Morpho, the protocol for loans and mortgages for Decentralized Finance (DeFi) is now live also on Coinbase’s layer-2, Base.
Morpho and the launch on Coinbase Base layer-2 to grow the DeFi ecosystem
Morpho, the protocol for loans and mortgages for Decentralized Finance (DeFi), has announced the launch of its layer 2 on Base, the blockchain introduced by Coinbase.
The wait is officially over.
Morpho is now LIVE on @base.
Earn, borrow, and build on Morpho. pic.twitter.com/EtFbIxDQij
— Morpho Labs 
(@MorphoLabs) June 18, 2024
“The wait is officially over. Morpho is now LIVE on @base. Earn, borrow, and build on Morpho.”
Initially born on Ethereum, Morpho will now be available on Base, a scalable network for Ethereum introduced by Coinbase in 2023.
This is a move that aims to leverage the growing DeFi ecosystem to improve its service offerings. Not only that, Morpho also aims to be positioned as the leading protocol on Base.
Supporting this strategy is Paul Frambot, CEO of Morpho, who has considered the use of Base as a fundamental element for the growth of Morpho in DeFi.
Morpho on Coinbase Base could surpass its Ethereum version
According to reports, Morpho on Base could potentially surpass its Ethereum version, as early as next year.
This forecast is essentially based on the potential increase in the adoption of Base blockchain across the entire market, which means it can facilitate the entry of more users.
At the moment, the data from DeFiLlama shows that Morpho has a total value locked (TVL) of 1.833 billion dollars. This is a substantial increase compared to the approximately 597.76 million dollars at the beginning of the year.
In any case, the version of Morpho on Base also brings with it new functionalities compared to its Ethereum version.
Among others, there is MetaMorpho Vaults which offers optimized returns through passive lending. Users can obtain returns by depositing assets in these vaults, providing a solid mechanism for yield generation.
Not only that, there will also be Morpho Markets which allows users to borrow their deposits, with markets like cbETH/USDC, so that one can borrow the stablecoin USDC using cbETH as collateral.
The explosive growth of Base with TVL at 8 billion dollars
In the meantime, even Base, the layer 2 of Ethereum by Coinbase, has been growing steadily since the beginning of 2024, with its TVL that has reached 8 billion dollars.
With this milestone, in the ranking of the richest Ethereum L2s, Base has surpassed Optimism and is now in second place behind Arbitrum.
According to the data, Base has grown more than 10 times since January 1, 2024. Staggering numbers considering that Arbitrum itself took almost 2 years to reach the current level of TVL.