Governance Updates, Delegate by Signature, HAL Q&A

Compound Digest - July 30, 2020

Highlighting the best of Compound & the DeFi ecosystem. For more updates, join our community on Discord, Twitter, and Comp.xyz.

Two new proposals have passed through Compound’s governance system since our last newsletter, with both passing almost unanimously. Below, we highlight each proposal and the broader significance for users and stakeholders of the protocol. 

Proposal 17: REP Migration

  • Status: Executed July 24th, 2020

  • Proposer: blck

  • Voting Results: 757,201 For and 1 Against

  • Summary: Ahead of the launch of Augur v2 on July 28th, blck has initiated a process of deprecating REPv1 on Compound. The proposal disincentivizes the use of cREP by disabling supply and borrow functionality, disabling COMP distributions, and setting the reserve factor to 100%. Users are encouraged to wind down outstanding cREP positions, as a potential fork event is likely in the near future. Read the community discussion on the proposal here

Proposal 18: Upgrade cDai Interest Rate Model

  • Status: Executed July 28th, 2020

  • Proposer: Dharma

  • Voting Results: 895,108 For and 1 Against

  • Summary: Following a previously failed proposal (012) earlier in July, this proposal from Dharma makes three changes to the interest rate model of cDAI: Increase the supply APY from 15% to 25% at 100% utilization, change the utilization rate ‘kink’ from 90% to 80%, and increase the slope of the interest rate curve before the ‘kink’ (gapPerBlock from 2% to 4%). Read the community discussion on the proposal here

Join the Compound governance discussion on Comp.xyz, or delegate your COMP voting rights to the delegate of your choice. Leading delegates can be seen on the Delegate Leaderboard.

Delegation and Voting with EIP-712 Signatures

Compound protocol governance features EIP-712 signature functionality, which enables users to sign a delegate or vote transaction for free, so a third-party can and write the transactions to the blockchain for them (and pay the gas fees).

This functionality is powerful. It enables, for example, third-party protocol politicians to request signed transactions from other COMP-holders, and aggregate voting power to have a greater influence on Compound governance. 

To learn how to build a user interface that takes advantage of this functionality, see the developer guide for Delegation and Voting with EIP-712 Signatures on the Compound blog.

HAL Q&A

What does HAL do?

HAL is a 1-click-setup IFTTT for Ethereum, featuring dApp-specific integrations with webhooks, Discord, Slack, Telegram, Twitter, and emails. Using new Recipes you can create and share your favorite triggers in a new and collaborative way! We also created the @compoundgovbot on twitter, which automatically tweets when there are on-chain events related to Compound's governance system.

What went into building the initial app?

The seed is basically what we express in the Gluing Manifesto. We strongly believe that the best way to leverage the full potential of decentralized technologies is by designing an economic system based on a tight interaction between decentralized and centralized components where developers and companies judiciously decide how to mix them depending on which components need to be trustless or not. There's a gap between decentralized and centralized systems that can be filled by gluers, entities that are logically, architecturally, and politically centralized but are not custodial, are replaceable at any time, and can fail. And here's HAL, the first version of a gluer connecting both worlds!

What are the next steps and goals for HAL?

In the short term, we are running a 30-day sprint to create new automation to make Ethereum dApps easier for end-users, and integrating more Apps. Along with that, you are going to see new login mechanisms (e.g. using Metamask) and the on-chain automation off-chain aided featuring Gelato Finance and Gnosis Safe. In the meanwhile, we are thinking how to decentralize HAL and maybe a token could be part of the story.

What does your tech stack look like?

Our stack is 3-tier, the app, the API layer, and the event engine. The app is based on React and is the point where we invested much effort in the last weeks, to offer a great UX for our users. The API layer is based on Node.js and it's serverless, in this way we can be fast on implement changes and eventually move back and forth logic from frontend to the API. In addition, it helps to lower costs and don't bother too much about Sysops (thanks to AWS). The event engine is written in Go using a queue architecture and it's where the magic happens aka your recipes/triggers are interpreted and on match execute the actions you set.

What other ideas do you have that devs can use with Compound to build something awesome?

Compound is the lego of DeFi. We already see many great products built on top of it (e.g PoolTogether, IdleFinance) and clever usages (e.g. Curve). Options are trendy right now and I would like to see some implementation which uses Compound as one of the underlying protocol to realize this.

Emiliano Bonassi, Founder, Hal.xyz 

Markets Update

Current supply on the Compound protocol is at $1.9B from ~33k unique addresses. In the past seven days, approximately $2B (gross) was added to the protocol, in 9.1k transactions. 72% of this volume was DAI, 16% was ETH, 8% was USDC, and 2% was USDT. DAI supplied to Compound is currently at $1.2B, marking the first time in the protocol’s history that a single market has passed the billion-dollar threshold. 

Open borrowing is at $1.2B from 4.7k unique addresses. In the past seven days, approximately $1.4B (gross) was borrowed from Compound in 3k transactions. 89% of this volume was DAI, 8% was USDC, and 1% was WBTC.

For live figures please refer to our Markets page.

Links & Discussions

Tweet of the Week

Niraj Pant @niraj
Excited to announce the launch of
comp.xyz, a new forum for Compound governance! As Compound continues to scales up, it's imperative that the community gets involved in long-form discussions around the future of the protocol.Compound Community ForumForum for Compound Finance governance discussionscomp.xyz

Governance Updates, Curv Integration, OKCoin Price Feed, Ankr Q&A

Compound Digest - July 16, 2020

Highlighting the best of Compound & the DeFi ecosystem. For more updates, join our community on Discord, Twitter, and comp.xyz.

Governance Updates

Five new proposals have passed through Compound’s governance system in July, with two passing, two failing, and one being canceled. Below, we highlight each proposal, from oldest to newest, and the broader significance for users and stakeholders of the protocol. 

Proposal 12: Update cDAI Interest Rate Model (012)

  • Status: Failed July 4th, 2020

  • Proposer: Dharma

  • Voting Results: 133,613 For and 538,486 Against

  • Summary: This proposal from Dharma attempted to make three changes to the interest rate model of cDAI: Increase the supply APY from 15% to 25% at 100% utilization, change the utilization rate ‘kink’ from 90% to 80%, and increase the slope of the interest rate curve before the ‘kink’ (gapPerBlock from 2% to 4%). 

Proposal 13: Set WBTC Collateral Factor to 65% (013)

  • Status: Canceled July 5th, 2020

  • Proposer: Alameda Research

  • Voting Results: 125,332 For and 105,049 Against

  • Summary: This proposal sought to increase the WBTC collateral factor from 0% to 65%, allowing users to supply WBTC as collateral to borrow other assets from the protocol. This proposal was canceled before the end of the voting period, as Alameda’s delegated COMP fell below the 100k threshold.  

Proposal 14: Set WBTC Collateral Factor to 65% (014)

  • Status: Failed July 8th, 2020

  • Proposer: Alameda Research

  • Voting Results: 353,204 For and 669,872 Against

  • Summary: This proposal was a continuation of Proposal 13, where Alameda again proposed a collateral factor increase of 0% to 65% for WBTC. This proposal ultimately failed due to concerns that manipulative WBTC minting would create systemic risk for the protocol. 

Proposal 15: Changing SAI collateral factor to 0% (015)

  • Status: Executed July 13th, 2020

  • Proposer: blck

  • Voting Results: 997,005 For and 9 Against

  • Summary: blck completes the process of deprecating SAI by reducing SAI's Collateral Factor from 35% to 0%. 

Proposal 16: Set WBTC Collateral Factor to 40% (016)

  • Status: Executed July 14th, 2020

  • Proposer: Alameda Research

  • Voting Results: 533,998 For and 523,974 Against

  • Summary: In the closest voting outcome in governance thus far, Alameda passed a proposal for a WBTC collateral factor of 40%. The proposal explained that while they still support taking WBTC collateral factor up to 65%, they believe 40% is a good middle ground for the community to get comfortable with having WBTC as collateral for borrowing. 

Join the Compound governance discussion on Comp.xyz, or delegate your COMP voting rights to the delegate of your choice. Leading delegates can be seen on the Delegate Leaderboard.

Curv Supply Integration

Curv is an institutional custodian that uses multi-party computation (MPC) to remove single points of failure in public-key cryptography, and better secure digital assets. The team recently announced a successful Series A fundraising round from investors including CommerzVentures, Coinbase Ventures, Digital Garage Lab Fund, Digital Currency Group, and Team8, and counts eToro, Genesis, and Franklin Templeton Investments as clients.

Curv has integrated Compound’s supply functionality so their institutional clients can earn interest on crypto from the safety of custody. The initial integration will support ETH, with other assets and borrowing being added in the near future. 

You can visit Curv's website for more information on the Compound integration and request a demo. 

OKCoin Open Price Feed

OKCoin, a leading exchange based in San Francisco, has released a signed price feed based on the Open Price Feed standard, which allows any DeFi project to pull OKCoin’s price data into their markets. The Open Price Feed is designed for Reporters like OKCoin to sign price data with a public key, and then have those prices posted on-chain. Any on-chain application can request and decode data out of the Open Price Feed.

Compound CEO Robert Leshner added that “Having a reliable feed for on-chain price data is critical for DeFi growth and use of Compound. This effort from OKCoin is an important contribution to the decentralized finance ecosystem”. 

Ankr Q&A

Ankr is a blockchain Node-as-a-Service provider that builds essential infrastructure for deploying proof of stake and Ethereum nodes. The Ankr team recently launched a Compound API that abstracts away Solidity development and replaces it with a developer-friendly web2-stack. The node deployment and API solutions at Ankr lower the entry barrier for anyone looking to build applications and experiences on top of the Compound protocol. 

How can devs use your product with Compound to build something awesome?

Developers who have experience with RESTful API’s integration can easily work with the Compound API provided by Ankr to interact with Compound's functionalities, which are only exposed via Solidity.

What does your tech stack look like?

We power our Compound API using Kubernetes, MySQL, and Node.js. However, you don't need to write any code to launch or maintain this Compound API. All the bootstrap steps can be easily done via a couple of clicks. What's more important, you don't need to maintain an Ethereum node yourself to interact with smart contracts. Ankr internally provides its own Ethereum Full node to facilitate all the Ethereum calls.

Is there anything notable or unique regarding your Compound integration or research?

In our opinion, security is even more important than ease-of-use. We have built our application with security in mind since day 1.  

  • All the data saved in the database is either hashed or encrypted.

  • No plain text is allowed for sensitive data such as private keys over the Internet.

  • Ankr has no capability to steal any assets as we are only viewing your database.

What are the next steps and goals for your company?

We are working on immersing with more customers and creating connections in our community, expanding and integrating with more companies and blockchain projects. We are constantly improving our UI/UX for our suite of services. We are also aiming at strengthening our resource network and expanding our operations to locations around the globe.

Marco Robustelli, CMO, Ankr

You can learn more about Ankr’s Compound API by reading the announcement on the Ankr Blog or trying out Ankr’s Compound API deployment page on their website.

Markets Update

Current supply on Compound is at $1.7B from ~32k unique addresses. In the past seven days, approximately $930mm (gross) was added to Compound, in 9.5k transactions. 51% of this volume was DAI, 41% was ETH, 16% was USDC, and 4% was USDT.

Open borrowing is at $1B from 4.5k unique addresses, marking the first time borrowing volumes have exceeded the billion-dollar threshold. In the past seven days, approximately $870mm (gross) was borrowed from Compound in 7k transactions. 61% of this volume was DAI, 22% was ETH, and 10% was USDC.

DAI has replaced BAT as the largest market on Compound, with $880mm of supply and $800mm of open borrowing at the time of publication. This is largely due to the interest rate model of the DAI market, which has a relatively flat slope until a ‘kink’ at 90% utilization. Since COMP rewards are now based on USD amounts instead of interest generated, users have flocked to the DAI market where they can earn the most amount of COMP while paying the least amount of interest.

For live figures please refer to our Markets page.

Links & Discussions

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Latest Governance Proposals, New Product Launches

Compound Digest - July 1, 2020

Highlighting the best of Compound & the DeFi ecosystem. For more updates, join our community on Discord, Twitter, and Comradery.

Governance Updates

Four new proposals have passed through Compound’s governance system since the public COMP distribution went live on June 15th. Most of the proposals are a reaction to the user behavior surrounding the initial mechanics of the COMP distribution, and seek to both ensure the safety of the protocol and its users and ensure fair distribution of governance rights. Below, we highlight each proposal, from oldest to newest, and the broader significance for users and stakeholders of the protocol. 

Proposal 8: Increase USDT Reserve Factor from 0% to 10% (008)

  • Status: Executed June 22nd, 2020

  • Proposer: blck

  • Voting Results: 1,413,016 For and 15,001 Against

  • Summary: With the rapid growth of USDT volumes on Compound, this proposal was introduced so that the liquidation mechanism accumulates USDT reserves to defend against any possibility of undercollateralized borrows. 

Proposal 9: Set reserve factor for cUSDT to 20.0% (009)

  • Status: Executed June 25th, 2020

  • Proposer: Dharma

  • Voting Results: 758,651 For and 311,570 Against

  • Summary: Taking blck’s 10% USDT reserve factor increase even further, Dharma made the case for bumping up USDT’s reserve factor yet again to 20% to disincentivize a new trend called yield-farming.

Proposal 10: Adjusting COMP distribution speed to match Ethereum network block time and increasing higher-risk assets Reserve Factor (010)

  • Status: Executed June 27th, 2020

  • Proposer: blck

  • Voting Results: 1,198,438 For and 189,177 Against

  • Summary: This proposal has 2 parts: reducing the speed of COMP distribution to match the 13.1 second Ethereum block time vs the expected 15 second block time; and increasing the reserve factor for illiquid assets like BAT, REP, and ZRX to 50%, in order to mitigate inorganic yield-farming.

Proposal 11: COMP Distribution Patch (011)

  • Status: Queued June 30th, 2020 (Executable July 2)

  • Proposer: Geoffrey Hayes

  • Voting Results: 771,804 For and 1 Against

  • Summary: This proposal from Compound Labs CTO Geoffrey Hayes removes interest rates as a factor in COMP distribution by adjusting the allocation formula from: totalBorrows * borrowingRatePerBlock * USD Value to: totalBorrows * USD Value, so that every $1 supplied/borrowed will accrue the same amount of COMP in each market.

Join the Compound governance discussion on Comradery, or delegate your COMP voting rights to the delegate of your choice. Leading delegates can be seen on the Delegate Leaderboard.

Product Launches

The launch of COMP has spurred the development of new tools, integrations, and methods of accessing the protocol and participating in governance. 

COMP

17 exchanges so far have listed COMP with FTX and Poloniex also listing cUSDT so users can earn interest and COMP just by holding the asset. Alongside listing COMP on Pro and Consumer, Coinbase has created an educational series on COMP for their Earn product, where users can learn about the protocol and get rewarded with $9 of COMP.

Compound APIs

For developers looking to build applications on top of Compound, Ankr and QuikNode have both recently released APIs for calling Compound’s smart contracts. These APIs enable anyone to supply, redeem, borrow, and repay using Web2 programming languages like JavaScript, instead of running an Ethereum Node and programming in Solidity. 

DeFi Products

Opyn and UMA have both released innovative financial instruments for COMP that allows COMP holders to hedge their exposure. Opyn has created a Protective COMP Put Option with a strike price of 150 USDC and Expiry date of July 3rd, 2020. The platform also offers the ability to earn premiums on USDC by selling these protective put options. UMA has launched yCOMP, which allows users to permissionlessly gain tokenized exposure to the price of COMP. 

Permanent Interface

A community member ported the Compound Dashboard to Arweave, which is a derivative blockchain that enables permanent on-chain data storage.

Markets Update

Current supply on Compound is at $1.02B from ~30k unique addresses, marking the first time in the protocol’s existence that volumes have risen above the billion-dollar threshold. $1.7B (gross) supply was added to Compound in the last seven days in roughly 34k transactions, marking a 10x increase in the weekly transaction count from the last newsletter publication. 32% of this supply was from BAT, 23% was ETH, 13% was USDC, and 10% was USDT. 

Open borrowing is at $390mm from 4.2k unique addresses. $1.2B (gross) of borrows were originated on Compound in the last week in 8.6k transactions. Of the current borrows outstanding, 74% are from BAT, 10% are from DAI, 8% are from USDT, and 4% are from USDC.

We’ve seen a dramatic shift in volumes moving away from stablecoins to assets like BAT, which is now the largest market on Compound with $307mm of gross supply and $272mm of gross borrow. Traders who seek to maximize their COMP earnings have begun to yield-farm the BAT market, recursively supplying and borrowing the asset, which pushes up the APY and resulting COMP earned. Leveraged yield farming is an extremely risky strategy, and has prompted the community to pass both a 50% reserve factor for illiquid assets like BAT, and a change to the COMP distribution model that removes APY from the equation.

For live figures please refer to our Markets page.

Links & Discussions

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COMP Distribution, Key Delegates, New Asset Pages

Compound Digest - June 17, 2020

Highlighting the best of Compound & the DeFi ecosystem. For more updates, join our community on Discord, Twitter, and Comradery.

COMP Token Distribution

As of Monday morning, June 15, COMP tokens are now being distributed to all users of the Compound protocol. The proposal to distribute COMP tokens was successfully executed with 1,116,310.81 votes in favor and 0 opposed.

Each day, approximately 2,880 COMP will be distributed from the Reservoir, directly to users. Already:

  • 1,642 addresses currently hold COMP; 22,400 address have earned COMP.

  • 139 addresses are registered to vote in Compound Governance, up from 37.

You can view this Dune Analytics dashboard for real-time data on COMP distribution and interactions - or fork the queries to create your own analytics dashboard.

Protocol suppliers and borrowers can view their COMP balance, collect earned COMP, or delegate their voting rights using the app’s vote page. For further information on COMP and governance see the COMP distribution FAQ page and the Compound blog.

Launching COMP was the final step in the decentralization process that was announced in February. As announced on June 16, our core work on the Compound protocol is done. Future administration, maintenance, and upgrades to the protocol lie solely in the hands of COMP holders and their governance delegates.

Key Governance Delegates

As a COMP token holder, you do not need to directly participate in the voting process for protocol modifications. A core feature of COMP is the delegation of voting rights.

The Compound Delegate Leaderboard shows the governance participants who have been delegated the most votes thus far. You, as a user of Compound and recipient of COMP, can delegate to any user or organization that you wish, including yourself! Just visit the vote page to do so.

The following list highlights a few Compound community members that would appreciate your voting support, should you wish to delegate to a representative instead of yourself.

Ryan Adams

As a member of the Bankless Party, Ryan is pro-growth, pro-security, and pro user. He does not represent a fund, wallet, or bank - he represents the broader DeFi community. He intends to give the bankless community a voice in the future of Compound.

Kain | Synthetix

Kain is the founder of Synthetix, a leading DeFi protocol for synthetic assets. He is focused on governance and risk management, with special expertise in decentralized protocols. Kain believes the goal of decentralization is maximum censorship resistance and trustlessness - though he believes this should be achieved pragmatically, and incrementally over time.

DeFi Rate

DeFi Rate is a leading resource for DeFi news and research. Its special focus on interest rate markets allows it to highlight key industry trends that are valuable to Compound users. Most importantly, DeFi Rate plans to take a community-centric approach and will always factor in community sentiment, as exemplified by its “AGAINST” vote on USDT support after gathering public opinion.

blck

If you are in Compound’s Discord you’ve undoubtedly seen blck’s name, as they are a key member of the community, often answering developer and user questions. Blck discovered Compound a year ago and has been obsessed ever since. 

Blck has created several governance proposals: some related to the deprecation of the Compound SAI market, and a brand new one related to the cUSDT market’s reserve factor.

Paul Veradittakitt

Paul is a partner at Pantera Capital, and has led over 100 crypto investments over the last 7 years. He will draw on his business experience to make timely, educated votes for Compound governance. He has been a huge believer in Compound since Day 1.

TennisBowling

TennisBowling (or Tennis for short) represents the users of Compound who have small amounts of COMP or other assets, and will give them a voice in governance to offset the influence of individual whales. He is a key member of the Compound Discord and helps as many people as he can there.

InstaDApp

InstaDApp helps users manage, optimize, and deploy assets across DeFi protocols, including Compound. They are one of the highest value-locked DeFi projects, and bring a deep understanding of critical problems and solutions in the DeFi space. They have led innovation on smart wallets, cross-protocol transactions, and more. Currently they are leading a discussion on WBTC’s collateral factor.

Dharma

Dharma is a cryptobank for earning interest, investing in ETH, and sending money to friends. It is built on Compound and plays a key role in the Compound ecosystem. In governance, Dharma intends to represent the interests of its users, and the interests of all applications built on Compound.

Dharma proposed and executed one of the first-ever governance actions on Compound. In the future, they expect to focus on optimizing Compound’s interest rate models, and supporting new assets.

Linen App

Linen App is a fixed income investment application for users who are new to DeFi. First and foremost, Linen’s priority in governance is safety of the Compound protocol. Second, bringing experience from debt capital markets and distributed systems, Linen plans to focus on new collateral types and interest rate models, with the goal of ensuring the protocol is liquid with sustainably growing markets. 

Binance

Binance, the crypto exchange, is the most active and largest transaction sender on Ethereum, and is incentivized to see the growth of Compound and the ERC-20 assets supported on Compound. The Binance team has a deep understanding of the safety and liquidity of potential new collateral assets, and as a liquidity venue, hopes to help support the assets available on Compound, and vice versa.

IDEO CoLab Ventures

IDEO CoLab Ventures is a crypto-focused venture fund out of the renowned design firm IDEO. The IDEO CoLab team has been very active in Compound’s governance, and is focused on improving public-decision making processes and ensuring that the voices of both end users and protocol/product teams building on top of Compound are well-represented.

Dakeshi

Dakeshi has been involved in various Korean crypto communities as a community manager and passionate supporter. As a key member of the Compound community, he has personally provided translations for the Korean version of the Compound interface, as well as participated in governance since its initial launch.


To participate directly, join the community Governance forums to make your voice heard.

New Market Detail Pages

Compound community members have long requested additional details around individual market statistics. Our team is excited to unveil new market detail pages, where users can easily access data like historical interest rates, cToken exchange rates, interest paid per day, and more. Just click on each listed asset on the Markets page.

More Links & Discussions

Markets Update

Total supply is at ~$331 million from ~22,400 unique addresses. In the past seven days, approximately $352 million (gross) was added to Compound, in almost 10,700 transactions. About 38% of this volume was USDT, 32% was USDC, 21% was ETH, and 6% was DAI.

Open borrowing is at ~$90 million from ~2500 unique addresses. In the past seven days, approximately $107 million (gross) was borrowed from Compound. About 69% of this volume was USDT, 18% was DAI, and 12% was USDC.

Demand for cUSDT on Compound has exploded in the last week, with gross supply increasing from $1mm on June 10th to nearly $100mm at the time of publication - officially overtaking ETH as the largest market on Compound. There is currently $65mm of outstanding USDT borrow, representing nearly 3x the borrowing amount of all other markets combined. 

The spike in USDT volumes can largely be attributed to the high COMP rewards for USDT borrowers, since COMP is distributed proportionally to the interest generated in each market and supply/borrow rates for USDT are 11% and 17%, respectively. Nearly 80% of all COMP distributed has gone to USDT holders, prompting members of the community to discuss interest rate model updates to other markets such as USDC.

Cumulative COMP Earned by Market

For live figures please refer to our Markets page.

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COMP Distribution, Hack Money Recap, Constant Q&A

Compound Digest - June 03, 2020

Highlighting the best of Compound & the DeFi ecosystem. For more updates, join our community on Discord, Twitter, and Reddit.

COMP Token Distribution

Since the announcement of Compound’s governance token, the most frequently asked question has been: how will COMP be distributed to the community?

The answer is now fully detailed in this blog post: Expanding Compound Governance.

To summarize, a portion of all COMP tokens will be moved into a reservoir contract. From there, they’ll be automatically distributed to each user of Compound, based on proportional use of the protocol by supplying and borrowing. Over time, users will accumulate more and more COMP, and increase their ability to participate in protocol governance.

Once the distribution begins, you can track the progress on the COMP Distribution dashboard.

Guardian Functionality Abdicated

Since October 2019, the protocol’s new Governance system has been tested with the ability to revert to manual administration in an emergency. As of June 1st, 2020, this functionality, known as Pause Guardian, was disabled. This is one of the last steps towards full decentralization of Compound - complete control of the protocol has been handed over to COMP token holders and their delegates.

ETHGlobal’s Hack Money Conclusion

Thank you to all of the participants of ETHGlobal’s first virtual hackathon, Hack Money! We saw 27 Ethereum projects that integrated the Compound protocol. It was very difficult for the judges to select winners from the set of fantastic submissions.

The co-winners of the 2000 cUSDC Compound borrow bounty are:

  • cChannels - A crypto “bar-tab” type of payment system that uses the Compound protocol for interest and borrowing with ETH and DAI.

  • Atomic Ninja - An atomic Ethereum transaction batcher with a drag-and-drop user interface for aggregating various DeFi systems.

Congratulations buidlers! Here are some of our favorite runner-up submissions:

  • Medici - An interest-earning wallet for digital cash.

  • Maximus - A community owned/governed version of MakerDAO that enables supplying/borrowing with Compound.

  • tCDP - Automated movement of assets amongst DeFi protocols to avoid liquidation fears in over-collateralized borrowing.

  • Defido2 - Hardware wallet CLI that has functions for DeFi, which include supplying ETH and DAI to Compound, as well as borrowing.

  • NFWallets - A browser based wallet that enables users to utilize much of DeFi.

  • Suicide Kings - A no-loss ERC1155 game where players vote to win interest generated with Compound.

Other hackathon submissions that used the Compound protocol can be further explored on the ETHGlobal website.

Constant Q&A

Constant is a secured, P2P lending platform where customers can earn interest on fiat or crypto using Ethereum protocols like Compound as well as stake, and borrow assets. Last week, Constant introduced a brand new feature for earning 10% APY on BTC, ETH, and BNB by providing liquidity to DEX partners in exchange for a portion of transaction fees.

Additionally, Constant has recently updated to a lending pool model for their crypto-backed lending/investment product to speed up loan matching times.

What went into building Constant?

We started out in January of 2019 as an Ethereum-based stablecoin project. Just a handful of devs and designers looking to build a more useful money for people around the world.

Once we learned about DeFi protocols like Compound, we quickly realized crypto could fix the collateral problem in the P2P lending industry. People love the rates of P2P lending but were often burned by borrower defaults. Either there was no collateral or it was illiquid (property, for example). We used a coin minting protocol and operated solely as a DeFi lending protocol on the Ethereum network in early 2019. We soon began expanding into other chains.

We thought, why should blockchains supporting smart contracts be the only ones with access to crypto loans? There’s been a lot of talk about cross-chain integrations but progress is slow. People want access to crypto loans right now. We dropped our DeFi title in exchange for greater exposure to fiat investors and crypto borrowers. We weren’t strictly locked into crypto anymore so we could get creative.

What are the growth opportunities for a crypto project like Constant in these uncertain times?

We’re in a unique market position with a foot solidly in both the US and Southeast Asia. While the US is slowly opening to the possibilities of blockchain and fintech, both have reached a fever pitch in Southeast Asia. We think our customers greatly benefit from a company bridging both worlds.

For example, one of our operational offices is in Vietnam. The top companies in the world are rushing here as a jumping-off point for the rest of ASEAN. Lots of exciting new blockchain projects and fintechs are popping up here every month and we can talk directly to them.

Peter Upton, Community Manager at Constant

More Links & Discussions

Markets Update

Current supply is at ~$133 million from ~19,600 unique addresses. In the past seven days, approximately $42 million (gross) was added to Compound, in almost 3,100 transactions. About 47% of this volume was USDC, 41% was DAI, 6% was ETH, and 5% was USDT.

Open borrowing is at ~$20 million from ~1900 unique addresses. In the past seven days, approximately $7.6 million (gross) was borrowed from Compound. About 59% of this volume was DAI, 22% was ETH, and 13% was USDC.

For live figures please refer to our Markets page.

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