The time has come to expand Synonym’s seamless cross-chain lending capabilities. For the first time since the launch of Synonym, we’re pleased to announce that we’re adding a new spoke! Soon, users will be able to lend and borrow cross-chain on Base.

We chose Base as our next spoke for three primary reasons:

• It’s become one of the most active Ethereum L2 chains in 2024

• Base is developed and scaled by Coinbase

• Synonym, like Base, has a very close relationship with Circle

Base’s Surge In Activity

Base has been one of the most active L2s in the Ethereum ecosystem so far in 2024. The TVL has more than tripled from ~$500 million to ~$1.55 billion, making it the third largest Ethereum L2 behind Arbitrum and Blast. At the same time, average daily volume has particularly strengthened over the past 4-6 weeks, and is now hovering between $300M and $400M per day, a dramatic improvement since the beginning of the year.

Harnessing The Power Of Coinbase

While Base isn’t a direct product of Coinbase, the exchange is providing access to many of its features to Base users. As is stated on Base’s homepage, “Base is built to be the onchain home for Coinbase products, users, and assets, as well as an open ecosystem where anyone can build for them.” Easy onboarding and integrations are a critical component of bringing the next billion users on-chain. To date, Base has clearly done a good job of contributing to that goal.

Coinbase 🤝 Circle 🤝 Synonym

Coinbase and Circle have a long history. In fact, Coinbase was heavily involved in the development and release of Circle’s USDC stablecoin. As we’ve previously covered, Circle also provides key infrastructure to Synonym’s money market via their Cross-Chain Transfer Protocol (CCTP), which enables native USDC to be transferred between many different blockchains. We’re native transfer maximalists whenever possible.

Synonym + Base + LRTs = Opportunity

Once this integration goes live, it unlocks even more opportunities for users of Synonym. For example, you can gain access to assets on Base without having to sell or move your assets from their current location (while farming BIPS in the meantime!). This becomes even more powerful when you consider the suite of LRT lending markets we’ll be launching, which just kicked off with EtherFi. In practice, users can keep their LRT assets where they prefer, earn points, rewards and become active in the Base ecosystem.

Stay Tuned For More

Synonym is currently undergoing some major changes! From the new BIPS system to integrating new assets and chains, there’s a lot going on. To keep up with everything, be sure to follow us on X for the latest updates!