DeFi protocol Compound says multi-chain Comet upgrade is ready to go
08/16 13:30
Decentralized finance (DeFi) lending protocol Compound is getting ready to launch its third version called Comet, the project stated on Tuesday.
Compound is a DeFi protocol that lets anyone lend or borrow funds, having put up crypto as collateral. It currently runs on Ethereum but Comet or Compound III will mark its transition to becoming a multi-chain protocol.
Commenting on the project's DAO forum, senior software engineer at Compound Labs Kevin Cheng stated that Compound III’s first deployment will be a usd coin (USDC) market on Ethereum. Once launched, the USDC market on Comet will support five different cryptocurrencies that can be used as collateral. These are wrapped ether, wrapped bitcoin, uniswap, chainlink, and Compound’s native coin (COMP).
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