Skip to content
Crypto Birb
Crypto Birb

Your Crypto & Blockchain Encyclopedia

  • HOME
  • Crypto News Live (English)
  • BLOG POST
  • BLOGS IN HINDI
  • Web Stories
  • Crypto Tools
  • Our Services
  • CONTACT US
Crypto Birb

Your Crypto & Blockchain Encyclopedia

Compound
August 17, 2022August 17, 2022

Comet is a Multi Chain Upgrade Ready for Compound De-Fi Platform

Sharing is caring!

  • Facebook
  • Twitter
  • LinkedIn

Decentralized finance (DeFi) loan protocol Compound is preparing for the launch of its 3rd version dubbed Comet the company said that on the Tuesday.

Compound is an DeFi protocol that allows anyone to lend or borrow money with cryptocurrency as collateral. It is currently running on Ethereum however Comet or Compound III will be the first to transition into a multi-chain platform.

Aave is Compound’s primary rival in the DeFi market was made multi-chain with its third version known as Aave v3 which was released in March. In a post on the development’s DAO forums Senior software engineer from Compound Labs Kevin Cheng said Compound III’s debut implementation will be a usd coin (USDC) market that will be based on Ethereum.

When it is launched it will be a USDC market will be available on Comet will be able to support five currencies which can be utilized as collateral.

They include wrapped ether, wrap bitcoin, uniswap chainlink, and Compound’s own native cryptocurrency (COMP). According to Cheng Cheng, all releases candidate contracts for the initial Comet deployment have been put into use. The release candidate contracts represent the last version of the blockchain protocol’s smart contracts that are now ready to be deployed live. Cheng said that the contracts were scrutinized by companies like OpenZeppelin as well as ChainSecurity.

After the contracts have been signed, the responsibility of the launch of Comet will now be the community of the project.

“Compound III is now just a governance proposal away from being live,”

wrote Cheng on the forum of the DAO. The normal procedure for this begins with a governance plan for the launch of Comet.

A DAO will then consider the launch, which will be followed by an online vote. Comet which is the name of compound Upgrade will go live after the DAO decides to approve the final deployment.

Sharing is caring!

  • Facebook
  • Twitter
  • LinkedIn
crypto news live

Post navigation

Previous post
Next post

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Category

  • 100x crypto coin
  • Alert
  • Bitcoin
  • Blogs In Hindi
  • Chainlink
  • Crypto Insights
  • crypto news live
  • Crypto News shorts
  • Crypto Regulations
  • Cryptocurrency Basics
  • Cryptocurrency News Hindi
  • DeFi Development
  • Elon Musk Views on Cryptocurrency
  • Finance
  • Financial Markets
  • Litecoin
  • News
  • Polygon
  • Science & Technology
  • Sustainability
  • Technology
  • Uncategorized
  • Why Crypto down today
  • Why Crypto Up today

Archives

  • October 2023
  • September 2023
  • August 2023
  • June 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021

The content on www.cryptobirb.org is intended for general informational and educational purposes only. We are not financial advisors, and our content should not be considered as financial or investment advice. We recommend consulting a qualified professional before making any financial decisions. While we strive for accuracy, we do not guarantee the completeness or accuracy of the information provided. www.cryptobirb.org is not responsible for any losses or damages resulting from the use of our content

©2023 Crypto Birb | WordPress Theme by SuperbThemes