Top US-based crypto exchange platform Coinbase is abruptly adding support for one decentralized finance (DeFi) lending protocol built on Ethereum (ETH) and Base.
In a new announcement, Coinbase says it’s adding support for borrowing and lending project Morpho (MORPHO), causing the digital asset to rise in price.
News of the addition sent MORPHO flying as the crypto asset went from a low of $2.05 on February 27th to a peak of $2.42 just a day later. MORPHO has since stabilized and is trading for $2.21 at time of writing, a 7.9% gain during the last 24 hours.
Morpho, which launched in 2022, says it’s using an oracle-agnostic pricing model, meaning that it won’t be tied down to a specific data-feeding source, according to its official whitepaper.
“External price feeds, often called oracles, have various designs with different accuracy and security properties. For example, some oracles can provide frequent and accurate price updates, but they may be considered too centralized or manipulable to be at the core of a lending protocol.
To create more resilient lending primitives, some oracle-less protocols directly incorporated the pricing mechanics at their core. However, by doing so, the primitive has to handle both a trading and a lending mechanism simultaneously. This brings additional complexity, increasing gas costs and limiting auditability and security.
Morpho is dedicated exclusively to lending rather than trading. Its goal is to become the most open and efficient lending primitive while still operating in a trustless manner. This is why the protocol has an oracle-agnostic approach rather than an oracle-less one.”
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The post Coinbase Adds Support for DeFi Lending Protocol Altcoin Built on Ethereum and Base appeared first on The Daily Hodl.
