COMP Distribution, Key Delegates, New Asset Pages
Compound Digest - June 17, 2020
|Adam Bavosa||Jun 18|
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.
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 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 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.
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 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 (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 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 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 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, 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 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 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
A Dune Analytics COMP Analytics dashboard providing data visualizations around COMP distribution.
Delphi Daily discusses how COMP distribution creates a sticky two-sided marketplace for interest rates.
DeFi Rate has rolled out a COMP distribution Overview and FAQ for users.
DeFi Weekly has brought up $COMP lessons and learnings this week.
The Block reports on COMP’s first day of trading.
Coindesk reports on the price discovery of COMP since the creation of the Uniswap market.
The automated market maker Curve has seen a 7x increase in trading volume since the launch of COMP.
In a quick video, DeFi Dad explains how to earn COMP tokens on the Bankless YouTube channel.
BitGo joined Coinbase Custody and Anchorage as some of the first institutional custodians to support COMP.
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.