Exodus Wallet Release, 88mph App Insights, and MetaCartel Virtual Hackathon

Compound Digest - Apr. 08, 2020

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

Compete for Compound bounties in the Dragon Quest Hackathon

MetaCartel’s latest virtual hackathon, Dragon Quest, is taking place throughout the month of April. In addition to competing for the main prize, developers can compete to win two Compound bounties:

To be considered for Compound bounties, hackathon projects must use the Compound smart contracts in a practical application, SDK or API.

Please join the Compound Discord #development channel and ask about joining a team, code questions, or details on how to submit your completed project. The submission deadline is April 30th.

Exodus Wallet launches Compound support

Exodus is a desktop and mobile wallet that supports over 100 different cryptocurrencies. The team strives to remove the “geek requirement” and eliminate confusing steps when using cryptocurrency.

See their video for using cTokens.

What went into building the initial product?

Exodus desktop was first released to the public on Dec 9th, 2015. At this time, it was just my co-founder and I attempting to prove that people would be interested in a beautiful cryptocurrency wallet with a built-in exchange platform. We were so obsessed that we even took customer calls on our personal phones, which we listed in the app itself! 

Being a design-driven company, we knew we could focus on creating a beautiful user experience for those new to cryptocurrency and power-users alike.

What don't people know about Exodus?

Many people are surprised to hear we have a mobile wallet: https://www.exodus.io/mobile. Today, when people think Exodus, they think we’ve just built a beautiful desktop wallet. 

We also get comments about the fact that our customer support team responds 24 hours a day and on weekends. Being present and quick to respond is an essential part of building trust with the people who use Exodus.

On the security front, Exodus has a team dedicated to auditing every single line of code - even third-party dependencies. Many companies blindly trust third-party code and we believe this is an irresponsible practice. 

What’s different about your tech stack?

Our goal is to build Exodus in such a way that it won’t ever depend upon us as a company to be successful. This will mean building all backend services to function solely via P2P - we’re a long way off from this, but we believe this is essential to ensure this software is about the people and not about us.

On the desktop, we’re using Electron and React. On mobile, we’re using React Native.

What innovations do you intend to build with your Compound integration?

We’re excited to bridge non-ethereum assets into our Compound integration e.g. BTC to wBTC. Additionally, we’d like to build a governance interface for COMP token holders to participate in Compound governance.

JP Richardson, Co-founder & CEO of Exodus

88mph Launches

Bacon Labs, the same team behind Betoken and Fantastic12, has released 88mph, an app that provides fixed-rate DAI interest. A user’s deposits are locked in 88mph's pool for a minimum of 91 days. The DAI earns interest at a fixed-rate, instead of the varying interest rate like the DSR.

Why call it 88mph?

It's like your interest is traveling back from the future! Lock your DAI, and earn upfront fixed APY. We saw a huge opportunity to capture the underserved DeFi fixed-rate market. We wanted to do it in a fun and simple way.

We got the original idea in October, 2019 and started forging some memes around the concept, as well as building out the smart contracts. We really started working on the product in March 2020 and shipped the product on Ethereum Mainnet on Monday, March 30, 2020.

What comes in the next release?

"Rendez-vous" on Monday April 13th to access a new 88mph release:

  • Unlock your deposit before maturity. Your money, your way.

  • Get a higher upfront fixed APY on Compound. We are cooking a new formula.

  • Enjoy an upgraded website with fancy illustrations.

What does your tech stack look like?

  • Front end: Angular, Web3.js, Apollo

  • Back end: Graph Protocol

  • Smart contracts: Compound, DAI

  • Smart contract development: Buidler, Tenderly, OpenZeppelin

What are the next steps for your 88mph?

  1. Several security audits to reassure our users base.

  2. Reaching $2m TLV in the next 12 months by making abstractions for 99% of the DeFi tech stack and lexicon for the end user.

Dear Compound users, we’d love your feedback. And more specifically, what’ll make us fail according to you? Contact us at https://baconlabs.dev/

Guillaume Palayer & Zefram Lou, Bacon Labs

More Links & Discussions

  • ConsenSys updated its Defi Scores including for Compound.

  • Set Protocol Social Traders can now create Social Trading Sets using cTokens.

  • CoinTracker, tax tools that support Compound accounting, has reached 100k users!

Markets Update

Current supply is at ~$123 million from ~17,500 unique addresses. In the past seven days, approximately $26 million (gross) was added to Compound, in almost 6,300 transactions. About 46% of this volume was USDC; and 29% was DAI.

Open borrowing is at ~$22 million from ~650 unique addresses. In the past seven days, approximately $7 million (gross) was borrowed from Compound. About 86% of this volume was DAI; and 9% was USDC.

For live figures please refer to our Markets page.

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