Editorial Note: The following content does not reflect the views or opinions of BeInCrypto. It is provided for informational purposes only and should not be interpreted as financial advice. Please conduct your own research before making any investment decisions.
Venus Protocol, a leading lending platform in the multichain DeFi space, is excited to announce its upcoming deployment on Base Chain, a robust Ethereum Layer 2 solution developed by Coinbase.
This strategic move aims to leverage Base’s growing ecosystem, which has seen a remarkable increase in liquidity and user engagement.
Introduction to Base
Base is built on an Optimistic Rollup stack, offering rapid transaction speeds and low fees, making it an ideal environment for decentralized finance (DeFi). With nearly 2 million daily active addresses and a Total Value Locked (TVL) of $2.4 billion, Base serves as a gateway for new users entering the DeFi space through Coinbase’s centralized exchange.
Rationale for Deployment
The integration of Venus Protocol into the Base ecosystem is poised to deliver significant benefits:
- User Growth: Base’s close ties with Coinbase facilitate the onboarding of thousands of new DeFi users monthly.
- Market Opportunities: Venus will create lending markets for high-volume tokens, ensuring users have access to a diverse array of assets.
- Revenue Potential: The high user activity on Base translates into substantial revenue opportunities for Venus.
- Incentive Alignment: With anticipated Base incentives, Venus is well-positioned to capture a share of these rewards, benefiting both new and existing users.
Proposed Assets for Deployment
Venus plans to support a variety of assets on Base, including:
- ETH
- USDC
- cbBTC
- cbETH
- wstETH
- ezETH
- AERO
- weETH
- WBTC
- Brett
Why Base?
AlphaGrowth, a DAO service provider specializing in DeFi growth, sees the Base deployment as a pivotal opportunity for expanding the Venus ecosystem. With a commitment to decentralization and innovation, AlphaGrowth aims to create a more competitive lending landscape.
The deployment of Venus Protocol on Base represents a significant step towards tapping into millions of new DeFi users. We invite the community to share their thoughts on this exciting growth proposition.
About Venus Protocol
Venus is a top lending protocol in the multichain DeFi space, currently deployed on Ethereum, BNB chain, ZKsync, opBNB, Optimism, Arbitrum and Base. Venus is the most audited DeFi protocol in the industry which makes users confident in the safety of their assets once they deposit on Venus. All decisions regarding Venus Protocol are made by Venus DAO, a fully-decentralized community governed by the $XVS native token. With the $XVS token, users also have access to Real Yield using Venus Prime, which ensures sustainable liquidity. To learn more about Venus, go to www.venus.io
About Base
Base is a secure, low-cost, builder-friendly Ethereum L2 designed to help bring a billion users and a million developers onchain with an ecosystem of onchain applications. Base transaction costs of less than 1 cent and speeds of just a few seconds make onchain technology more accessible to everyone. Base offers a 24/7 global payment rail that operates at the speed of the internet, as well as a low-cost technology layer that anyone can use to create onchain applications, such as for social media, gaming, and entertainment.
As an open and permissionless platform, we want to make it as easy and rewarding as possible for anyone to build and create on Base, to maintain ownership over their content, and earn revenue for their work. We’re committed to engaging with and educating the developer community, because we believe developers who build consumer applications are the key to unlocking an onchain future for all.
Disclaimer
This article contains a press release provided by an external source and may not necessarily reflect the views or opinions of BeInCrypto. In compliance with the Trust Project guidelines, BeInCrypto remains committed to transparent and unbiased reporting. Readers are advised to verify information independently and consult with a professional before making decisions based on this press release content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
