🌐USDC Anywhere
Overview
"USDC Anywhere" is the cross-chain lending and borrowing feature of Moonwell, which utilizes Circle's Cross-Chain Transfer Protocol (CCTP). This feature allows users to easily lend and borrow USDC on Moonwell's Base deployment from a variety of CCTP-supported networks. To achieve this, CCTP burns USDC on the source chain and mints an equivalent amount on the destination chain. The integration of CCTP into Moonwell aims to enhance liquidity and improve the overall user experience.
Lend USDC
With "USDC Anywhere," users can supply their USDC to Moonwell on Base from other CCTP-supported networks.
Borrow USDC
With "USDC Anywhere," users can borrow USDC from Moonwell on Base, and then transfer the USDC to any of the CCTP-supported networks. This provides users with the flexibility to utilize USDC on their preferred network.
To borrow USDC from Moonwell, users are required to provide assets as collateral. Moonwell operates on an over-collateralized loan model, meaning that the amount you can borrow is limited to a percentage of the value of the collateral you provide. The borrowing limit is determined by the parameters set by Moonwell Governance.
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