The lending DeFi project Compound has unveiled a whitepaper detailing Compound Chain — a new protocol designed to enable interaction of assets across different blockchains.
Today, we’re excited to share the whitepaper for Compound Chain, a distributed ledger capable of transferring value & liquidity between peer ledgers.https://t.co/TFjJ0JbToV pic.twitter.com/lCzrGyscPa
— Compound Labs (@compoundfinance) December 17, 2020
“A distributed ledger capable of moving value and liquidity between peer ledgers,” the document states.
Under the Compound Chain, users will be able to deposit and borrow assets from various systems, whether Polkadot or Tezos. The native token — CASH — will be used to pay fees in the new system.
The Compound Chain will be governed by the community through the Ethereum-based COMP token.
The testnet for the new project is slated for early 2021.
As of writing, Compound sits in third place in the DeFi Pulse ranking. The value of assets locked in the project stands at $1.81 billion.
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