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Lending platform Compound becomes multichain



 "Compound III" is the name of the latest upgrade of the lending platform and represents the third major innovation for the protocol. A few days ago, Compound announced in the Community Forum that the latest code version "Comet" was ready for launch. A day later, a tweet from the development team followed. Accordingly, the first market of the new iteration is ready with USDC on Ethereum.


The platform currently only runs on the Ethereum blockchain. With Compound III, lending will soon be making its way into the multichain environment as the biggest innovation.


For the exact start date, all you have to do is submit an application in the community. Once voted for, Comet should go live.


The future of lending

Compound launched in September 2018 as Ethereum's first cryptocurrency lending marketplace. The second version followed in May 2019. In the summer of 2020, the project, with its numerous opportunities to generate returns (yield farming), gave the starting signal for the DeFi hype. Although currently limited to the Ethereum blockchain, Compound still ranks among the top 10 DeFi platforms with $3 billion Total Value Locked (TVL) .

Compound is therefore still one of the big players in the crypto sector and is also becoming interesting for investors from outside. This is shown above all by the introduction of the platform for institutional investors, Compound Treasury. This even got a rating from the major rating agency Standard & Poor's (S&P) in May. Although the platform has been put on a par with the ratings of many “junk bonds” with a B-credit score, this shows that the traditional financial sector also has DeFi projects on its radar. Also of note: S&P rated the platform amid a historic crash in the overall crypto market.


With the launch of its third version, Compound realizes the importance of multichain compatibility. Your biggest competitor in the lending sector, Aave, has already ventured into this area. With its third version, Aave V3, the protocol enabled access to the platform via blockchains such as Avalanche, Harmony or Fantom, laying the foundation for a new DeFi interoperability.


As soon as Compound follows suit, users should have access to new markets and, if necessary, faster processing of their transactions on scalable platforms.

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