Moonwell, a lending & borrowing protocol, has announced that it is now live on Base. That is a project incubated by Coinbase with the objective of boosting financial inclusion across the world. Together, Moonwell and Base will work to cover the entire unbanked segment of the population with the goal of bringing them onchain.
Base by Coinbase is a perfect fit for the partnership since it brings a ton of advantages. These include low cost, developer-friendly design, and robust security. Making things stronger for Base is the fact that it is dedicatedly working as a platform for dApps, that is, decentralized applications. Its partnership with Moonwell is based on the idea that onchain is the next online.
Moonwell has said in the announcement that it is more than just a lending and borrowing protocol. Moonwell has added that it is also a gateway to empower people in terms of financials. There is a dire need for a platform like Moonwell since the traditional financial structure is unable to cover a large number of people across the globe. Moonwell wants to give power to the unbanked and enable them to do more with digital assets.
It will now support digital assets on Base. Some of them are cbETH, ETH, and USDC. Their early targets are four segments, namely:
- Unbanked individuals
- Onchain newcomers
- Developers
- DeFi enthusiasts
In a crisp manner, it is right to say that Base is looking to be a platform that can be utilized by a user irrespective of their background and experience in the sector.
Base is backed by years of experience with Coinbase. It was earlier revealed by Coinbase as a Secret Master Plan and has now become a platform where more than a million users leverage its potential to construct and use dApps. Base is based on the fundamental fact that the Internet is making it easier for everyone to access not just information but also value. The initial phase had the Internet restricted to providing just a few pieces of information. However, that trend is changing fast, and individuals are looking for ways to manage their assets and information.
There is no more need for intermediary or centralized systems.
Base is simply working to make the vision of onchain a reality by bringing down the fees and strengthening the security mechanism. This is possible since Base has been built on the OP Stack of Optimism and is still bridged to the Ethereum base layer. Other ways include streamlining the access to the onchain ecosystem, hosting products & services of Coinbase, and setting up the tone for EVM equivalence.
Meanwhile, Base has put up a request with developers asking them to construct their projects on Base via the Ecosystem Fund. Base Ecosystem Fund aims to support startups that are in the early stage. This reflects the testament of Base in growing the economy of cryptocurrency while establishing that Base supports every project in the ecosystem.