New Developer Guides, Governance Explorer, Fireblocks, TokenSets, and Coinbase Wallet Announcements

Compound Digest - Mar. 25, 2020

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

Compound Protocol Developer Quick Start Guides

Want to build an application that utilizes the Compound Protocol? Don’t know where to begin? You’re not alone. Software development is hard. Learning something new, especially blockchain development, can be daunting.

We've published three guides for beginners to get started building apps that implement the Compound Protocol. Whether you’re experimenting with a project at a hackathon, or thinking about launching the next big DeFi startup, we hope these guides provide you with a useful walkthrough of how to interact with Compound.

  1. Setting up an Ethereum Development Environment

  2. Supplying Assets to the Compound Protocol

  3. Borrowing Assets from the Compound Protocol

These three guides take you through the entire process of getting your development environment set up, supplying assets, and borrowing assets from the protocol with Solidity or JavaScript. Before running through the code, we also walk through key concepts for Ethereum development, as well as how the Compound protocol works.

Open source code examples are hosted on GitHub — here are the repositories for supplying assets and borrowing assets. Dig in, and don’t hesitate to jump into our #development channel in Discord if you have any questions!

Compound Governance Explorer

We've just launched a Governance Explorer to browse the upcoming proposals, addresses, and actions related to Compound Governance. The functioning governance system itself has not launched, but will roll out in line with the plans we outlined in our initial announcement last month.

The overview section of the Explorer will list recent proposals created by governance participants. Here you’ll be able to investigate proposal descriptions, statuses, and vote counts, and stay abreast of the latest potential and accepted updates to the protocol.

Below, in the leaderboard section of the Explorer, you’ll be able to view Top Addresses by Voting Weight — the top delegates in the Compound Governance system. If you are a supporter and champion of the Compound protocol, one of those addresses might one day be yours! 

Fireblocks Offers Institutional-Grade Access to Compound

FB-Compound-Newsletter-v2b@2x

Fidelity-backed crypto security and wallet software provider Fireblocks has integrated with Compound to allow its clients to earn interest directly through Fireblocks’ API or user interface.

With features including multi-party computation (MPC), HSM/hardware isolation, insurance, multi-user access and permissioning, an institutional-grade user interface, and a robust API, Fireblocks has created a product tailored towards institutional investors who previously could only interact with protocols like Compound using MetaMask or Ledger.

TokenSets Announces cToken Trading Pairs

Set Labs builds asset management products on top of Ethereum. TokenSets, the main interface used to interact with Set, makes accessible to users various automated, algorithmic trading strategies including Robo Sets and Social Trading Sets.

Set previously announced support for cTokens in their Robo Sets in February, but has since expanded support for cTokens by making it frictionless to purchase cTokens with ETH, USDC, DAI, WBTC, or LINK through the TokenSets interface.

We managed to speak to the team and get some more details around Set!

How did the idea for Set Protocol come about?

An interesting fact that many people aren’t aware of is that Set Protocol was born out of the ETHWaterloo hackathon in 2017!

How can devs use Set Protocol with Compound to build something awesome?

Set Protocol, at a high level, allows any dev to create digital asset management products using any ERC20 assets that rebalance based on any arbitrary logic. Compound cTokens unlock many awesome products that can be built using Set.

Some examples are interest bearing stablecoin baskets composed of cDAI / cUSDC, more aggressive yield seekers / stablecoin arbitrage strategies that trade between cDAI and cUSDC whenever DAI is not $1, or a DCA strategy that periodically rebalances cDAI interest earned into ETH or WBTC. 

Can you describe what you’ve built with the Compound protocol?

We’ve recently built a buy / sell flow that is natively integrated with cToken minting / redeeming. In one click, users are able to supply ETH, exchange for USDC on Kyber/0x, mint cUSDC, and mint a cUSDC Set (e.g. ETHMACOAPY). This way, users do not need to manually mint cUSDC from the Compound interface or trade for cUSDC in the secondary markets and suffer slippage to acquire Sets.

What comes next for Set Labs?

We will soon be enabling trading with cToken pairs for Social Traders on TokenSets. Users who follow these traders’ strategies will be able to earn interest on cDAI or cUSDC instead of cash when traders close out a trade.

Richard Liang & Anthony Sassano, Set Labs.

Coinbase Wallet Launches Native Compound Support

Coinbase Wallet has added support for Compound, integrated directly into their application — so that you can earn interest without having to navigate through a browser.

Earning interest through Compound is one of the most popular activities on Wallet. We're excited to integrate and simplify the experience so we can make DeFi approachable to a mainstream audience.

Sid Coelho-Prabhu, Coinbase Wallet Lead

Coinbase Wallet users can select a supported asset, select a source of return (Compound), and enter the quantity of the asset — which is then supplied directly to the Compound protocol. Interest earned is shown in real-time in Coinbase Wallet, and assets can be withdrawn back to Coinbase Wallet anytime.

More Links & Discussions

Markets Update

Current supply is at ~$102 million from ~16,700 unique addresses. In the past seven days, approximately $51 million (gross) was added to Compound, in almost 6,800 transactions. About 40% of this volume was DAI; 40% was ETH; and 15% was USDC.

Open borrowing is at ~$21 million from ~1,700 unique addresses. In the past seven days, approximately $11 million (gross) was borrowed from Compound. About 61% of this volume was DAI; and 36% was USDC.

For live figures please refer to our Markets page.

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