{"id":178126,"date":"2020-12-18T14:40:25","date_gmt":"2020-12-18T14:40:25","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=178126"},"modified":"2020-12-18T14:56:16","modified_gmt":"2020-12-18T14:56:16","slug":"compound-comp-launches-own-blockchain-to-bolster-defi-governance","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/compound-comp-launches-own-blockchain-to-bolster-defi-governance\/","title":{"rendered":"Compound’s blockchain is out, but is it really DeFi? Crypto community reacts"},"content":{"rendered":"

The decentralized credit lending and borrowing platform launched the Compound<\/a> Chain yesterday. But it received bouquets and brickbats both.<\/span><\/p>\n

For the uninitiated, the project is a decentralized, blockchain-based protocol that allows users to lend and borrow crypto. COMP is its native utility token that allows them to govern the protocol.<\/span><\/p>\n

Users can lock up a variety of assets on the platform and either earn interest or borrow funds to use on other protocols (or to trade). Now, with the launch of Compound Chain, its use case grows further to that of enabling money markets services across various blockchains.\u00a0<\/span><\/p>\n

Compound\u2019s new blockchain is here<\/b><\/h2>\n

Compound launched its Compound Chain yesterday, as per an announcement. The blockchain was released as scheduled months after the protocol moved from being a centralized player to a fully community-governed protocol.<\/span><\/p>\n

The protocol said the current version of Compound on Ethereum faced three grossly limiting elements: high gas costs, the inability to serve assets on other chains, and risks of hosting of each supported asset.<\/span><\/p>\n

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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<\/a> pic.twitter.com\/lCzrGyscPa<\/a><\/p>\n

— Compound Labs (@compoundfinance) December 17, 2020<\/a><\/p><\/blockquote>\n