February 25, 2021

Compound will transfer leverage control DeFi-service community

San Francisco-based startup Compound, which developed the DeFi protocol of the same name,
will give control control from administrators holders of voting tokens COMP.

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Coinbase Custody Division Announcesreadiness to add support for COMP tokens released in February, as well as the so-called protocol c-tokens, such as cETH, cZRX, cUSDC, cBAT, cDAI. Coinbase also approved a change of management in Compound, in which the Bitcoin exchange is one of the investors.

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“Coinbase Custody will offer fullyan integrated solution in a native web application for viewing and voting on complex management offers, as well as delegating management rights to third parties, ” - noted in the custodian.

The Compound blog says questions have been asked since April 16Compound controls have moved from administrators to COMP token holders. Anyone with a good idea will be able to organize support for changing the protocol.

Half of the 10 million issued COMP tokens will be reserved for protocol users who will receive them after the new management system confirms its reliability.

At this point, the protocol will indeed begin to be managed by the community, without the participation of founders, developers, or another centralized intermediary.

The blog also says that 2.39 million tokenswill be received by shareholders of Compound Labs. 2.22 million tokens will be distributed between the founders and the team in a 4-year period. The remaining 373 thousand tokens will be reserved for future employees.

According to the DeFi Pulse service, the costCompound blocked funds on smart contracts at the time of writing amounted to $ 93.7 million. The decentralized application ranks third in the ranking with a market share of 12.6%.

Recall, the CoinGecko analytical service recently launched the CoinGecko Earn section, which made it possible to get a convenient idea of ​​the proposed working conditions of various cryptolanding platforms.