As the lending protocol gets a significant improvement, the third version of Compound, called “Comet,” will handle single interest-bearing assets, as reported by Cryptoslate.
Version 3 of the loan protocol was approved by the Compound community, and on August 26 it made an announcement about its new features. Borrowing USDC is possible with ETH, wBTC, LINK, and UNI. The deposited collaterals may be taken out, but interest will no longer be paid on them, Cryptoslate noted.
Giving the governing community more control was one of Compound’s main priorities. The governance process will be controlled in a single smart contract “Configurator” for each deployment as opposed to having several contracts for each proposal in order to increase participation. Additionally, Compound ceded sole authority over any upcoming deployments and modifications to the community’s market settings.
A commercial licence has been added to Compound’s codebase. Since requests to modify or copy the codebase will need governance permission, the goal is to prevent unauthorised forks. To enhance the overall user experience, the Compound v3 interface underwent a makeover. It updated the risk management/liquidation engine to make it more user-friendly and secure, Cryptoslate noted.
To increase the number of decentralised applications (dApps) using the protocol, developers can take advantage of its better account management capabilities.
(With insights from Cryptoslate)
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