TLDR
- Maple has expanded its syrupUSDC to the Base network, providing users with institutional-grade yield products.
- The expansion aims to offer better scalability and lower fees compared to Ethereum’s mainnet.
- A governance proposal on Aave V3’s Base platform is currently under review to make syrupUSDC eligible as collateral.
- If the Aave proposal passes, syrupUSDC will enable users to borrow, earn yield, and leverage within the DeFi ecosystem.
- Chainlink’s infrastructure will support interoperability between Base and Ethereum, ensuring syrupUSDC remains composable across both blockchains.
Maple, the on-chain asset manager, announced that its yield-bearing stablecoin, syrupUSDC, will now be available on Coinbase’s Base network. This move aims to bring institutional-grade financial products to the Ethereum Layer 2 platform. The expansion also positions syrupUSDC for potential inclusion in Aave V3’s Base platform, contingent on a governance proposal’s approval.
syrupUSDC Comes to Base Network
Maple’s syrupUSDC is a liquid yield-bearing asset backed by overcollateralized loans to institutions. This expansion to Base allows users to access institutional-grade yield products while avoiding some of the issues faced on Ethereum’s mainnet. The integration also offers Base’s growing user base a chance to earn yield and participate in DeFi activities more efficiently.
The expansion to Base aligns with Maple’s objective of expanding syrupUSDC’s availability across multiple blockchain networks. By using Base, the protocol aims to offer an improved user experience with lower fees and better scalability. This will provide more options for users to engage with syrupUSDC, from earning yield to providing liquidity and engaging in leveraged DeFi strategies.
A governance proposal is currently under review on Aave V3’s Base platform, proposing the addition of syrupUSDC as a viable collateral option. If the proposal passes, syrupUSDC could be used in Aave’s borrowing protocols, enabling users to borrow, earn yield, and leverage the asset within the DeFi ecosystem. This would also unlock new opportunities for those participating in Aave’s decentralized finance offerings.
The integration of syrupUSDC into Aave’s lending protocols would increase its utility, further cementing it as a key asset within the DeFi space. Maple’s CEO, Sid Powell, expressed confidence in Base’s growing DeFi ecosystem. He referred to the network as a “key next step” in the evolution of syrupUSDC, citing its robust user and developer base as essential for the product’s future success.
Interoperability with Ethereum via Chainlink
The interoperability between Base and Ethereum’s mainnet is powered by Chainlink’s infrastructure, allowing syrupUSDC to maintain its composability across both blockchains. This cross-chain compatibility is vital for retaining syrupUSDC’s liquidity and usability. Maple believes that such interoperability will enhance the asset’s value and usability within the DeFi ecosystem.
Sid Powell emphasized the importance of sustainable financial products for institutional participation in DeFi. He noted that with Base’s rapidly expanding DeFi stack, which now includes lending and credit offerings, syrupUSDC can help fulfill the demand for institutional-grade products on Layer 2 platforms. This strategic push to Base is part of Maple’s broader multichain approach, following the success of syrupUSDC on Arbitrum.
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