum ecosystem using their digital assets on Moonwell.
In a statement, the company wrote, “Base serves as a liquidity center for this feature, combining the strong security of Ethereum’s main network with the affordability and agility of modern Layer 2 solutions.”
“Coinbase also made it easier to buy USDC on their centralized exchanges, offering free transfers in and out of Base, and free conversions to USD,” it added.
The company uses the Socket interoperability protocol to process the gas of a user’s funds before they reach the new network along with USDC Anywhere.
Who is Moonwell?
Moonwell uses the tested code from Moonwell Apollo protocol to provide an open, unattended borrowing and lending DeFi protocol. Apollo is a community-focused protocol with innovative features. Users maintain the same level of security but face faster transaction times.
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