Moonwell, a decentralized lending and borrowing protocol, has introduced USDC Anywhere, enabling seamless cross-chain lending of Circle’s USDC stablecoin to Moonwell from various Ethereum networks.
With the implementation of USDC Anywhere, Moonwell can detect USDC in user wallets across multiple networks including Arbitrum, Avalanche, Base, Ethereum, Optimism, and Polygon. Leveraging Circle’s cross-chain protocol, USDC can be transferred onto the Moonwell platform without the need for manual bridging, allowing users to send USDC throughout the Ethereum ecosystem by utilizing their digital assets on Moonwell.
Coinbase’s Ethereum Layer 2 solution, Base, serves as the backbone of USDC Anywhere, providing the liquidity hub for this feature. Base combines the robust security of Ethereum mainnet with the cost-effectiveness and agility of modern Layer 2 solutions. Additionally, Coinbase facilitates easy acquisition of USDC on their central exchange, offering free transfers to and from Base and free conversions to USD.
Moonwell’s USDC Anywhere also integrates Socket, an interoperability protocol, to manage a user’s gas before their funds are transferred to the new network. This enhances the efficiency and user experience of cross-chain transactions within the Moonwell ecosystem.
Overall, the introduction of USDC Anywhere by Moonwell marks a significant step towards facilitating seamless cross-chain lending and borrowing on Ethereum, leveraging innovative protocols and infrastructure to enhance accessibility and usability for users across various networks.
