Coinbase Adds Support for DeFi Lending Protocol Morpho, MORPHO Price Surges
One of the top US-based cryptocurrency exchange platforms, Coinbase, has made an unexpected move by adding support for a decentralized finance (DeFi) lending protocol called Morpho. This protocol, built on the Ethereum (ETH) and Base networks, has seen a significant increase in price following the announcement.
According to Coinbase’s recent announcement, Morpho (MORPHO) is now available for borrowing and lending on their platform. This news has caused the price of MORPHO to soar, with the digital asset reaching a peak of $2.42 after starting at a low of $2.05 on February 27th. As of now, MORPHO is trading at $2.21, marking a 7.9% gain in the past 24 hours.
Morpho, which was launched in 2022, has implemented an oracle-agnostic pricing model. This means that the protocol is not reliant on a specific data source for its pricing information, as outlined in its official whitepaper.
The team behind Morpho explains, “External price feeds, often called oracles, have various designs with different accuracy and security properties. Some oracles may provide accurate price updates but could be too centralized or manipulable. To address this, Morpho has adopted an oracle-agnostic approach, allowing for greater resilience and trustless operation.”
Unlike other protocols that combine trading and lending mechanisms, Morpho is solely focused on lending. This specialized approach aims to make the protocol more open and efficient while maintaining a high level of security and auditability.
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In conclusion, Coinbase’s support for Morpho has undoubtedly boosted the project’s visibility and market value. With its innovative approach to decentralized lending and commitment to trustless operation, Morpho is poised to make a significant impact in the DeFi ecosystem.
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(Source: Shutterstock/Warm_Tail)