Yo, what’s up! It’s Pepe here, hoppin’ into the DeFi jungle to spill the beans on Compound Labs!
So, Compound Labs is like the mad scientist of the DeFi world. They’re cooking up some seriously next-level stuff for the future of finance. Think security, capital efficiency, and transparency cranked up to eleven.
The Big Brains Behind the Scenes
Compound Labs isn’t just any old tech company. These guys brought us the first algorithmic money markets in DeFi. Yeah, you heard me right—they were the trailblazers! They’ve also got this slick open-source system for protocol governance. They’re not playing around; they’re working cross-chain and diving into Layer 1 blockchains with their project called Gateway. Plus, they’ve got institutional products like Compound Treasury for the big shots.
And guess what? They’ve got some serious backing from the big leagues: a16z, Paradigm, Coinbase Ventures, Bain Capital, Polychain Capital, and Dragonfly Capital. It’s like the Avengers of venture capital!
What’s Compound All About?
Compound is a DeFi protocol where you can lend or borrow funds. Just put up some crypto as collateral and you’re in business. It’s been running on Ethereum, but they’re about to make a big leap with Comet, aka Compound III, which will take this baby multi-chain.
Their main rival, Aave, already went multi-chain with its Aave v3, so you know Compound’s got to bring their A-game.
The Comet Chronicles
Kevin Cheng, a senior software engineer at Compound Labs, dropped some juicy details on the DAO forum. The first deployment of Compound III is going to be a USDC market on Ethereum. And get this—it’ll support five different cryptos as collateral: wrapped ether, wrapped bitcoin, uniswap, chainlink, and Compound’s native coin, COMP. Talk about versatile!
Cheng said all the release candidate contracts for Comet’s first deployment are ready. These are the final versions of smart contracts, all set for live action. They’ve been audited by top dogs like OpenZeppelin and ChainSecurity. These guys aren’t messing around with security!
Governance in Action
Now, it’s up to the community to launch Comet. Here’s how it goes down:
- A governance proposal to launch Comet.
- The DAO debates the launch.
- An on-chain vote.
Once the DAO gives the thumbs up, Comet will go live. Cheng said, “Compound III is now just a governance proposal away from being live.”
The Dream Team
Compound’s team is packed with tech industry veterans. These folks have built global-scale products at places like Coinbase, Google, Meta, Plaid, and Square. They know their stuff and they’re bringing all that experience to the DeFi table.
The Scoop
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So there you have it, folks! Compound Labs is shaking things up in the DeFi space with their cutting-edge tech and innovative projects. Keep an eye on these guys—they’re making big moves!
Links:
https://compoundlabs.xyz/#intro
https://twitter.com/compoundfinance
https://medium.com/compound-finance
https://www.linkedin.com/company/compound-labs/