According to the project’s announcement on Tuesday, decentralized finance (DeFi) altcoin protocol Compound is preparing to release its third version, called Comet.
According to the developers’ statement, Compound is used as collateral. cryptocurrency It is a DeFi protocol that allows anyone who deposits money to lend or borrow money.
Compound (COMP) Altcoin Moves to Multi-Chain System with New Update
It currently runs on Ethereum, but Comet aka Compound III will mark its transition to a multi-chain protocol. Aave, Compound’s main competitor in the DeFi money market, also switched to multi-chain in March with its third version called Aave v3.
Commenting on the project’s DAO forum, Kevin Cheng, senior software engineer at Compound Labs, stated that the first use of Compound III will be a USD Coin (USDC) market on Ethereum.
The USDC market on Comet will support five different cryptocurrencies that can be used as collateral once it launches. These Wrapped Ethereum, Wrapped Bitcoin, Uniswap, Chainlink and of compound altcoin COMP will be.
According to Cheng, all release candidate contracts are deployed for initial Comet use. Release candidate contracts are the latest versions of Blockchain protocol smart contracts ready for real-time deployment. Cheng also noted that the contracts are audited by organizations such as OpenZeppelin and ChainSecurity.
With the contracts ready, the responsibility for bringing Comet to life now rests with the project community. “Compound III is now just one management motion away from being implemented,” Cheng wrote on the DAO’s forum.
The normal procedure here will begin with a management motion to launch Comet. The DAO will then discuss the release, followed by an on-chain vote. Comet will go live when the DAO approves the final release.
*Not investment advice.
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