Announcing Community Governance, ETHDenver Recap
Compound Digest - Feb. 26, 2020
|Adam Bavosa||Feb 26, 2020|
Today, we’re proud to introduce a governance system that will replace the Compound protocol’s administrator with community governance — allowing you to suggest, debate, and implement changes to Compound — without relying on, or requiring, our team whatsoever.
We’ve been designing, building, and auditing this system for months, and it is now running on Ethereum’s Ropsten testnet:
COMP has been deployed to 0x1Fe16De955718CFAb7A44605458AB023838C2793
Governance has been deployed to 0xbB627bAf348F6f5031B23445E0353923421d11cA
The COMP and Governance codebase is available to review on Github
COMP design assets are available for developers
Governance has been audited by OpenZeppelin, and we have more audits planned
Participation in governance starts with the Compound governance token,
COMP. You can request testnet
COMP from our team in Discord now — just ask nicely!
For more details:
ETHDenver 2020 Recap
Thank you to everyone that showed us some love at ETHDenver! It was inspiring and validating to see all of the cool projects you brainstormed and built at the hackathon. It was a pleasure getting to hang out with so many passionate developers at our Valentine’s day happy hour.
Our bounty, with Keep Network, to build the best DeFi experience on tBTC, was awarded to Bitcoin Earn! Congratulations! All of the team submissions are available for viewing on GitHub.
Bitcoin Earn allows you to start earning interest on your Bitcoin. Deposit your Bitcoin to create tBTC (tokenized Bitcoin), convert your tBTC to Compound Bitcoin, and start earning interest while still HODL’ing.
Robosaver is a DApp and suite of smart contracts that allows users to deposit their funds into a user owned/controlled Robosaver contract which moves their funds into lending platforms and currencies with the highest interest rates. YouTube video clip of the hackathon project here.
We were excited to see that several teams used Compound without pursuing the bounty. The ShopiFi team showcased “Compound Crunch” in its lineup of cereals from “General Shills.”
ShopiFi allows e-commerce solutions to funnel USD purchases into DeFi protocols like Compound, PoolTogether or Chai.money via a credit card or Apple/Google Pay.
Thank you to the many other teams that used Compound. We’re excited to see you again at ETHDenver 2021!
Opyn allows you to insure your DeFi deposits
Trustless insurance is now available in DeFi. A new product, from a company called Opyn, allows people to take out options on stablecoin deposits, allowing users to hedge against any risk of loss of assets supplied to the Compound Protocol.
Opyn is the first place where you can get comprehensive cover, protecting you against both financial risks like oracle attacks and technical risks like hacks. In the aftermath of the bZx attacks, users are finding that a complex DeFi ecosystem poses real risks. Our mission is to help users eliminate those risks in user's portfolio.
Insurance buyers are protected by insurance providers, who are paid premiums to collateralize ETH. This allows DeFi users to collect meaningful premiums on their ETH for the first time in DeFi by being insurance providers.
Zubin Koticha, Co-founder and CEO of Opyn.
Growdrop (beta) uses Compound to enables a no-loss, open source project fundraising and donation model.
Dharma, the easiest way to earn interest, launched on Android - now available in the Google Play Store.
OpenZeppelin completed an audit of Compound’s Open Oracle System, which may eventually replace the protocol price feed.
Current supply is at ~$197 million from ~16,000 unique addresses. In the past seven days, approximately $55 million (gross) was added to Compound, in almost 7,000 transactions. About 40% of this volume was DAI; 35% was ETH; and 24% was USDC.
Open borrowing is at ~$44 million from over 1,700 unique addresses. In the past seven days, approximately $4.8 million (gross) was borrowed from Compound. About 51% of this was volume was USDC; and 45% was DAI.
For live figures please refer to our Markets page.