Navigating New Horizons: Timeswap Ventures into BASE.
Multichain of Madness: Part Cinq
Introduction:
The Time Machine embarks on yet another intriguing journey. This time, its course aligns with BASE, a Layer 2 scaling solution that stands atop Optimism’s OP stack. As we delve into the realms of this new chapter, it becomes apparent that the future of DeFi and scaling solutions is being shaped by great initiatives like BASE.
What is BASE?
BASE ecosystem is a beacon of progress, and the underlying tech embodies remarkable features being a Layer 2 scaling solution. Built atop Optimism’s OP stack, BASE not only inherits the prowess of its foundation but also adds its unique characteristics to the mix.
- EVM Equivalence: BASE embraces the EVM equivalence, ensuring familiarity meets innovation. This enables the Time Machine to transition seamlessly, with little need for adjustments in its code.
- Cheaper Transaction Costs: The allure of BASE extends to transaction fees, which are a mere fraction of those on the Ethereum Mainnet. With costs lowered by a factor of ten, the Time Machine’s expeditions become even more accessible and economically efficient.
- Coinbase Incubation: BASE’s incubation by Coinbase, is a hallmark of credibility and support. This affiliation extends BASE’s reach to a vast ecosystem of users, developers, and liquidity, marking it perfectly suited for onboarding the next 1 Billion users into Crypto.
Why select BASE as the next base for Timeswap?
BASE’s trajectory has been nothing short of parabolic, with milestones that speak volumes about the adoption and potential for BASE to become a base of a strong DeFi ecosystem. In a span of less than a month, BASE achieved a remarkable feat, amassing a staggering $188 million in TVL.
Notably, BASE’s appeal has translated into a thriving ecosystem, hosting dozens of dApps that are now based on BASE. From Memecoins to open NFT mints, the volumes and user activity and volumes are moving the ecosystem at a great pace.
It only makes sense for us to be BASE’d on BASE!
What does Timeswap bring to the BASE ecosystem?
As the TVL and Volumes suggest, the BASE ecosystem is currently growing and developing at a great pace. Given this, we are sure to see many ups, downs and stress tests on the DeFi protocols particularly.
Lending/Borrowing is a fundamental building block for any DeFi ecosystem. It is important to have a money market which can support as many ecosystem tokens as possible, that too in a secure manner. Traditional lending/borrowing platforms cannot function well in environments with thin liquidity owing to their dependency on liquidations & they’re prone to many attack vectors. Security becomes crucial in a newly formed ecosystem because of its thin liquidity and infra still getting built. Here, Timeswap serves as the go-to lending/borrowing platform given the liquidation-independent nature of the protocol alongside the ability to support any ERC-20/ERC-4626 token.
Timeswap is the world’s first oracleless, AMM-based lending/borrowing protocol which works for any ERC-20 & ERC-4626 token. Lenders on Timeswap earn a fixed yield on their tokens for a fixed period of time. Borrowers on the other hand get access to non-liquidatable loans by paying a fixed amount of interest.
Notable features of Timeswap:
- Non-liquidatable leverage.
- Fixed yields.
- Oracleless support for any tokens.
- Boost your yields by leveraging Yield bearing assets.
Oracleless protocols are the future of DeFi lending/borrowing and Timeswap is going to be at the forefront of it. Having launched two iterations of Timeswap with $10M of cumulative lend/borrow volume, we’ve launched lending/borrowing pools for exotic tokens ranging from yield-bearing assets, LP tokens, Vault shares, etc. Check all the exotic asset pools launched on Timeswap here.
The Genesis Pool.
To begin our journey on BASE, we’re launching a USDC/cbETH pool. This pool enables collateralisation of Coinbase’s Staked ETH (cbETH) to borrow USDC stablecoin at fixed interest rates. Lenders can earn fixed interest rates by lending USDC into the pool.
- Network: Base Mainnet
- Collateral asset: cbETH
- Supplied/borrow asset: USDC
- Transition price: 1,600 cbETH/USDC
- Maturity: September 30, 2023 at 12:00 UTC (i.e., ~45 days)
- Initial APR: 42.069%
Swap Your Tokens Through Time -> app.timeswap.io
If you want to learn more about how your project can utilise Timeswap or create a lending/borrowing market for your assets (including receipt and LP tokens), please fill out this form.
Time Is Money ⏳
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