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Home DeFi

Compound Grant Program Awards Over $750,000 To Winners

TobiAmure by TobiAmure
24 Oct 2021
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Highlights

  • Messari releases Q3 2021 quarterly report for Compound
  • The report highlights the protocol’s key activities and events in the past months
  • USDC gained the highest market in outstanding loans in the given period
  • The protocol’s grant program awarded over $750,000 to winners

About Compound

Compound is a decentralized finance platform that has gained a significant amount of new users since its inception in 2018. It’s a decentralized application (DApp) built on the Ethereum blockchain.

The platform operates by allowing users to deposit cryptocurrency into a liquidity pool in exchange for interest on their holdings. Currently, Compound supports 14 cryptocurrencies, with USD Coin, Dai, and Ether being the most widely used.

Details Of The Q3 Quarterly Report For Compound

A Q3 quarterly report on the DeFi lending protocol, Compound, has been released. The report contains a detailed analysis of its governance and critical events, micro and macro overviews, its grant program, and its roadmap.

The report was released on Twitter by Messari, an organization that provides research, metrics, and live data for crypto, and quoted in a retweet by the protocol.

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Messari's Q3 Quarterly Report for the Compound protocol is an essential read; transparency, metrics, and reporting on the state of Compound. https://t.co/GJu8hh1LBT

— Compound Labs (@compoundfinance) October 22, 2021

A new ATH in outstanding loans and deposits was reached by Compoundfinance, according to the report, at the conclusion of Q3’21. Borrowers returned in droves as collateral values rose, the market was favorable, and borrowing prices were acceptable.

USDC was the biggest market by outstanding loans in Q3 and the main driver of loan growth (+101 percent from $1.1B to $2.4B). This outperformed deposit growth by a factor of three, resulting in a 35% increase in usage at the end of the third quarter.

On September 30th, various community members observed unusual activity when Proposal 062 was implemented, splitting the distribution of COMP rewards. As a result of the bug, the community approved a request to halt COMP award delivery temporarily.

The report also covered the protocol’s grant program’s activity within the period in view. Based on its findings, the Compound Grants Committee awarded more than $750,000 to over 30 winners since the Compound Grants Program (CGP) began in April. In addition to open-source dashboards, the funds went into studies, hackathons, and other forms of research.

Outlook For Compound

Compound is now trading at $317.78, with a 24-hour trading volume of $99, 245, 963, 295. With a live market cap of $2, 614, 779, 423, 242, it now ranks #68 on CoinMarketCap.

As is the case with many other digital assets, only a limited quantity of COMP tokens will ever exist. The overall supply is limited to ten million COMP, of which 6,018,895 COMP are already in circulation as of this writing. Compound is a competitor in the new decentralized liquidity yield farming sector, which is growing in popularity.

 

Tags: CGPCOMPCompoundCompound Grants ProgramMessari

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