Friday, July 30, 2021
Home Crypto News Market Compound Developers Will Launch A New Protocol For Interaction With Various Blockchains

Compound Developers Will Launch A New Protocol For Interaction With Various Blockchains

- Advertisement -

The development team of the popular decentralized finance project Compound is working on a new tool, Compound Chain, which will allow the protocol to attract assets from other blockchains.

A compound chain will enable the movement of assets and liquidity between different blockchains participants. Users of various networks will have access to lending on other blockchains. Users will be able to provide funds on one network to use the service of another network. For example, a user on the Solana blockchain will get a loan in tokens stored on the Polkadot network.

Our team is actively working on a test network Compound Chain with a limited set of features. the launch is scheduled for next quarter, and documentation for developers and validators will appear in the coming weeks. Together we will reinvent finance!

Compound labs shared on Twitter:

A new token, CASH, will be introduced, which will be used to pay transaction fees. The network will be managed by the existing structure of Compound Governance using COMP tokens on Ethereum. According to the Defi Pulse portal, the Compound protocol keeps the third position in deposited assets’ volume. At the moment, the project has assets worth $1.82 billion.

At the end of November 2020, positions worth $89 million were liquidated in the Compound protocol due to the Coinbase price oracle’s failure for the DAI token.

- Advertisement -
Jakkkhttps://thecryptobasic.com/
Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade, and write on cryptocurrencies. My basic aim is to provide genuine information to cryptocurrencies readers because crypto is filled with frauds and scams. True information is very rare to get. So I will be providing accurate information about cryptocurrencies topics, that users can trust.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Michael Saylor “Bitcoin Is Digital Real Estate And Is Now Held By More Than 114 Million People, Making It The Most Widely Held Financial...

Microstrategy CEO Michael Saylor always shows that he is a faithful supporter of Bitcoin. Microstrategy currently holds 105,085 BTC. Michael Saylor is among the...

Bitpay Adds Support For Litecoin And Newegg Becomes The First Merchant To Accept LTC Through Bitpay

BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced support for Litecoin in the BitPay Wallet app. Consumers can buy, store and...

Yoroi Wallet To Release Dapp Connector That Will Allow Interactions Between Users And Dapps On Cardano Blockchain

Cardano (ADA) smart contracts are coming soon and so is its infrastructure advancing. window.coinzilla_display = window.coinzilla_display ||...

Ethernity Chain to Drop NFT of NAS’s Performance in South Africa on the 20th Anniversary of the end of Apartheid

Johannesburg, South Africa, 29th July, 2021, Ethernity Chain is proud to announce another unique NFT collection is coming to its ecosystem. This aNFT (Authenticated...

Wall Street Bitcoin Adoption Continues As State Street The Second-Oldest Continually Operating United States Bank To Offer Crypto Services

State Street Corporation, an American financial services and bank holding company, headquartered in Boston with operations all over the globe to Offer Crypto Services...

57,000 Bitcoin Left Crypto Exchanges In 24 Hours Showing Bullish Sentiments Along With 465,000 Bitcoins Transferred Between Coinbase And Unknown Wallets

BTC saw the largest outflow of funds in one day from crypto exchanges. Nearly 57,000 bitcoins were left crypto exchanges.  ...

According To PayPal CEO, Paypal Crypto Super App Is Code Complete And Will Launch Soon

PayPal, World Top payment provider company, has stated that its users will not need to wait longer for great crypto functionalities app coming soon.

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.

follow us in feedly