Compound Releases New ‘Presidio’ Features for its Borrowing and Lending Protocol

In a recent announcement made by Compound in a blog post, they inform that they will be rolling out a new version of their protocol in the next few months. Compound is a non-custodial lending protocol that has $24 million worth of assets that are held as collateral.

Compound Announces A New Version Of Its Protocol

According to The Block, the new version of Compound is internally known as Presidio. This second version of Compound will be transforming its services, opening borrow and lending access to any token standard based on the Ethereum (ETH) network. At the moment, Compound holds all tokens in just a smart contract and it offers borrow pairs on different assets such as DAI, BAT, REP, WETH and ZRX.

During a conversation with The Block, Robert Leshner, the founder of Compound, explained:

“The first version of Compound uses a single smart contract that holds all the tokens, in Compound version 2 each asset has heir own contract, similar to Uniswap model. Because they’re all linked together via the Compound protocol, how each of these assets interacts with the protocol could be upgraded over time by upgrading individual smart contracts.”

In the next weeks, the firm aims at launching testnets of the Presidio upgrade. It will be running in parallel with the legacy protocol. The goal is to deploy this new version to the mainnet in the next 2 and a half months.

At the moment, according to Bloqboard, the protocol had over $43 million in originations just in 2018.

The firm was created by Leshner and Geoggrey Hayers. Both of them were employees at Postmates. Compound has also announced a fundraiser of $8.2 million in May 2018.

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