Compound Finance Assets Soar Past $200 Million USD In Light Of Recent DeFi Troubles

Image: Compound

Compound Finance Assets Soar Past $200 Million USD In Light Of Recent DeFi Troubles

Compound Finance, a decentralized finance platform, holds over $200 million USD in assets on its supply side, making a remarkable feat in the industry. As the company grows, Co-Founder of Compound, Robert Leshner, believes security is the “north star” to development in the space, especially in light of the recent contract exploitations on bZx exchange.

Compound Finance supply side assets hits $200 million

In a tweet sent out on Feb. 18, the Cofounder of Compound, Leshner, congratulated the development team and thanked the users of the DeFi product after the protocol registered over $200 million in assets on the supply side.

“Compound is an algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications.”

Currently at $208,155,790 USD, representing a 5.45% increase in the past day, the value of assets in the supply side on Compound signals a gradual increase in adoption of the platform in the near futures. The total amount on the borrow side stands at $42,135,609 USD, representing a sharp 12.35% increase in the past 24 hours.

The lending decentralized platform offers users a market of eight currency pairs to lend and borrow from including Ether (ETH), Dai (DAI), USD Coin (USDC) and Basic Attention token (BAT).

Over quarter of assets held on Compound is DAI

While the numbers above may not look impressive at a glance, breaking down the asset class offers some perspective on the great work Compound is doing. According to Vishesh on Twitter (using data collected from Compound) the company holds over $34 million in DAI, representing 27% of the total supply of DAI, $118 M in Ethereum, $29.9 M on USDC (7% of the total supply), $18 M in Augur (REP), $2.2 M in single DAI, and $1.23 M in BAT.

 

Trouble in the face of innovation

Despite the massive steps Compound Finance has taken in providing cheap and efficient financial solutions, trouble is brewing in the DeFi space following the recent attacks on bZx exchange –whereby the exchange lost close to $1 million dollars. The issue? Security.

As decentralized finance products rise, there should be a key focus on the security of funds and defaults on loans, Leshner said. Compound is committed to offering the best security protocols in the industry with security shaping the decisions made by the management of the platform.

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Compound Finance Assets Soar Past $200 Million USD In Light Of Recent DeFi Troubles
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Compound Finance Assets Soar Past $200 Million USD In Light Of Recent DeFi Troubles
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Compound Finance, a decentralized finance platform, holds over $200 million USD in assets on its supply side, making a remarkable feat in the industry. As the company grows, Co-Founder of Compound, Robert Leshner, believes security is the “north star” to development in the space, especially in light of the recent contract exploitations on bZx exchange.
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Author: Lujan Odera

Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

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Lujan Odera 291 Articles

Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

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