Governance is Live on Mainnet, ETHGlobal DeFi Hackathon, MYKEY Q&A

Welcome to the Compound newsletter. Join the community discussion on Discord or Twitter!

Compound Governance is now Live

Compound Governance is now live. As of April 16th, the Compound team is no longer the administrator of the protocol; instead, all future modifications to the protocol will be proposed and voted on by the community. This is a milestone on the path to fulfilling our vision of an open protocol that can evolve in entirely new ways.

The community has put together a forum for open discussion on protocol changes. See compound.comradery.io to collaborate on proposals before you vote. In order to get started voting on proposals, see the Governance Guide – How To Vote on a Proposal.

Developers are highly encouraged to start building their own tools and interfaces to participate in governance of the protocol. For example, anyone can now build their own interface similar to the governance explorer on the Compound website.

To get started building, see the Compound Governance Quick Start Guide on our blog. It includes links to a GitHub repository that has some open source examples.

Compound Voice AMA

In other Compound news, we held our first, experimental live-voice AMA. Robert Leshner, co-founder and CEO of Compound, answered community questions in our Discord. There were lots of great questions about what the future holds now that the protocol is governed by the community. We also got a sneak peek of the first upcoming governance proposal, which we’ll likely see in the next week. Here is an MP3 download link of the AMA recording, in case you missed it.

Compound is Sponsoring ETHGlobal’s Hack Money Virtual DeFi Hackathon

ETHGlobal, which hosts some of the most popular in-person Ethereum hackathons, is hosting its first virtual event, Hack Money. Starting in May, Hack Money is a DeFi-themed Ethereum hackathon, with more than $25k worth of prizes. 

There will be 2 Compound bounties up for grabs, each worth $1000 of cUSDC:

• Bounty #1 will go to the team that creates the best project that implements borrowing through Compound. This project can be an SDK, API, or application. See our Borrowing Quick Start Guide for an introduction to developing borrowing integrations. 

• Bounty #2 will go to the team that creates the best project that implements Compound governance. See our Governance Quick Start Guide for an introduction to developing governance integrations. 

Hackathon participants can ask technical questions in the Compound Discord #development channel.

Robert Leshner and Calvin Liu will be hackathon judges and you’ll also see them on speaker panels. Registration for the event is now closed, but stay tuned for more announcements.

MyKey Q&A

MYKEY provides a handy and secure smart contract wallet on multiple blockchains, to lower barriers and enable mass adoption. 

In the interest of making access to blockchains easier, MYKEY provides key management and handling of gas fees, so developers can concentrate on the core of the application.

What don’t people know about MYKEY?

Our smart contract logic is upgradable, transparent, and secure. We publish the contract upgrade reason and open source code along with 3rd-party security audits. These are published to the community in advance. When a contract is deployed features need to wait 4 days before activation. Here’s a link to the MYKEY Ethereum documentation.

MYKEY grew from 0 to 13000 signups on Ethereum in 3 months.

What do developers love about MYKEY?

MYKEY offers free network fees and free transaction quota for every user. We also have documentation to help developers get started using MYKEY in their app.

What’s different about your Compound implementation?

Multi-Operation Transactions. Usually, when a new user deposits an ERC-20 asset into the Compound protocol, two signatures are needed for two transactions — approve and deposit. MYKEY wraps the two operations into one single, atomic transaction. This way, the user only needs to sign one transaction to deposit an asset, bringing a smoother experience.

Ricky Shi, Co-founder & COO, MYKEY

More Links & Discussions

• Voluto, now in beta, is a high-interest savings account alternative with no lock-up period, powered by the Compound Protocol.

• Furucombo is out Create customized DeFi legos and put all strategies into one transaction with multiple DeFi protocols like Compound.

• @mano.eth has created a Compound DAI borrowing interface for the MetaCartel Dragon Quest hackathon.

• Path to a Decentralized Business Model, by Paul Veradittakit of Pantera Capital, reviews Compound Governance.

Markets Update

Current supply is at ~$117 million from ~18,000 unique addresses. In the past seven days, approximately $36 million (gross) was added to Compound, in almost 5,300 transactions. About 58% of this volume was DAI, 23% was ETH, and 18% was USDC.

Open borrowing is at ~$27 million from ~1700 unique addresses. In the past seven days, approximately $5 million (gross) was borrowed from Compound. About 70% of this volume was DAI, 18% was USDC, and 11% was ETH.

For live figures please refer to our Markets page.

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