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Home » Crypto News » Compound Labs Deploys Smart Contracts for USDC Market on Ethereum

Compound Labs Deploys Smart Contracts for USDC Market on Ethereum

Author: Andrew Throuvalas

Last Updated Aug 16, 2022 @ 15:25

The deployment brings a Compound III merely one governance proposal away from activation. 

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Compound Labs has announced the first smart contract deployments for Compound III, which will create a USDC market on Ethereum. 

The contracts await activation by Compound governance but are now open to review by the community. 

  • According to the latest update from Compound’s protocol development log, the deployment brings Compound III “just a governance proposal away from being live.”
  • One of the smart contracts involved is a ‘configurator’, which will allow Compound to set and update the parameters of a Comet proxy contract. Comet is another name for Compound III – the DeFi lending protocol’s new multi-chain strategy for deploying on all EVM compatible networks.
  • “This pattern allows significant gas savings for users of the protocol by ‘constantizing’ the parameters of the protocol,” explained Kevin Cheng – Senior Software Engineer at Compound Labs – in the update.
  • Cheng provided the parameters of the upcoming protocol, which will allow users to supply WETH, WBTC, LINK, UNI, and COMP as collateral for borrowing USDC. Each comes with custom borrowing and liquidation rates, with WETH and WBTC featuring slightly lower liquidation fees. 
  • The USDC market will target a reserve pool of 5 million USDC, and feature a minimum borrowing size of 100 USDC.
  • USDC’s role in DeFi has come into question ever since its issuer – Circle – froze the stablecoins inside Tornado Cash wallets in response OFAC demands. MakerDAO has even considered dumping its $3.5 billion USDC reserves for ETH to back its decentralized stablecoin, DAI. 
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Tags: Circle Compound Ethereum
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About The Author

Andrew Throuvalas
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Andrew is a content writer with a passion for Bitcoin. He became familiar with Bitcoin back in 2013, but began diligently studying the blockchain technology and its economic implications in 2017. Ever since, he’s believed in the network’s power to replace the current global monetary system, and provide financial freedom to billions worldwide.
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