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An Ethereum (ETH)-based decentralized finance (DeFi) altcoin is on the rise after gaining support from the top US-based crypto exchange platform.
In a new thread, Coinbase says it is adding support for Euler (EUL), a lending and borrowing protocol built on top of the second-largest digital asset by market cap.
“Euler (EUL) is now live on http://coinbase.com and in the Coinbase iOS and Android apps. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.”
Following the announcement, EUL saw a price increase, rising from an August 6th low of $11.02 to a peak of $12.17 just a day later. The asset has since stabilized and is currently trading at $11.77, representing a 5.7% increase over the last 24 hours.
According to its official website, Euler is a modular DeFi platform that features permissionless vault creation, allowing anyone to create a lending vault for a specific asset using the ERC-4626 token protocol, an extension of the popular ERC-20 standard that extends its reach to yield-bearing vault tokens.
“Vaults are the fundamental building blocks of the Euler protocol, serving as the primitive unit for all lending and borrowing activities…
EVK (Euler Vault Kit) vaults are extended ERC-4626 vaults that function as passive lending pools. Unlike standard ERC-4626 vaults that generate yield through active investment strategies, EVK vaults earn yield by lending assets to borrowers. These vaults accept ERC-20 token deposits and enable users to borrow against their collateral.”
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Featured Image: Shutterstock/Lemberg Vector studio/Sensvector
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