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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SAI Governance, Infura Livestream, MyCrypto Q&A

Compound Digest - May 20, 2020

Welcome to the Compound newsletter. Join our community and discuss on Discord or Twitter!

Proposal 003: Limiting SAI

Following MakerDAO's shutdown of SAI, members of the Compound community debated and proposed that the protocol gradually deprecate the legacy stablecoin SAI.

Proposal 003 reduces the SAI Collateral Factor from 75% to 65% (making it less useful to borrow against), and increases the Reserve Factor from 10% to 100% (the portion of interest set aside as reserves). The proposal succeeded with 100% of 726,812.88 votes in favor, passed through the two-day timelock, and was executed on May 19, 2020.

Thank you to everyone that participated in the discussion and governance process! If you continue to supply or borrow SAI, please consider migrating into another asset.

Live Stream Developer Workshop with Infura

We’ll be co-hosting a developer workshop this week with Infura on the Consensys Academy weekly live stream! Sean Brennan from Infura and Adam Bavosa from Compound will review the concepts and code required to build your own API to invoke Compound protocol smart contracts using conventional HTTP requests, using Infura as the bridge between the Ethereum network and your application. This is a fun one for Node.js JavaScript developers.

This livestream expands on Adam’s article Create a Compound Smart Contract API With Infura. The live stream will take place tomorrow, Thursday, May 21st, at 12pm EDT. To get the Zoom link, and ask prior questions, sign up here.

It is recommended that attendees run through the aforementioned blog post prior to attending the live stream.

MyCrypto Q&A

MyCrypto is a wallet aggregator and service aggregator, bundling various Ethereum projects and protocols into one dashboard. Users can send, swap, and buy assets, in addition to many other activities. The current beta can be found at beta.mycrypto.com.

What went into building MyCrypto?

MyCrypto launched in early 2018 as a fork of MEW, which many are familiar with. Over the last couple of years, we've re-written the entire codebase and are now spending most of our time building a product that redefines our existence as a "wallet."

What have you not said publicly yet?

One of the most interesting things about crypto is the more you know, the more scared you are. We all have these weird, unique processes to make sure we don't screw up when we move subjectively large amounts of crypto around. “Did I copy the right address? Is this address a scam? Let me send a test transaction first.” It's a healthy fear but it's also a pain in the behind!

We're launching a feature in the next few days that addresses some of this fear and hesitation. With this feature, you’ll input the recipient address, and we’ll display available information about that address. This information will be pulled from various analytics & compliance databases and, when displayed, will ideally give you the confidence that you’re sending to the right place. (Or the alternative: the information doesn’t look correct to you, you double check and realize you’ve input the wrong recipient address, and you’ve been saved from losing money! And everyone claps!)

What does your tech stack look like?

Frontend: A React / Typescript app that uses React Hooks & Context for state management and the user's client-side browser Local Storage for persistence.

Backend / Ethereum nodes: An AWS Cloudformation config that deploys a Parity (now OpenEthereum) node cluster with periodic S3 backup for quick-syncing of new nodes.

Data backend: An AWS Terraform Golang microservices architecture.

We don't collect personally-identifiable analytics information about our users. No ETH addresses, IP addresses, etc.

We use a smart contract to aggregate ERC-20 balance lookups across multiple tokens and addresses. Normally this would require tens of thousands of separate calls (aka $$$$) for a single power-user’s MyCrypto dashboard or reliance on a third-party API. Instead we use the blockchain + any standard JSON-RPC provider.

Unsurprisingly, we’re eager to get more feedback! What are your thoughts on the beta? What would make your overall crypto/Ethereum experience better? It’s a tell-all interview and you’re invited to drop all of your thoughts on us here https://forms.gle/8EECrH7dyx7Dzg5a9.

Jordan Spence, CMO at MyCrypto

More Links & Discussions

Markets Update

Current supply is at ~$125 million from ~19,300 unique addresses. In the past seven days, approximately $39 million (gross) was added to Compound, in almost 4,000 transactions. About 80% of this volume was USDC, 10% was ETH, and 8% was DAI.

Open borrowing is at ~$19.5 million from ~1850 unique addresses. In the past seven days, approximately $5.1 million (gross) was borrowed from Compound. About 36% of this volume was ETH, 34% was DAI, and 19% was USDC.

For live figures please refer to our Markets page.

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Governance adds Tether & cDAI Rates, Gnosis Q&A, and Donut Launches

Compound Digest - May 06, 2020

Welcome to the Compound newsletter. Join the community discussion on Discord or Twitter!

Governance

Since the launch of community governance, two protocol changes have been proposed, voted on, and implemented into Compound.

The first, submitted by Geoff Hayes (Compound’s CTO), was a proposal to Add USDT Support to Compound. The second, submitted by Dharma (a popular application that integrates Compound), was a proposal to Update the Dai Interest Rate Model to Better Accommodate a Zero Stability Fee for DAI, as set in the Maker protocol.

Visit the Governance Dashboard to see full details on each proposal, as well as which governance delegates voted for or against each proposal.

Proposal 001: Add USDT Support, by Compound

Tether (USDT) support has been requested by the Compound community for months, and became the first-ever Compound governance proposal.

This proposal added USDT as a borrowable asset with its own interest rate — but did not allow USDT to be used as collateral. The code to support the USDT market was reviewed by the Compound team as well as OpenZeppelin.

The proposal succeeded on April 29, was queued into the governance timelock for two days, and was executed on May 1. The Tether market is now live for you to use!

Proposal 002: Updating the DAI Interest Rate Model, by Dharma

Dharma is a user-friendly wallet for crypto dollars (stablecoins), built on the Compound Protocol. In the first-ever community-sponsored governance initiative, Dharma proposed to adjust the DAI interest rate model to provide a modest interest rate to capital suppliers when utilization of the DAI market is below 90%. This change is intended to improve the DAI supplier experience with minimal impact to the borrower experience.

Dharma’s proposal succeeded on April 30, and was executed on May 2.

The success of this proposal marks a momentous shift in the history of Compound. It is the first instance of a protocol change driven end-to-end by the Compound community, as opposed to the Compound team.

We’re incredibly proud to have Dharma as a key member of our community, and very excited to see what the community comes up with next.

Compound and the Dragon Quest Hackathon

We saw six submissions for the Compound bounties in the MetaCartel Dragon Quest Hackathon. Thank you to all that participated! We’ve been excited to see all of the fun and interesting innovations you are building on DeFi. The winners of the Compound bounties are Dedge and the Governance SDK. Below are links to all of the submissions and their source code.

Borrow Bounty Submissions

  • Dedge (WINNER) - Dedge gives users the ability to instantly swap collateral or debt between different crypto assets. Here is the StudyDeFi GitHub.

  • Minimal Finance - A minimal ETH supply and DAI borrow interface powered by Compound. Here is the GitHub repository and the hosted DApp.

  • Favela sem Corona - An app that helps people that live in poor areas of Rio de Janeiro, to receive crypto donations in cDAI and use them like fiat. Here is the GitHub repository.

Governance Bounty Submissions

  • Node.js Compound Governance and COMP SDK (WINNER) - Node.js library for interacting with the Compound Governance ecosystem, specifically with the Governor Alpha and COMP contracts.

  • Minimal Governance - A Compound governance dashboard that shows a leaderboard and proposals for both Mainnet and Ropsten. Here is the GitHub repository and the hosted DApp.

  • Destiner's Compound Governance Dashboard - An app to keep track of Compound’s governance process, currently for Ropsten. Fetches data from the blockchain (params and proposals) and Compound API (accounts). Here is the GitHub repository and the hosted DApp.

Gnosis Releases Safe Apps with Compound

Gnosis Multisig is a secure wallet for Ethereum assets. The team has just launched Safe Apps, which enables direct interaction with DeFi and other Ethereum applications from the Gnosis wallet interface. Users can choose to add protocols like Compound to their wallet, and then make multisig transactions across applications from a single user interface.

What went into building the initial product?

We launched our new Gnosis Multisig product a few months back as a successor to our original multisig. This enabled a much better user experience and also allowed us to build out app integration. The core aspects that make this possible are our SDK, UI kit and components to make it easy for teams to build their apps.

What don’t people know about Gnosis products?

Our multisig products are some of the most used contracts on Ethereum. Combined, there are over $600M in assets stored. These funds currently don’t have an easy way to enter the growing DeFi ecosystem. We think we can help bring the next $1bn to DeFi.

What does the tech stack look like?

Our tech stack is quite standard: Modular Solidity smart contracts, a React frontend and a Django backend for data aggregation and the transaction relay service.

The SDK requires only experience in JavaScript. If you want to extend Safe contracts with modules you will have to look into Solidity too. ALL we do is open source! Take a look: https://github.com/gnosis

How can devs use Gnosis Safe with Compound to build something awesome?

The current Compound integration into gnosis-safe.io is very basic and only allows users to use their Multisig funds in Compound without compromising multisig security. This is already great but we can do more with Gnosis Safe contracts. Gnosis Safe contracts can be extended with modules, which allow DeFi automation.

One idea for Compound could be a bank run protection: In case there is an issue on Compound all user funds could be withdrawn from Compound without user interaction - trustlessly. Another idea is rebalancing funds between different DeFi apps, lots of opportunities.

What are the next steps and goals for Gnosis Safe Apps?

The first few months after Safe Apps launch will be heavily focused on developers. We want to build a large list of applications for multisig users to pick from. We think this can then prove to be the most secure and easy way to interact with applications on Ethereum and our goal is to continue to grow our user base. 

We are very excited that Compound is the first app to be developed and we’d love to hear users’ feedback on the integration! 

Eric Conner, Gnosis

Donut converts spare change into Compound Crypto

Donut is a mobile app that converts users’ spare change into bitcoin, and also enables users to accrue interest on digital dollars (stablecoins). Users connect their cards/bank accounts using Plaid. When they make a normal, everyday purchase, the cost is rounded up to the nearest dollar, and this “round-up” is automatically converted to bitcoin. Users can also directly deposit dollars, which are converted to DAI and supplied to Compound to earn interest.

Donut recently launched on Product Hunt, where they were the second highest-upvoted project of the day. Check out more details and Q&A on their Product Hunt page!

More Links & Discussions

Markets Update

Current supply is at ~$116 million from ~19,000 unique addresses. In the past seven days, approximately $32 million (gross) was added to Compound, in almost 4,000 transactions. About 43% of this volume was DAI, 29% was USDC, and 22% was ETH.

Open borrowing is at ~$19 million from ~1800 unique addresses. In the past seven days, approximately $5.5 million (gross) was borrowed from Compound. About 72% of this volume was DAI, 19% was USDC, 8% was WBTC, and 2% was ETH.

For live figures please refer to our Markets page.

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