Meet us at ETHDenver, Gauntlet Audit Results, DeFi hits $1 Billion

Compound Digest - Feb. 11, 2020

Welcome to Compound’s latest newsletter. Join us on Discord and Twitter to discuss!

Compound Team at ETHDenver

We’re coming to ETHDenver! Look for the ones in the Compound t-shirts. Adam Bavosa (Developer Relations Lead) and Max Wolff (Software Engineer) will be in attendance.

You can also find us on our Discord server https://compound.finance/discord. Join the #ETHDenver and the #development channels for help with code.

We’ve written developer quick start guides for Ethereum Development with Compound so you can hit the ground running:

Announcing ctBTC! Including an ETHDenver Bounty

We’re excited to be working with tBTC (Bitcoin on Ethereum) from Keep Network to bring Bitcoin to Compound users, and are co-sponsoring an ETHDenver bounty for the “Best Bitcoin to DeFi experience.” Catch us Friday in Denver at the Compound x Keep Network Happy Hour (PW: BTConDeFi) to learn more.

  • Bounty: Build the best Bitcoin to DeFi Experience

  • Prize: $1,000 DAI

  • Requirements: The only strict criteria is that your project must include a BTC to tBTC to ctBTC flow. Must use tbtc.js (https://github.com/keep-network/tbtc.js) and Compound’s open source contract integration. (https://github.com/compound-finance/compound-protocol)

You’ll also need:

  • A Ropsten Ethereum wallet with ETH (1-5 should be sufficient to start with)

  • A Bitcoin testnet wallet with BTC (minimum 0.001, though you'll probably want 0.5 or so to have plenty of testing possible)

  • tBTC API documentation: http://docs.keep.network/tbtc/solidity/

  • Compound API documentation: https://compound.finance/developers/api

  • What is tBTC?

Here are the Compound tBTC (ctBTC) contracts up on Ropsten:

## Ropsten ctBTC
0xB40d042a65Dd413Ae0fd85bECF8D722e16bC46F1

## Ropsten tBTC
0x083f652051b9CdBf65735f98d83cc329725Aa957

Gauntlet Releases the Compound Market Risk Assessment Report

Gauntlet has released its report on Compound Market Risk Assessment. The team at Gauntlet stress-tested the Compound Protocol for a plethora of market conditions. Read more about the report here.

“Potential Compound users can view this report as defining a rigorous actuarial methodology for understanding potential risks, gains, and losses in a multi-agent decentralized system.”

- Tarun Chitra, CEO of Gauntlet

DeFi crosses $1 Billion

That figure is the measure of all the crypto held in projects that provide interest rates, hedge, abstract, swap or otherwise enable decentralized and open finance using Ethereum's smart-contract powers, as totaled by DeFi Pulse, which first showed the collective market at $1 billion at 8:00 UTC Friday.

In CoinDesk’s story, founder of Compound, Robert Leshner commented "Satoshi would be extremely proud.”

Deposit to Dharma Directly from Your Debit Card

debit card deposits in dharma

Their team just announced on their blog that Dharma is now accessible directly from your debit card. This means that users can deposit from their debit card and withdraw to their bank account thanks to Wyre. There are, however, strict limits that they aim to raise over time.

Dharma also announced that in February, they will deploy a new system of smart contracts, called dTokens, which are a wrapper around Compound cTokens. Visit their blog post for more details and timeline.

iEarn Finance Has Launched

Maximize DeFi Yields with newly launched iEarn Finance. It’s a yield aggregator for lending platforms that rebalances for highest yield whenever the contract is interacted with.

iEarn aggregates money market protocols like Compound for optimal yields. Check out iEarn Finance’s GitHub.

Curve is in Alpha

Curve.fi is a stablecoin liquidity pool, using an automated market maker mechanism, that is in alpha with cUSDC and cDAI pairs, and already has >$1 million in liquidity.

"Curve is an automatic market maker which uses bonding curves working particularly well for stablecoin. It combines market-making and lending (via Compound) to have even higher yield. Currently, [c]DAI/[c]USDC and [c]DAI/[c]USDC/USDT versions are available."

- Michael Egorov, Founder of Curve

Other Links

Markets Update

  • Current supply is at ~$195 million from over 16,000 unique addresses. In the past seven days, approximately $50 million (gross) was added to Compound. About 70% of this volume was DAI and USDC; the mainder was mostly ETH.

  • Open borrowing is at ~$36 million from over 1,500 unique addresses. In the past seven days, approximately $5.4 million (gross) was borrowed from Compound. About 85% of this was volume was DAI and USDC; the remainder was mostly ETH.

For live figures on Compound please refer to our Markets page.

Tweet of the Week

Eidoo and DefiSnap Launches, Recent Protocol Updates, and More

Compound Digest - Jan. 28, 2020

Welcome to Compound’s latest newsletter! In this issue:

  • Eidoo launches its new DeFi Exchange product, enabling users to easily access DeFi protocols, starting with Compound.

  • New data dashboard DefiSnap enables users to easily track and visualize DeFi assets and liabilities in one comprehensive view.

  • Rho proposes a protocol for fixed interest rate swaps built on Compound’s variable interest rate markets.

  • Recent protocol updates include adjustments to the interest rate models for the cUSDC/cETH markets; and an adjustment of the collateral factor for cREP.

Read on for more, and join us on Discord and Twitter to discuss!

Eidoo Launches DeFi Exchange, Enabling Easy Access to Compound

Eidoo has launched its DeFi Exchange product, enabling users to easily discover and interact with DeFi protocols. Compound is one of three DeFi protocols supported by Eidoo at launch.

Users who have Eidoo downloaded can access DeFi Exchange on both mobile or desktop, and frictionlessly supply assets to Compound and acquire interest-earning cTokens.

For more details on the integration, see the “Learn More” resource on Eidoo’s blog.

Visualize Balances Across DeFi Protocols with DefiSnap

DefiSnap is a new platform for simple, snappy, all-in-one monitoring of any Ethereum address’s balances (assets and liabilities) across various DeFi protocols, including Compound.

Try inputting an Ethereum address or ENS domain of interest to the DefiSnap dashboard here!

Rho Specification Released; Facilitates Fixed Interest Rates on Compound

The Rho Protocol proposes a first-of-its-kind exchange for on-chain interest rate swaps using an automated market maker mechanism; like Uniswap but for transforming users’ open-term, variable interest rate borrows or supplies on Compound into fixed-term, fixed-rate borrows or supplies.

Using Rho, an interest rate speculator or hedger would be able to instantly access fixed or variable interest rate swaps by transacting with the Rho protocol directly, at any time, instead of having to ever wait for a counterparty to take the opposite side of the desired swap.

Links & Discussions

Protocol Updates

The interest rate models for the cUSDC and cETH markets on Compound have been adjusted to use 0x0c3f8df27e1a00b47653fde878d68d35f00714c0, modestly lowering borrowing costs.

For users interested in tracking interest rate models for assets on Compound, models are always available on-chain, and viewable on Etherscan (e.g. cUSDC). For a more human-readable format, we recommend this notebook: https://observablehq.com/@jflatow/compound-interest-rates.

Separately, the proposal to change cREP’s collateral factor from 50% to 40% passed the mandated governance timelock, and the change is now live.

Markets Update

Current supply is at ~$145 million from over 15,000 unique addresses. In the past seven days, approximately $19 million (gross) was supplied to Compound. About two-thirds of this volume was DAI and USDC; about one-third was ETH.

Open borrowing is at ~$32 million from over 1,400 unique addresses. In the past seven days, approximately $1.9 million (gross) was borrowed from Compound. About three-quarters of this was volume was DAI and USDC; the remainder was mostly WBTC.

For live figures on Compound please refer to our Markets page.

Tweet of the Week

Updating cREP's Collateral Factor, cDAI Plants (Actual) Trees with rTrees, and More

Compound Digest - January 15, 2020

Welcome to Compound’s first newsletter of the new decade! In this issue, we cover:

  • A pending (currently in the timelock) update to lower cREP’s collateral factor from 50% to 40%.

  • rTrees, a new application built on rDAI and cDAI which uses Compound-generated interest to fund the non-profit Trees for the Future.

  • BeToken’s integration of Compound to power margin trading.

  • And some fantastic Compound-relevant writing and analysis from friends at Coinbase, a16z Crypto, and Dragonfly Capital.

Read on for details — and join our community’s discussion on Discord and Twitter!

Updating the cREP Collateral Factor to 40%

Augur (REP) has experienced abnormally high volatility the past several days, ranging from ~$10 to as high as ~$23 on major exchanges. As a safety measure, the cREP collateral factor on Compound will be lowered from 50% to 40% pending a 2-day timelock as required by the governance layer of the protocol.

Plant (real) Trees Using cDAI

rTrees enables users to generate interest from Compound based on cDAI, and redirect that interest to the non-profit Trees for the Future, which plants trees and plants in conjunction with farmers in developing countries. rTrees shows its users the number of newly planted trees that their cDAI interest is funding, in real-time.

rTrees is actually built on the rDAI (redeemable DAI) token standard, which extends the feature set of cDAI (Compound DAI). Extremely cool “money legos” that is now literally funding the planting of more trees on Earth.

Read more about rTrees and how to use the app in their launch announcement!

Betoken Margin Trading Powered by Compound

Betoken, a platform for community-managed crypto funds, has enabled margin trading powered by Compound for its 172 fund managers.

Betoken fund managers collectively manage a single portfolio of capital, supplied by Betoken users. The portfolio holds 70+ Ethereum-based assets, as well as margin positions on Ether, WBTC, BAT, KNC, REP, and ZRX. Capital is allocated across all 172 fund managers based on investment track record. Check out Betoken here.

More Product Launches

Links & Discussions

Fantastic content from friends at Coinbase, a16z Crypto, and Dragonfly Capital recently. Excited to see Compound as part of the conversation:

Markets Update

Current supply is at ~$150 million from over 14,000 unique addresses. The biggest suppliers over the past two weeks minted 37k cETH and 1.2 million cREP; 128k cETH; and 30k cETH.

Open borrowing is at ~$31 million from over 1,400 unique addresses. The biggest borrowers over the past two weeks borrowed 3.8 million USDC and 125k REP; 5.8 million DAI; and 1.4 million DAI.

It’s been an exciting two weeks as the total crypto market capitalization, per CoinMarketCap, is up about 25%. For live figures on Compound please refer to our Markets page.

Tweet of the Week

Upgraded cDAI, and new cToken use-cases

Compound Digest 12/31/19

In this week’s issue, we cover:

  • Upgrades to the cDAI market, including integration with the Dai Savings Rate (DSR)

  • Launches from projects building with Compound including TokenSets, KeeperDAO, and DeFiZap

  • Compound-related press and content from the Financial Times, Coindesk, and the Coinbase blog

Read on for more — and let us know what you think on Discord or Twitter!

Upgraded cDAI

On December 17, we announced that three planned upgrades to cDAI were queued into the governance layer of the protocol. These upgrades are now live for all users: first, an updated interest rate model for cDAI; second, the integration of the Dai Savings Rate such that all DAI held by the cDAI contract is swept into the DSR; and third, an increase in the collateral factor of cDAI, from 0% to 75%.

Of the 72 million DAI in existence, approximately 19 million are supplied to the Compound protocol.

TokenSets launches second cUSDC Set

TokenSets launched its second cToken-enabled Set this month - the ETH 20MA Crossover Yield Set, joining the ETH RSI 60/40 Yield Set. These “set-it-and-forget-it” trading strategies automatically rebalance user funds between ETH and cUSDC based on price movements for ETH, so that users are always either invested in ETH or holding the interest-earning stable asset cUSDC.

KeeperDAO launches to deploy pooled capital towards “keeper” strategies

KeeperDAO, a collaboration from Amber AI and a new group called Talo Systems that includes members of the Ren Protocol team, has announced a new protocol that incentivizes pooled participation in profitable “keeper” opportunities such as performing liquidations on the Compound protocol. Since these “keeper” opportunities are infrequent and unpredictable, pooled assets will sometimes sit idle; during those times they will be supplied to passive yield markets like Compound.

DeFiZap adds cDAI Uniswap support

DeFiZap added support for the cDAI Uniswap pool, allowing users to provide liquidity to Uniswap’s cDAI pool in just one click.

Behind the scenes, users provide Ether, half of which is converted into cDAI; both assets are then contributed to the Uniswap pool, an automated market-maker that provides liquidity to users looking to trade between Ether and cDAI.

Press & More

Tweet of the Week

Markets Overview

Supply is at ~$120 million from over 14,000 unique addresses. The biggest suppliers this past week minted $12 million of cETH, $3 million of cETH, and $2.6 million of cETH.

Borrowing is at ~$27 million from over 1,300 unique addresses. The biggest borrowers this past week borrowed $7.3 million of DAI and USDC, $1.5 million of DAI, and $400k of DAI.

For live figures please refer to our Markets page.


Keep in touch with Compound

Website |  Twitter | Discord | Reddit

cTokens On Set Protocol, Sablier Goes To Mainnet And More 

Compound Weekly, 12/16

cTokens on Set Protocol

Set Protocol has announced the integration of Compound tokens and the launch of the first cToken enabled Set, the ETH RSI 60/40 Yield Set. The benefit of cToken integration is that users can now earn interest while the Set is positioned in the stable-asset.

"We're excited to be building with Compound to offer cToken integration within Set Protocol as it's been one of the most requested features from our users since we launched Trend Trading Sets back in July. Our first Set that contains a cToken is the ETH RSI 60/40 Yield Set which now accrues interest when the Set is positioned in cUSDC."

- Anthony Sassano, Set Product Marketing Manager

Sablier Launches on Mainnet

Sablier launches on mainnet, enabling users to make streaming payments in real-time, by the second, for use cases such as streaming payroll. Users can create streams using Compound’s cDAI or cUSDC, or they may also use DAI, USDC, and SAI. Sablier has launched a well-designed user experience in the form of a web app, to power these autonomous, trustless, continuous payments.

Paul Razvan Berg, the founder of Sablier is live-streaming his salary in cDAI.

Thoughts 

Markets

Total supply is currently at ~$117 million from 13,000+ suppliers, and total borrowing is at ~$26 million from 1,300+ borrowers. 

The three largest suppliers this past week minted $5.6m of cDAI, $2.9m of cETH and $2.2m of cETH.  The three largest borrowers this past week borrowed $800k, $500k, and $461k of cDAI.

For live figures please refer to our /markets page.

More 

Hiring

We’ve opened a few new roles at Compound. We’re on a mission to build an open financial system -- join us!


Keep in touch with Compound

WebsiteTwitter | Discord | Reddit

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