DeFi Altcoin and Ethereum (ETH) Layer-2 Blockchain Both on the Rise After Coinbase Listing

A decentralized finance (DeFi) project and an Ethereum (ETH) layer-2 blockchain are both surging after abruptly gaining support from Coinbase.

In a new set of announcements, top US-based crypto exchange platform Coinbase says it’s adding DeFi platform Moonwell (WELL) and ZKsync (ZK), an Ethereum scaling solution, to its suite of products.

According to Coinbase, customers can now buy, sell, covert, send, receive, or store WELL and ZK starting today.

News of the listings sent both WELL and ZK flying, as the duo of assets saw respective gains of 31.22% and 4.21% on the day. WELL is trading for $0.0389 at time of writing while ZK is valued at $0.142.

ZKsync launched in 2020 and uses zero-knowledge (ZK) cryptography to increase ETH’s transaction speeds, lower its costs, and maintain its decentralized and secure nature. ZK proofs are a way to validate the truth of a specific statement without revealing data about the statement itself.

Moonwell is a crypto borrowing and lending platform built on Base, the blockchain of Coinbase, ETH layer-2 scaling solution Optimism (OP), smart contract platform Moonbeam (BEAM), and sandbox test network Moonriver (MOVR).

Earlier this month, Moonwell announced that it became the first app on BASE to support cbBTC, a recently launched tokenized version of Bitcoin (BTC) that exists on both BASE and Ethereum.

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Featured Image: Shutterstock/JLStock/Sensvector