Coinbase overweights DeFi, 1.1 million USDC injected into two major DeFi protocols, Uniswap and PoolTogether

On Wednesday, cryptocurrency exchange Coinbase issued an announcement saying that 1.1 million USDC had been injected into two popular DeFi protocols: the automated market maker Uniswap and the Ethereum non-destructive lottery game project PoolTogether to promote the development of these two protocols. .

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The reward is issued by Coinbase's "USDC Bootstrap Fund," which was initially launched last September. According to previous announcements, the fund aims to support decentralized financial (DeFi) projects by investing directly in smart financial protocols.

Coinbase said,

"With USDC, we want to provide critical infrastructure to grow DeFi and compete with existing financial products."

Last year, Coinbase invested 1 million USDC in the currency market agreement Compound and the margin trading agreement dYdX. Any counterparty on both platforms can borrow USDC tokens on their crypto collateral.

For these 1.1 million USDCs, 1 million of them were injected into the USDC / ETH pool of Uniswap. For PoolTogther, Coinbase has donated 100,000 USDC to the USDC daily prize pool of PoolTogether.

Speaking of investment in Uniswap, Coinbase noted that the agreement has grown significantly since its release and now has approximately $ 33 million in liquidity.

Coinbase says:

"Their constant market maker model makes it easy to launch a liquid exchange for any token and is increasingly becoming a key infrastructure for tokens and applications that require liquidity."

Note: USDC is a USD-backed stablecoin supported by Coinbase and pegged to the USD at a 1: 1 ratio. USDC was issued by Cetre in October 2018, and Centre was co-invested and operated by Coinbase and Circle.