Cryptocurrency

Compound developers will launch a new protocol for the interaction of various blockchains

The development team of the popular decentralized finance project Compound is working on a new Compound Chain tool that will allow the protocol to attract assets from other blockchains.

Compound Chain is a blockchain that “enables the movement of assets and liquidity between participants in other blockchains.” In other words, users of different networks will have access to lending on other blockchains. Likewise, they will be able to lend their funds on one network to users of other networks. For example, a user of an application on the Tezos blockchain will be able to receive a loan in tokens stored on the Polkadot network.

“Our team is actively working on a limited-feature Compound Chain testnet. The launch is scheduled for next quarter, with developer and validator documentation coming in the coming weeks. Together we will reinvent finance! ”- write the developers on the social network Twitter.

The blockchain will receive its own token called CASH, with which it will be possible to pay transaction fees. The network will be managed by the already existing Compound Governance structure using COMP tokens on Ethereum. According to the DeFi Pulse portal, the Compound protocol is ranked third in terms of the volume of blocked assets – at the moment, assets in the amount of $ 1.82 billion are blocked in the project.

As a reminder, at the end of November, positions in the Compound protocol were liquidated for $ 89 million due to the failure of the Coinbase price oracle for the DAI token.

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