Compound Launches the USDC-BASE Bridge; 0x Swap API Available on Base
Compound Protocol has accepted the proposal to launch the USDC-BASE bridge.
According to the announcement published on August 9, the proposal will be applied by August 12.
0x’s Swap API is now also available on BASE.
Compound Protocol has accepted the proposal to launch the USDC-BASE bridge. Proposal 171, which initializes a Compound III USDbC (bridged version of USDC on Base) market on BASE, has passed with quorum. According to an X post published on August 9, the proposal will be applied in three days.
Compound is one of the first decentralized finance applications that lets users earn interest on their digital assets or borrow using digital assets as collateral. Compound Labs, the tech company behind the project, builds infrastructure “for the future of finance.” It aims to bring paradigm-shifting technologies to the market while focusing on security, transparency, and efficiency.
BASE is Coinbase’s Ethereum Layer 2 blockchain built on open-source Optimism’s OP Stack. It was officially launched on August 9. At the time of writing, the Base ecosystem features over a hundred decentralized applications and service providers.
On a side note, Coinbase has organized a multi-week festival to commemorate the network’s launch. Dubbed “Onchain Summer Festival,” it features a series of events that include art, music, gaming, and other activities. The company has partnered with NFT marketplace OpenSea, gaming powerhouse Atari, and Coca-Cola to organize the festival. Dedicated events will take place on August 10 through 14.
According to an X post published by 0x, its Swap API is now also available on BASE. With the launch of this feature, the platform allows web3 companies and individuals to rapidly access deep liquidity and unlock access to token swaps on Base. Numerous DeFi products’ crypto trading features are powered by 0x’s Swap API. To start the Base initiative, Swap API aggregates liquidity across Uniswap, Balancer, and Baseswap.
“Swap API on Base will make it easier for developers to build powerful DeFi apps and make web3 more accessible, secure, and affordable for users worldwide,” wrote the company in an X (former Twitter) post.
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