Compound announces launch of the third version of its DeFi protocol

The lending project Compound has announced its readiness to launch the third version of its protocol, named Comet.

The first deployment of Compound III is a USDC market on Ethereum. The contracts are on mainnet, and can be activated by Compound Governance.

The next-generation borrowing protocol is approaching launch 📈https://t.co/DkcjiqTgoS

— Compound Labs (@compoundfinance) August 15, 2022

According to the developers, the update marks the platform’s transition to a multi-chain approach.

Senior software engineer Kevin Chen noted that the first implementation of Comet will be a market built on the stablecoin USDC. Then support will be added for five crypto assets, also available as collateral: WBTC, WETH, UNI, LINK and COMP.

Chen emphasised that final versions of the new smart contracts are ready to deploy in real time. Their audit was conducted by OpenZeppelin and ChainSecurity.

Launch of Comet will occur as soon as DAO makes the corresponding decision.

Back in March, the Compound community voted to halve rewards in native COMP tokens.

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