We're thrilled to announce the activation of Moonwell on Base, the new Ethereum L2 network incubated by Coinbase. Base is a secure, low-cost, and developer-friendly platform for decentralized applications. With a vision of bringing billions of users onchain, Base aims to build towards a future of greater financial freedom and inclusivity for all, where “onchain is the next online.”
By activating Moonwell on Base, we're joining this transformative movement and bringing our newly redesigned app to this vibrant ecosystem.
The future is onchain. The future is being built on Base.
Moonwell is more than just a lending and borrowing protocol; it's a gateway to financial empowerment. In a world where traditional financial tools are out of reach for many, and popular onchain alternatives are entangled in complexity, Moonwell stands apart.
Our newly redesigned app has been built from the ground up to be open, secure, and most importantly, simple to use. Our mission is to enable people from all corners of the globe to do more with their digital assets.
With Moonwell, users can easily lend, borrow, and claim rewards while maintaining full custody and control over their digital assets. Moonwell on Base supports popular digital assets including Ethereum, Coinbase’s cbETH, and USDC. Our user-centric and security-first approach caters to a diverse group of people, including:
Onchain Newcomers, looking for a simple way to get started with onchain finance
Unbanked Individuals, without access to traditional financial systems
DeFi Enthusiasts, seeking a trusted protocol backed by industry-leading contributors
Developers, eager to build on a robust and secure DeFi platform
With over a decade of industry experience and millions of verified users, Coinbase is on a mission to spark a new wave of onchain adoption with Base. Coinbase unveiled its onchain vision nearly seven years ago with the ironically titled “Secret Master Plan.” This blueprint called for a new financial system consisting of decentralized applications on an open and globally accessible network, with a user base of over one billion people. Base provides a new platform to build the open and global cryptoeconomy Coinbase envisions, increasing economic freedom around the world in the process.
The advent of the internet granted us unprecedented access to information. The emerging onchain era takes this one step further, where not only information but also value can be created and accessed by anyone, anywhere. Onchain networks like Base allow for a level of ownership, transparency, and autonomy that previously wasn’t possible online, enabling individuals to manage their information and assets without relying on centralized systems and intermediaries.
Here's how Base is making this onchain vision a reality:
Streamlined Onchain Access: Base enables Coinbase users to explore the broader onchain economy, making it easier to interact with apps and move assets between different ecosystems.
Coinbase’s Onchain Home: Base is designed to be the onchain home for Coinbase products and services, providing a secure and scalable environment for their development and operation.
Open-Source and Decentralized: With a commitment to open-source principles and progressive decentralization, Base aims to foster an ecosystem that is aligned with the democratizing spirit of blockchain technology.
Lower fees, Robust Security: Base is built on Optimism’s OP Stack, enabling lower transaction fees compared to L1 Ethereum, while still deriving its security from the Ethereum base layer.
EVM Equivalence: Developers building on Base can be confident that any program that runs on Ethereum will be fully compatible with Base.
Base has put out a Request for Builders to build on Base with the support of the Base Ecosystem Fund. This fund invests in early-stage projects building on Base and provides dedicated support from the Base team. The Base Ecosystem Fund stands as a testament to Base's mission to grow the cryptoeconomy and belief that "Base is for everyone," extending an open invitation to builders around the world.
In addition to Base's Ecosystem Fund, The Lunar Technology Foundation aims to support those integrating with and building new features for Moonwell through Moonwell Developer Grants. 10% of the WELL token supply has been allocated to long-term protocol and ecosystem development. Grants are awarded through onchain governance and community voting. Developers can easily build onchain apps that integrate with Moonwell collateral tokens as a composable protocol, enabling users of other digital platforms on Base to benefit from Moonwell’s capabilities. The call is open for all builders who want to contribute to a more robust onchain ecosystem.
We look forward to seeing the innovative solutions the Base and Moonwell communities will build together, as we strive to create a better financial system that can enable people from all backgrounds to do more with their digital assets.
With Moonwell now activated on Base, we are more optimistic than ever about the future of onchain finance. Whether you're an individual ready to lend, borrow, and build your tomorrow or a developer eager to innovate on top of the protocol, our community welcomes you.
Explore our new app at moonwell.fi and become a part of a community that's shaping the future of onchain finance. If you have questions, ideas, or simply want to connect with other like-minded individuals, join us on the Moonwell Discord.
Together, we're not just dreaming about our onchain future; we're building it.