Eidoo and DefiSnap Launches, Recent Protocol Updates, and More

Welcome to Compound’s latest newsletter! In this issue:

  • Eidoo launches its new DeFi Exchange product, enabling users to easily access DeFi protocols, starting with Compound.

  • New data dashboard DefiSnap enables users to easily track and visualize DeFi assets and liabilities in one comprehensive view.

  • Rho proposes a protocol for fixed interest rate swaps built on Compound’s variable interest rate markets.

  • Recent protocol updates include adjustments to the interest rate models for the cUSDC/cETH markets; and an adjustment of the collateral factor for cREP.

Read on for more, and join us on Discord and Twitter to discuss!

Eidoo Launches DeFi Exchange, Enabling Easy Access to Compound

Eidoo has launched its DeFi Exchange product, enabling users to easily discover and interact with DeFi protocols. Compound is one of three DeFi protocols supported by Eidoo at launch.

Users who have Eidoo downloaded can access DeFi Exchange on both mobile or desktop, and frictionlessly supply assets to Compound and acquire interest-earning cTokens.

For more details on the integration, see the “Learn More” resource on Eidoo’s blog.

Visualize Balances Across DeFi Protocols with DefiSnap

DefiSnap is a new platform for simple, snappy, all-in-one monitoring of any Ethereum address’s balances (assets and liabilities) across various DeFi protocols, including Compound.

Try inputting an Ethereum address or ENS domain of interest to the DefiSnap dashboard here!

Rho Specification Released; Facilitates Fixed Interest Rates on Compound

The Rho Protocol proposes a first-of-its-kind exchange for on-chain interest rate swaps using an automated market maker mechanism; like Uniswap but for transforming users’ open-term, variable interest rate borrows or supplies on Compound into fixed-term, fixed-rate borrows or supplies.

Using Rho, an interest rate speculator or hedger would be able to instantly access fixed or variable interest rate swaps by transacting with the Rho protocol directly, at any time, instead of having to ever wait for a counterparty to take the opposite side of the desired swap.

Links & Discussions

Protocol Updates

The interest rate models for the cUSDC and cETH markets on Compound have been adjusted to use 0x0c3f8df27e1a00b47653fde878d68d35f00714c0, modestly lowering borrowing costs.

For users interested in tracking interest rate models for assets on Compound, models are always available on-chain, and viewable on Etherscan (e.g. cUSDC). For a more human-readable format, we recommend this notebook: https://observablehq.com/@jflatow/compound-interest-rates.

Separately, the proposal to change cREP’s collateral factor from 50% to 40% passed the mandated governance timelock, and the change is now live.

Markets Update

Current supply is at ~$145 million from over 15,000 unique addresses. In the past seven days, approximately $19 million (gross) was supplied to Compound. About two-thirds of this volume was DAI and USDC; about one-third was ETH.

Open borrowing is at ~$32 million from over 1,400 unique addresses. In the past seven days, approximately $1.9 million (gross) was borrowed from Compound. About three-quarters of this was volume was DAI and USDC; the remainder was mostly WBTC.

For live figures on Compound please refer to our Markets page.

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