HODLers looking for returns on their crypto now have more flexibility in the Compound app.
"Version 2 allows the protocol to support every traded ethereum asset, as well as enable developers to more easily build applications on top of the protocol," Compound founder Robert Leshner told CoinDesk.
Compound is a lending platform that gets its principal from people who want to earn money from their crypto holdings without selling.
So depositing BAT will yield cBAT. Anyone who returned cBAT to Compound will get back their original BAT plus whatever interest those deposits had earned.
Compound has managed to engineer the smart contract in such a way that all cBAT are fungible.
Instead, Leshner says institutional dev teams can build ways to put their Compound tokens into cold storage, giving them much higher security.
Previewed on Medium in April, the vision for Compound has always been interoperability with third-party applications.
Coinbase Wallet will let users see their balance on Compound in the app.
Opyn will connect Compound to Uniswap for easy margin trading.
With an initial backing of $8.2 million, Compound has notable investors including Bain Capital Ventures, Andreessen Horowitz, Polychain Capital and Coinbase Ventures.
DeFi Pioneer Compound Partners With Coinbase Wallet, Zerion for V2 Launch
Published on May 23, 2019
by Coindesk | Published on Coinage
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