Decentralized finance (DeFi) projects and the Ethereum (ETH) layer 2 blockchain are suddenly surging after receiving support from Coinbase.
Coinbase, the leading U.S. cryptocurrency exchange platform, announced in a new announcement that it is adding DeFi platform Moonwell (WELL) and Ethereum scaling solution ZKsync (ZK) to its product line.
According to Coinbase, customers can now buy, sell, stash, send, receive or store WELL and ZK starting today.
Both WELL and ZK were blown away by the listing news. On this day, the two assets gained 31.22% and 4.21%, respectively. WELL is trading at $0.0389 at the time of this writing, and ZK is worth $0.142.
ZKsync was launched in 2020 and uses zero-knowledge (ZK) cryptography to increase transaction speeds and lower costs for ETH while maintaining its decentralized and secure nature. ZK proof is a method of verifying the truth of a specific statement without revealing any data about the statement itself.
Moonwell is a cryptocurrency borrowing and lending platform built on Coinbase’s blockchain Base, ETH layer 2 scaling solution Optimism (OP), smart contract platform Moonbeam (BEAM), and sandbox testing network Moonriver (MOVR).
Earlier this month, Moonwell announced that it had become the first app on BASE to support cbBTC, the recently launched tokenized version of Bitcoin (BTC) that exists on both BASE and Ethereum.
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