DeFi App Compound V2 Goes Live With Coinbase Wallet, Zerion And Opyn Integrations
DeFi App Compound Partners With Coinbase Wallet, Zerion And Opyn For New Version Launch
DeFi app Compound partners with Coinbase Wallet, Zerion and Opyn for new version launch
Compound is the perfect app for crypto enthusiasts that have hoarded up crypto but haven’t invested yet. The latest version has new features and allows tokenization of deposits.
Robert Leshner is the founder of Compound, and he discussed the recent upgrades. The latest version was released this Thursday and provided support to every traded Ethereum asset. This protocol is also buildable, and the developers can upgrade and enhance it at their ease.
The app allows the user to make a profit on the asset without investing it. The current supply and demand situation decide the rates on the protocol. Borrowers can borrow crypto on fair and transparent rates.
This is a very effective method for borrowers to make short trades. The short trades will lower the market price, and the borrower will make a profit.
New Token Pairs
In the first version, the deposits were allowed in only five currencies. These five currencies included ethereum, BAT, DAI, REP and ZRX. This latest version has upgraded the amount from five to fifty. This indicates that the platform wants to cater to wider varieties as quickly as possible.
The option to tokenize deposit is an attractive option for institutional depositors. The new version will give cBAT if BAT is deposited. The person can get BAT back by returning the cBAT along with the interests earned through it. The protocol also allows all cBAT to be replaceable by something similar.
Integration With Third Party Applications
Along with this, the tokens are tradable too. Compound has always wanted to work with other third-party apps. Most platforms have adopted or are planning to adopt the second version already, including Coinbase, Zerion, and Opyn.
Compound is looking to enhance its capabilities through the third party application integration. Coinbase Wallet will allow users to see their Compound balance on the wallet while others would also allow similar integrations.
So far the first version has been reported to have moved over one hundred million dollars ($100), while the founder himself believes that the new version is the real deal.
Having started with a good fund and backing from venture capitalists such as Bain Capital Ventures, and Coinbase Ventures Compound is slowly gaining a good reputation overall, and many users have high hopes for it.