OKCoin Integration, COMP.Vote Launch, Developer Community Call Recap, Governance Updates
Compound Digest - December 30, 2020
Highlighting the best of the Compound ecosystem. For more updates, join the Compound community on Discord, Twitter, and Comp.xyz.
OKCoin Integration
OKCoin natively integrated Compound to launch a new Earn product that allows users to generate yield on USDC and DAI. The Compound integration features daily adds and withdrawals, as well as automatic COMP rewards included in the net rate. Most notably, OKCoin charges no service or gas fee for supplying assets, providing a truly frictionless onboarding experience for DeFi users.
This integration follows the broader trend of CeFi merging with DeFi to offer innovative savings and trading products. You can view more details about the integration on the Earn FAQ, and try it out today on the OKCoin website.
COMP.Vote Launch
Compound community members Arr00 and Anish Agnihotri launched COMP.vote, a gasless method to vote on Compound governance proposals. Arr00 and Anish also built an API that allows anyone to send signatures to the COMP.Vote server for relaying. This is a great example of a community-led effort to improve the decentralized governance process, so be sure to use COMP.Vote to cast your vote on the next governance proposal!
Developer Community Call Recap
The Compound community held its fifth Developer Community Call last week to discuss ongoing protocol and application development. Below is a brief overview of the topics covered. You can view a longer recap on the Compound Community Forum, and listen to a recording of the call here or on your preferred podcast platform
Tarun Chitra shared an update on Gauntlet’s COMP vesting proposal, which is currently in the final stages of development. The Gauntlet team is looking for feedback on how the UX for COMP vesting should look on various platforms, and will be holding a code review session sometime in early January.
Jared Flatow of Compound Labs provided an overview of Compound Chain, a stand-alone distributed ledger capable of transferring value & liquidity between peer ledgers. The team expects the first version of the testnet to be live in January, which will allow users to borrow and download CASH.
As a reminder, the community holds bi-weekly calls every other Wednesday at 9:30am PT / 4:30pm GMT. The next call will be on January 6th in the Compound Discord. Save the Google Calendar invite here. We hope to see you on the call next week!
Governance Updates
Since the last newsletter, Proposals 33 and 34 passed through governance with near-unanimous support from the community.
Completed Votes
Proposal 33: Remove automatic COMP claims and COMP speed refresh
Status: Executed December 26th, 2020
Proposer: Gauntlet
Voting Results: 579,763 For and 0 Against
Summary: Proposal 33 removed automatic COMP claiming from supplying/borrowing assets on Compound, and replaced the automatic COMP speed refresh with a manual _setCompSpeed function that is controlled by governance. Users looking to claim accrued COMP can still do so manually via the new “Claim COMP” button on the app.compound.finance interface, or programmatically by calling the claimComp method on any cToken contract at any time. The _setCompSpeed function also introduces the ability for governance to set a higher or lower COMP reward in each market, to incentivize desired market behavior. As described in the original forum post, these two measures not only save the protocol a significant amount of gas, but also reduce the size of the comptroller in preparation for an upcoming proposal that would add COMP vesting functionality. You can read more about the technical details of this proposal on the Github PR and Quantstamp audit.
Proposal 34: Semi-Permanent Gas Saving Measures for the DAI Market
Status: Executed December 26th, 2020
Proposer: blck
Voting Results: 592,775 For and 4 Against
Summary: Submitted by blck on behalf of Arr00, Proposal 34 changes the cDAI implementation from the CDaiDelegate to the CErc20Delegate, since the Dai Savings Rate (DSR) has remained at 0% for an extended period of time. This new implementation will save users a significant amount of gas when interacting with the cDAI contract, as estimated by Arr00 in the original forum post. This proposal also updated the cDAI interest rate model, which previously factored in the DSR.
Ongoing Discussions
See below for highlights from the Compound Community Forum, and join in the discussion:
COMP Distribution Speeds - @rleshner kicks off the discussion on whether governance should modify the COMP speeds in individual markets to incentivize desired market behavior.
Compensation Proposal: Distribute COMP to Affected Users in the DAI Liquidations - @wario provides a new framework for analyzing addresses that were liquidated on November 26th.
Should Compound Retroactively Airdrop Tokens to Early Users? - The community continues the discussion around airdropping COMP to early users.
Augur Migration Proposal - @leo asks about migrating the REP V1 legacy tokens in Compound to V2.
Be sure to either vote on proposals with your COMP, or delegate your COMP voting rights to a representative of your choice.
Markets Update
Current supply on Compound is at $3.9B from ~271k unique addresses, with the total supply briefly breaking the $4B threshold for the first time in the protocol’s history on December 28th. 30% of this supply volume is DAI, 22% is USDC, and 22% is WBTC. (source).
Open borrowing is at $1.9B from 6.8k unique addresses. 54% of this borrowing volume is DAI, 38% is USDC, and 4% is USDT. (source).
For live figures please refer to our Markets page.
Links & Discussions
The Curve Market Cap Newsletter covered the launch of Compound Chain.
Igor Igamberdiev, a research analyst at The Block, wrote a deep dive on the progress of Compound’s governance system.
Lex Sokolin shares his perspective on how Compound Chain could bridge Ethereum to a variety of different asset types in crypto and traditional finance.
cUNI holders voted 13,385,777 worth of UNI on Uniswap Proposal 3, showcasing the power of meta-governance.
Compound Labs CEO, Rober Leshner, joins SCB 10X Virtual Summit to discuss the DeFi landscape and governance models.
The Compound App Interface now has a button in the top right corner (next to “Connect Wallet”) to manually claim accrued COMP.