Coinbase Pumps $1.1M USDC Into DeFi Sites Uniswap and PoolTogether
Announced Wednesday, Coinbase has deposited $1.1 million in USDC stablecoins into the pools powering two of the most popular decentralized finance (DeFi) applications on Ethereum: Uniswap and PoolTogether. As for the Coinbase funding for Uniswap and PoolTogether, it's worth noting these aren't so much investments in either company but deposits into the underlying liquidity pools that make them work.
The pool can support larger trade sizes and more volume," Hayden Adams, founder of Uniswap, told CoinDesk in an email. "Uniswap is extensively used for liquidations and arbitrage in DeFi, and liquid exchanges are a critical building block to decentralized finance, " Nemil Dalal, of Coinbase, told CoinDesk in an has contributed $100,000 to the sponsored pool backing PoolTogether's USDC daily prize.
