Compound III product updates, grows to ~$650M in total assets
Highlighting the best of the Compound ecosystem. For more updates, join the Compound community on Discord, Twitter, LinkedIn and Comp.xyz.
Compound III grows to ~$650M in total assets
It’s been 6 months since the launch of Compound III, and the community has since deployed two new markets–including the first cross-chain deployment. As of today there are ~$650M of assets across three deployments of Compound III:
Compound III product updates
Over the last 6 weeks, a myriad of other interface improvements have been made and highlighted below. For the first time, all core protocol actions and market data can be found within a single application: Dashboard, Markets, Vote, and Extensions.
Mobile Optimized - Using DeFi on your mobile device has become increasingly popular with wallet providers delivering an improved mobile experience.
Improved COMP Claiming - The COMP dropdown in the menu bar now displays your token balances and unclaimed balances across networks, with the ability to claim COMP from multiple deployment in a single transaction.
Upgraded Vote Experience - You can now vote on proposals directly in the Compound III interface without needing to visit a different url–streamlining the Compound ecosystem. Note: proposal creation is still only accessible via the legacy page.
Lido Staked ETH - Now with improved asset cards, users are informed that supplying either Lido Staked ETH or Wrapped Lido Staked ETH will continue to accrue their staking rewards.
Dashboard Currency Toggle - While on the Dashboard view of the interface, you can now toggle between $USD and the native base asset denomination of the deployment by clicking or tapping the main balance in the top left.
Find the full announcement and details on the forums.
How Bitwave is solving for the massive scale of enterprise crypto accounting
We chat with Pat White, Founder and CEO of Bitwave, about how their platform helps enterprises account for millions of crypto transactions across dozens of chains, and the unique challenges companies face when managing digital assets on their balance sheet. In this episode, we cover:
1. How enterprises account for the massive scale of transactions in crypto
2. Strategic finance and planning for businesses processing crypto revenue and expenses
3. Why the velocity of transaction volumes is set to increase across crypto and traditional businesses
"Because of the blockchain, the cost per transaction is just gonna plummet. And I don't mean BPs or like paying 7 cents to do a transaction, I mean how easy it is to programmatically do a transaction.
We haven't really gotten to the true world of high velocity programmable money that some of us thought we'd already be in now. And so the high level for us, we think that the transaction volume of the world is gonna explode and we have designed our whole system to be able to handle that."
Watch the full episode of Thesis, or listen and subscribe on YouTube, Spotify, or Apple Podcast.
Protocol Governance Updates
Proposal 154 - Resume cUSDC minting
Status: Executed March 18, 2023
Proposer: Arr00
Voting Results: 400,348 For and 0 Against
Summary: As the price of USDC fell through $0.90, cUSDC minting on Compound V2 was paused out of caution by the community multisig. This proposal resumes minting of cUSDC.
Proposal 153 - Risk Parameter Updates for V2 and V3 WETH Comet
Status: Executed March 14, 2023
Proposer: Gauntlet
Voting Results: 537,163 For and 0 Against
Summary: Reduce collateral factor of cWBTC from 70% to 60% in Compound V2; and increase cbETH supply cap from 30,000 to 40,000. Forum post for V2, and forum post for V3 ETH adjustments.
Proposal 152 - Compound V2 -> V3 Migration Phase 1
Status: Executed March 6, 2023
Proposer: Gauntlet
Voting Results: 636,253 For and 0 Against
Summary: Gauntlet provides this initial proposal for Compound V2 -> V3 Migration aligning with the community's strategic preference. In summary, V2 COMP rewards are decreased for USDC and DAI for both supply and borrow. V3 COMP rewards are increased for USDC borrow, ETH and WBTC supply caps are raised, and the storefront price factor increased. See the forum post for more detail.
Proposal 151 - Initialize cUSDCv3 on Polygon
Status: Executed March 7, 2023
Proposer: Compound Labs
Voting Results: 403,036 For and 0 Against
Summary: This proposal takes the governance steps recommended and necessary to initialize a Compound III USDC market on Polygon; upon execution, cUSDCv3 will be ready for use. WETH, WBTC, and WMATIC can be supplied as collateral in this initial launch. The forum post for this proposal can be found here.
Proposal 150 - CGP Hackathon Sponsorships in 2023
Status: Executed March 4, 2023
Proposer: Questbook
Voting Results: 947,654 For and 0 Against
Summary: The Compound Grants Program seeks an additional $100K (1962.70 COMP) in grants budget to sponsor these ETHGlobal hackathons: ETHGlobal Toronto, ETHGlobal New York, ETHOnline (Remote). Find the community feedback on the proposal here.
Proposal 149 - Increase cbETH Supply Cap in cWETHv3
Status: Executed February 20, 2023
Proposer: Compound Labs
Voting Results: 691,136 For and 0 Against
Summary: Set supply cap for cbETH on Comet via Configurator to 30000; the associated forum post for this proposal can be found here.
Ongoing Discussions
See all the latest discussions on the Compound Community Forum - highlighted proposals below.
Deploy Compound v3 on Arbitrum
Proposer: pennblockchain
Summary: We believe the Arbitrum One optimistic rollup is a great next step as a deployment option for Compound III for several reason:
Arbitrum One is the leading DeFi ecosystem on Layer 2 despite not offering any protocol incentives
Deploying to Arbitrum One can bring a lot of benefits (gas cost savings, fastest growing L2, etc.)
Arbitrum is aligned with Vitalik’s vision of a rollup centric Ethereum roadmap
As a reminder, one of the best ways to participate in, and contribute to the Compound ecosystem is completing outstanding Request For Proposals (RFPs)
Click here for a recap of our most recent Developer Community Call, discussing ongoing protocol and application development, and listen to the audio recording here.