Meet us at ETHDenver, Gauntlet Audit Results, DeFi hits $1 Billion

Compound Digest - Feb. 11, 2020

Welcome to Compound’s latest newsletter. Join us on Discord and Twitter to discuss!

Compound Team at ETHDenver

We’re coming to ETHDenver! Look for the ones in the Compound t-shirts. Adam Bavosa (Developer Relations Lead) and Max Wolff (Software Engineer) will be in attendance.

You can also find us on our Discord server https://compound.finance/discord. Join the #ETHDenver and the #development channels for help with code.

We’ve written developer quick start guides for Ethereum Development with Compound so you can hit the ground running:

Announcing ctBTC! Including an ETHDenver Bounty

We’re excited to be working with tBTC (Bitcoin on Ethereum) from Keep Network to bring Bitcoin to Compound users, and are co-sponsoring an ETHDenver bounty for the “Best Bitcoin to DeFi experience.” Catch us Friday in Denver at the Compound x Keep Network Happy Hour (PW: BTConDeFi) to learn more.

  • Bounty: Build the best Bitcoin to DeFi Experience

  • Prize: $1,000 DAI

  • Requirements: The only strict criteria is that your project must include a BTC to tBTC to ctBTC flow. Must use tbtc.js (https://github.com/keep-network/tbtc.js) and Compound’s open source contract integration. (https://github.com/compound-finance/compound-protocol)

You’ll also need:

  • A Ropsten Ethereum wallet with ETH (1-5 should be sufficient to start with)

  • A Bitcoin testnet wallet with BTC (minimum 0.001, though you'll probably want 0.5 or so to have plenty of testing possible)

  • tBTC API documentation: http://docs.keep.network/tbtc/solidity/

  • Compound API documentation: https://compound.finance/developers/api

  • What is tBTC?

Here are the Compound tBTC (ctBTC) contracts up on Ropsten:

## Ropsten ctBTC
0xB40d042a65Dd413Ae0fd85bECF8D722e16bC46F1

## Ropsten tBTC
0x083f652051b9CdBf65735f98d83cc329725Aa957

Gauntlet Releases the Compound Market Risk Assessment Report

Gauntlet has released its report on Compound Market Risk Assessment. The team at Gauntlet stress-tested the Compound Protocol for a plethora of market conditions. Read more about the report here.

“Potential Compound users can view this report as defining a rigorous actuarial methodology for understanding potential risks, gains, and losses in a multi-agent decentralized system.”

- Tarun Chitra, CEO of Gauntlet

DeFi crosses $1 Billion

That figure is the measure of all the crypto held in projects that provide interest rates, hedge, abstract, swap or otherwise enable decentralized and open finance using Ethereum's smart-contract powers, as totaled by DeFi Pulse, which first showed the collective market at $1 billion at 8:00 UTC Friday.

In CoinDesk’s story, founder of Compound, Robert Leshner commented "Satoshi would be extremely proud.”

Deposit to Dharma Directly from Your Debit Card

debit card deposits in dharma

Their team just announced on their blog that Dharma is now accessible directly from your debit card. This means that users can deposit from their debit card and withdraw to their bank account thanks to Wyre. There are, however, strict limits that they aim to raise over time.

Dharma also announced that in February, they will deploy a new system of smart contracts, called dTokens, which are a wrapper around Compound cTokens. Visit their blog post for more details and timeline.

iEarn Finance Has Launched

Maximize DeFi Yields with newly launched iEarn Finance. It’s a yield aggregator for lending platforms that rebalances for highest yield whenever the contract is interacted with.

iEarn aggregates money market protocols like Compound for optimal yields. Check out iEarn Finance’s GitHub.

Curve is in Alpha

Curve.fi is a stablecoin liquidity pool, using an automated market maker mechanism, that is in alpha with cUSDC and cDAI pairs, and already has >$1 million in liquidity.

"Curve is an automatic market maker which uses bonding curves working particularly well for stablecoin. It combines market-making and lending (via Compound) to have even higher yield. Currently, [c]DAI/[c]USDC and [c]DAI/[c]USDC/USDT versions are available."

- Michael Egorov, Founder of Curve

Other Links

Markets Update

  • Current supply is at ~$195 million from over 16,000 unique addresses. In the past seven days, approximately $50 million (gross) was added to Compound. About 70% of this volume was DAI and USDC; the mainder was mostly ETH.

  • Open borrowing is at ~$36 million from over 1,500 unique addresses. In the past seven days, approximately $5.4 million (gross) was borrowed from Compound. About 85% of this was volume was DAI and USDC; the remainder was mostly ETH.

For live figures on Compound please refer to our Markets page.

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