SAI Governance, Infura Livestream, MyCrypto Q&A

Compound Digest - May 20, 2020

Welcome to the Compound newsletter. Join our community and discuss on Discord or Twitter!

Proposal 003: Limiting SAI

Following MakerDAO's shutdown of SAI, members of the Compound community debated and proposed that the protocol gradually deprecate the legacy stablecoin SAI.

Proposal 003 reduces the SAI Collateral Factor from 75% to 65% (making it less useful to borrow against), and increases the Reserve Factor from 10% to 100% (the portion of interest set aside as reserves). The proposal succeeded with 100% of 726,812.88 votes in favor, passed through the two-day timelock, and was executed on May 19, 2020.

Thank you to everyone that participated in the discussion and governance process! If you continue to supply or borrow SAI, please consider migrating into another asset.

Live Stream Developer Workshop with Infura

We’ll be co-hosting a developer workshop this week with Infura on the Consensys Academy weekly live stream! Sean Brennan from Infura and Adam Bavosa from Compound will review the concepts and code required to build your own API to invoke Compound protocol smart contracts using conventional HTTP requests, using Infura as the bridge between the Ethereum network and your application. This is a fun one for Node.js JavaScript developers.

This livestream expands on Adam’s article Create a Compound Smart Contract API With Infura. The live stream will take place tomorrow, Thursday, May 21st, at 12pm EDT. To get the Zoom link, and ask prior questions, sign up here.

It is recommended that attendees run through the aforementioned blog post prior to attending the live stream.

MyCrypto Q&A

MyCrypto is a wallet aggregator and service aggregator, bundling various Ethereum projects and protocols into one dashboard. Users can send, swap, and buy assets, in addition to many other activities. The current beta can be found at beta.mycrypto.com.

What went into building MyCrypto?

MyCrypto launched in early 2018 as a fork of MEW, which many are familiar with. Over the last couple of years, we've re-written the entire codebase and are now spending most of our time building a product that redefines our existence as a "wallet."

What have you not said publicly yet?

One of the most interesting things about crypto is the more you know, the more scared you are. We all have these weird, unique processes to make sure we don't screw up when we move subjectively large amounts of crypto around. “Did I copy the right address? Is this address a scam? Let me send a test transaction first.” It's a healthy fear but it's also a pain in the behind!

We're launching a feature in the next few days that addresses some of this fear and hesitation. With this feature, you’ll input the recipient address, and we’ll display available information about that address. This information will be pulled from various analytics & compliance databases and, when displayed, will ideally give you the confidence that you’re sending to the right place. (Or the alternative: the information doesn’t look correct to you, you double check and realize you’ve input the wrong recipient address, and you’ve been saved from losing money! And everyone claps!)

What does your tech stack look like?

Frontend: A React / Typescript app that uses React Hooks & Context for state management and the user's client-side browser Local Storage for persistence.

Backend / Ethereum nodes: An AWS Cloudformation config that deploys a Parity (now OpenEthereum) node cluster with periodic S3 backup for quick-syncing of new nodes.

Data backend: An AWS Terraform Golang microservices architecture.

We don't collect personally-identifiable analytics information about our users. No ETH addresses, IP addresses, etc.

We use a smart contract to aggregate ERC-20 balance lookups across multiple tokens and addresses. Normally this would require tens of thousands of separate calls (aka $$$$) for a single power-user’s MyCrypto dashboard or reliance on a third-party API. Instead we use the blockchain + any standard JSON-RPC provider.

Unsurprisingly, we’re eager to get more feedback! What are your thoughts on the beta? What would make your overall crypto/Ethereum experience better? It’s a tell-all interview and you’re invited to drop all of your thoughts on us here https://forms.gle/8EECrH7dyx7Dzg5a9.

Jordan Spence, CMO at MyCrypto

More Links & Discussions

Markets Update

Current supply is at ~$125 million from ~19,300 unique addresses. In the past seven days, approximately $39 million (gross) was added to Compound, in almost 4,000 transactions. About 80% of this volume was USDC, 10% was ETH, and 8% was DAI.

Open borrowing is at ~$19.5 million from ~1850 unique addresses. In the past seven days, approximately $5.1 million (gross) was borrowed from Compound. About 36% of this volume was ETH, 34% was DAI, and 19% was USDC.

For live figures please refer to our Markets page.

Tweet of the Week