Coinbase is first introduced to its StableCoin bootrap fund in 2019, which is to promote the liquidity of StableCoin USDC in a range of popular and emerging decentralized finance protocols.
coincidence Said Ethereum-based lenders Aave and Morpho, and Solana-based trading platforms will provide the USDC (USDC) liquidity in Jupiter and Jupiter in the first placement on Tuesday.
“As we score funds over time and distribute liquidity in more protocols and stabechoin, we are especially eager to cooperate with pre-launch teams or who are trying to run stabelcoin development from the first day,” said this.
Coinbase said that the puriny will be managed by coinbase asset management and designed to ensure that the users can “reach reliable rates in mature and emerging protocols”.
The coinbase did not reveal the shape of the fund. Cointelegraph contacted Coinbase for comment.
The coinbase helped to create USDC with its issuer, circle internet group, but is still important for its ecosystem. The Tether (USDT) Crypto dominates stabechoin volume in the ecosystem, with a gain of over $ 100 billion on the market capitalization of the USDC, and coinbase’s dialect to promote the liquidity of the USDC in the Defi can attract more crypto traders and borrowers.
The total value current in the DEFI protocol currently sits at $ 165.4 billion, headed by AAV and Ether (ETH) Liquid Stacking Protocol Lido $ 41 billion and $ 40.8 billion, in Defillama data Show.
Blue Chip Defi Protocol benefits from the first fund of the coinbase
The revival of Coinbase StableCoin bootstrap fund comes after six years, which was first introduced in September 2019, which helps with the Etreum-based Defi Protocols such as Uniswap, Compound and Dydx with USDC liquidity.
The first of those funds deployed each $ 1 million in compound and Dydx, which paved the way for the USDC to develop in a popular stabecon in Defi after launching a year ago.
The USDC now has a market cap of $ 65.6 billion, which is behind USDT from $ 164.6 billion, coingcko data Show.
Like most stabechoin, the USDC is supported on several blockchain, including atherium, base, solana, polygon, anptose, avalanche and needle.
The total revenue of the coinbase is low, but in Stabecrim Revenue
This comes when the Coinbase reported $ 1.5 billion in revenue for the second quarter, which decreased from $ 1.56 billion to $ 1.59 billion expectations.
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However, while the revenue fell by 26% from the previous quarter, its Stabelcoin-related revenue-pronally increased through USDC to -12% to $ 332 million.
The purpose of the coinbase is to be “everything app”
Coinbase is aiming to launch a “super app” on July 16 after rebrapping its coinbase wallet for its coinbase wallet for “base app”, which the exchange said that it was to develop a everything from a wallet to a wallet that brings together social, app, chat, payment and trading together. “
The app will aim to “expand economic freedom, creativity and innovation”, the head of the product for the base app, John Granata said, it can be a starting point for a new type of social network.
The app is still in the beta stage.
magazine: Scotty Pippene says