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The largest lending protocol on Base is adding WETH and USDC lending vaults.<\/p>\n
Decentralized lending platform Morpho<\/a> continues to gain traction as it adds two new curated lending vaults by Moonwell, a lending protocol on Coinbase\u2019s Layer 2, Base.<\/p>\n Moonwell, which leads the pack in terms of total value locked (TVL) on Base with $88 million, said it will add WETH<\/a> and USDC<\/a> lending vaults on Morpho.<\/p>\n The move comes as Morpho seeks to expand<\/a> beyond Ethereum mainnet. According to DefiLlama<\/a>, the lending protocol now boasts $1.8 billion in TVL, up 300% since the start of the year.<\/p>\n Borrowers have taken out $1.1 billion in loans on Ethereum<\/a>.<\/p>\n The USDC and WETH vaults will offer users a way to earn risk-adjusted yields from over-collateralized lending, while other market participants can borrow both assets against other cryptocurrencies available on Morpho.<\/p>\n Combining Base, Moonwell, and Morpho has one builder extremely excited: Paul Frambot, CEO and co-founder of Morpho. He told The Defiant he believes \u201cvery, very strongly\u201d about Base and that users are coming to Moonwell because the user experience \u201cis insanely good.\u201d<\/p>\n Frambot, in fact, reckons that Base is best equipped to onboard the next 100 million users into DeFi. \u201cWe believe in the team behind Base<\/a> and also in the capacity of Base and Coinbase\u2019s relationship,\u201d he said.<\/p>\n While Morpho has been on a tear in 2024, Base is considered an even greater success. Barely one year old, the network has gone from non-existence<\/a> at this time last year to $1.5 billion in TVL. The market capitalization of stablecoins on Base has reached a whopping $3.2 billion, of which USDC commands 96%.<\/p>\n In recent months, Morpho has quickly climbed the ranks of the decentralized lending sector<\/a>.<\/p>\n According to DefiLlama, it ranks fifth by TVL, trailing Compound Finance, which has $2.3 billion, Spark with $2.9 billion, JustLend with $6.3 billion, and leader Aave with $11.9 billion.<\/p>\nMorpho Takes On Aave<\/h2>\n