Compound Weekly, 8/19
Welcome to Compound Weekly, where we present updates from the Compound community & ecosystem. To learn more and contribute your updates, please join over 3,000 other members in our community Discord.
Upcoming Community Asset-Selection Vote
In approximately two weeks, there will be a community vote to select the next two Compound assets. There are 12 candidates: Ampleforth (AMPL), Decentraland (MANA), Flexacoin (FXC), Huobi Token (HT), Loom Network (LOOM), Maker (MKR), Numeraire (NMR), OmiseGo (OMG), Paxos Standard Token (PAX), Synthetix USD (sUSD), Tether (USDT), and TrueUSD (TUSD).
Compound Open Oracle
The Open Oracle is a Compound led initiative to improve price feeds for the entire Ethereum DeFi movement. It is a standard and SDK allowing reporters to sign key-value pairs (e.g. a price feed) that interested users can post to the blockchain. The system has a built-in view system that allows clients to easily share data and build aggregates. Read more in the announcement post from Compound’s Coburn Berry.
Argent has natively integrated Compound into their smart contract wallet. You can begin earning interest in just a few clicks, without managing Ethereum gas / transaction parameters - user friendly! Responses to the new Argent launch have been positive and people like the ability to begin participating with Compound from mobile in just a few taps. Argent recently did an interview about growth at The DeFiant.
Our friends at Argent gave us several invites to skip the waitlist. Use the code “compound19” or click this link to get through.
rDAI - Delegate Interest
Imagine being able to keep your principal and share your interest with a nonprofit. One interesting project that is focused on this and was released to the public recently is rDAI. rDAI is similar to cDAI in numerous ways. As we have discussed previously, cDAI is a tokenized balance erc20 token. You can also send cDAI to other people just as easily as any other cryptocurrency by using MetaMask.
rDAI builds upon this structure and enables you to establish a separate address for the recipient of the interest. This is a valuable additional feature that could make it easy to delegate money to charity or establish a Patreon type of experience while still retaining 100% of your principal.
With rDAI, you can direct the interest you earn while lending DAI to any 3rd party you choose, or even back to yourself. When you deposit your DAI, you choose the address of where you would like your interest to go. You will receive rDAI, which will always be redeemable for the DAI you deposit.
“For now we are only using Compound, as it has by far the best documentation and was the easiest to integrate.” - Francisco Renzia, rDAI founder
Press & Updates
Matt Leibowitz writes about The Open Finance value proposition and highlights Compound.
Roham and Brian from Dapper labs write about The Real Benefits of Blockchain Are Here. They’re Being Ignored. They speak about how open ecosystems like Compound are cornerstones of the growing industry.
Data & Visuals
Alethio has some great data in their cToken rates dashboard . Click each icon at the top to see the growth rates. We are seeing quality data science work from Altethio team. They also recently launched a new Discord.
CoinGecko added a designated cDAI page with charts & additional data.
Total supply in Compound increased +8.5% week-over-week to $158.3 million, with over 8,900 unique suppliers. This growth was driven by $4-5 million increases in supply to each of the ETH, USDC, and REP markets, even as the total market cap for all cryptocurrencies declined ~6% week-over-week. The three largest suppliers provided $5.5 million of ETH and REP, $3.9 million of ETH, and $2.6 million of ETH.
Over the past month, suppliers have earned ~$500,000 in total interest (using today’s prices)!
Total borrowing increased +2.2% week-over-week to $44.6 million, with over 1,200 unique borrowers. The three largest borrowers borrowed $2.3 million of DAI, $1.6 million of USDC, and $1.0 million of DAI.
For live figures please refer to our /markets page.
Crypto Bobby has a great ▶️ overview video of DeFi. A good link to send to friends who are just getting started.
Compound has much lower fees than robo investors like Wealthfront.
More stablecoin transactional volume than Venmo.
⚠️ Please be careful as we have seen reports recently of scammers targeting the community with a fake "airdrop." Compound does not have an Airdrop, a Bounty, nor a Bot. Compound does not use Telegram, nor have any Telegram channels.