As an experienced analyst in the DeFi space, I’m excited to see Morpho become the first decentralized finance (DeFi) lending and borrowing protocol to go live on Base, an L2 scaling network for Ethereum introduced by Coinbase in 2023. Morpho’s decision to expand onto Base is a strategic move that will tap into a growing DeFi ecosystem and provide users with a more robust capital utilization rate.
In simpler terms, Morpho, a decentralized finance platform for lending and borrowing on Ethereum, was the initial project to go live on Base, a layer-2 scaling solution for Ethereum developed by Coinbase and launched in 2023.
As a researcher studying the decentralized finance (DeFi) space, I’ve noticed an emerging ecosystem on the Binance Smart Chain (BSC). In light of this growth, Morpho, which initially deployed on Ethereum, has decided to expand its presence by going live on BSC as well.
As a protocol analyst, I would describe Morpho as follows: I, myself, use Morpho, which is a peer-to-peer platform, providing an opportunity for users to access a more substantial rate of capital utilization through its liquidity offering.
Morpho is first L2 on Base
Paul Frambot, the CEO of Morpho Labs, expressed his thoughts on the recent Base deployment. Initially, he had reservations about extending their operations to a second blockchain. However, circumstances have evolved since then.
On Tuesday’s post at X, Frambot expressed that Morpho boasts the potential to emerge as the leading platform for lending and borrowing transactions on Base.
Today marks the debut of Morpho on the Base L2 platform, which is a first for our project’s history. For the past two years, I’ve advocated against expanding to other chains in order to keep Morpho’s mission focused. Initially, we believed that adding a new deployment wouldn’t significantly increase Morpho’s Total Value Locked (TVL). However, circumstances have evolved.
The CEO of Morpho Labs predicted that their protocol’s Base platform might surpass Ethereum’s version within the next year.
Earn, borrow, build
At the unveiling of Morpho on the Base platform, users will discover several beneficial elements. Among these is MetaMorpho Vaults, which facilitate superior returns through passive lending. By depositing their assets into these vaults, individuals can generate earnings.
they can do so by depositing cbETH as collateral in markets such as the cbETH/USDC one.
As more and more businesses adopt Base, the next group of users Morpho brings on board will significantly impact its expansion.
Currently, DeFiLlama data indicates Morpho has a total value locked (TVL) of $1.82 billion.
In the beginning of this year, the Total Value Locked (TVL) in the decentralized finance (DeFi) protocol’s on-chain peer-to-peer (P2P) layer was around $597 million. This signifies a nearly 205% growth in TVL compared to the beginning of the year.
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2024-06-18 20:16